Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Purchase consideration for Noralta acquisition

The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 is presented as follows:



(In thousands, except per share data)
Common shares issued	32,791
Common share price as of March 29, 2018	$	3.77
Common share consideration			$	123,622
Cash consideration (1)			157,539
Preferred Share consideration			59,042
Total purchase consideration			$	340,203
Less: Common shares held in escrow			(8,825		)
Less: Cash held in escrow			(11,607		)
Less: Preferred Shares held in escrow			(4,221		)
Total purchase consideration			$	315,550

(1)Net of $3.6 million in cash released to us to cover purchase price adjustments related to a working capital shortfall at closing.

Estimated fair values of assets acquired and liabilities assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed at April 2, 2018 (in thousands):



Cash and cash equivalents	$	24
Accounts receivable (1)	21,456
Inventories	839
Other current assets	4,266
Property, plant and equipment	129,424
Goodwill	123,569
Intangible assets	110,736
Total assets acquired	390,314

Accounts payable and accrued liabilities	15,023
Income taxes payable	1,038
Other current liabilities	2,027
Deferred income taxes	51,543
Other noncurrent liabilities	5,133
Total liabilities assumed	74,764
Net assets acquired	$	315,550


(1)	The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount.

Purchase price allocation of identifiable intangible assets and liabilities

The purchase price allocation to the identifiable intangible assets and liabilities is as follows (in thousands):



	Fair Value at April 2, 2018
Amortizable Intangible Assets
Trade name	$	1,474
Contracts	106,766
Favorable lease contract	2,496
Total amortizable intangible assets	$	110,736

Amortizable Intangible Liabilities
Unfavorable lease contracts	$	2,456
Total amortizable intangible liabilities	$	2,456

Net intangible assets	$	108,280

Supplemental unaudited proforma financial information

The unaudited pro forma results do not purport to be indicative of the results of operations had the transaction occurred on the date indicated or of future results for the combined entities (in thousands, except per share data):



	Years Ended December 31, (Unaudited)
	Pro forma			Pro forma
	2018			2017
Revenues	$	501,275		$	506,040
Net loss attributable to Civeo Corporation common shareholders	(129,900		)	(91,420		)
Basic net loss per share attributable to Civeo Corporation common shareholders	$	(0.83	)	$	(0.57	)
Diluted net loss per share attributable to Civeo Corporation common shareholders	$	(0.83	)	$	(0.57	)