Civeo Corp (CVEO) as of March 31, 2026 shows total reported assets of $491.6M against total liabilities of $330.9M, producing GAAP book equity of $160.7M. Under a liquidation lens, recovery to equity is materially negative across all three MFFAIS valuation scenarios (CLV -$291M, LLV -$184M, OLV -$177M), and the balance-sheet data supports that conclusion. The dominant asset is PP&E at gross $1.55B, net $235.3M after $1.32B of accumulated depreciation. At a 50-70% haircut on net book value, PP&E liquidation proceeds would fall in the $118M-$165M range. Intangibles net of goodwill total $68.2M and goodwill $7.8M — both carry zero recovery weight, eliminating a combined $76M of reported asset value. The ROU asset of $17.7M also liquidates at zero while its corresponding lease liability of $14.0M (noncurrent) remains at face, a $32M swing against equity. Long-term debt is fully drawn revolving credit at $212.3M face value, up from $182.8M at December 31, 2025 — a $29.4M increase in one quarter driven by working capital consumption ($9.7M operating cash outflow) and $14.4M of share repurchases funded by incremental borrowings. Unused revolving availability contracted from $75.9M to $51.9M. Cash is minimal at $16.5M (100% recovery). Accounts receivable gross $108.3M with $1.1M allowance; at 90-95% recovery the net contribution is approximately $96M-$102M. Inventory $6.3M at 60% yields ~$3.8M. The AOCI balance is a persistent negative $385.9M driven by cumulative foreign currency translation losses on the Australian dollar and Canadian dollar net asset/liability positions — this does not directly affect liquidation asset recovery but signals that book equity is overstated relative to any USD-denominated wind-down scenario. The April 23, 2026 credit agreement amendment extended maturity to April 2030 and increased the facility from $265M to $285M; while this relieves near-term refinancing risk as a going concern, in a liquidation scenario the full face-value obligation ($212.3M drawn plus any drawn amounts up to $285M at time of wind-down) would be senior to all equity recovery. The $590M remaining performance obligation disclosed in MD&A (but not separately XBRL-tagged as a distinct balance-sheet liability) represents potential counterparty termination costs or deferred revenue obligations that would complicate wind-down further. No goodwill impairment was recorded this quarter. Filing discusses the $590M RPO in narrative but does not separately tag it in XBRL beyond the RevenueRemainingPerformanceObligation tag, which appears in TAG_CONTEXT.
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