There are numerous factors that affect our business and results of operations, many of which are beyond our control.
−Removed: In addition to the risk factor set forth below and the other information presented in this Quarterly Report, you should carefully read and consider Management’s Discussion and Analysis of Financial Condition and Results of Operations included in, and the risk factors set forth in, our 2019 Form 10-K, and the risk factor set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, each of which contains descriptions of significant risks that have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner.
−Removed: The ongoing COVID-19 pandemic and continued oil price volatility following the recent OPEC+ price war could disrupt our operations and adversely impact our business and financial results.
+Added: In addition to the risk factor set forth below and the other information presented in this Quarterly Report, you should carefully read and consider Management’s Discussion and Analysis of Financial Condition and Results of Operations included in, and the risk factors set forth in, our 2019 Form 10-K, and the risk factors set forth in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, each of which contains descriptions of significant risks that have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner.
+Added: The ongoing COVID-19 pandemic and continued oil price volatility could disrupt our operations and adversely impact our business and financial results.
In March 2020, the World Health Organization classified the outbreak of COVID-19 as a pandemic.
The nature of COVID-19 led to worldwide shutdowns and halting of commercial and interpersonal activity, as governments around the world imposed regulations in efforts to control the spread of COVID-19 such as shelter-in-place orders, quarantines, executive orders and similar restrictions.
−Removed: As of June 30, 2020, efforts to contain COVID-19 have not succeeded in many regions, and the global pandemic remains ongoing.
+Added: As of September 30, 2020, efforts to contain COVID-19 have not succeeded in many regions, and the global pandemic remains ongoing.
As a result the global economy has been marked by significant slowdown and uncertainty, which led to a precipitous decline in oil prices in response to demand concerns, further exacerbated by the OPEC+ price war during the first quarter 2020 and global storage considerations.
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The spread of COVID-19 to our onshore workforce could prevent us from supporting our offshore operations, we may experience reduced productivity as our onshore personnel work remotely, and any spread to our key management personnel may disrupt our business.
+Added: We may also experience an increased cybersecurity risk as our onshore personnel work remotely.
Any outbreak on our vessels may result in the vessel, or some or all of a vessel crew (including customer crew), being quarantined and therefore impede the vessel's ability to generate revenue.
1 unchanged sentence
We have experienced challenges in connection with our offshore crew changes due to health and travel restrictions related to COVID-19, and those challenges and/or restrictions may continue or worsen.
−Removed: We may also experience an increased cybersecurity risk as our onshore personnel work remotely.
−Removed: Further, each of the decline in global oil demand combined with overall market uncertainty resulting from the ongoing COVID-19 pandemic, along with continued oil price volatility, may continue to impact the demand for our services, the utilization and/or rates we can achieve for our assets and services, and the outlook for our industry in general.
+Added: Further, the decline in global oil demand combined with overall market uncertainty resulting from the ongoing COVID-19 pandemic, along with continued oil price volatility, may continue to impact the demand for our services, the utilization and/or rates we can achieve for our assets and services, and the outlook for our industry in general.
Our business is adversely affected by low oil prices, especially the willingness of oil and gas companies to make capital and other expenditures for offshore exploration, development, drilling and production operations, and the persistence of current conditions would negatively impact those companies’ willingness and ability to make those expenditures.
−Removed: In the event one or more of our major customers is adversely affected by COVID-19 or otherwise by the current market environment, that may impact our business with them.
−Removed: We may face an increased risk of customers deferring work, asserting claims of force majeure, and/or terminating contracts, or our customers’ inability to make payments or remain solvent.
+Added: In the event one or more of our customers is adversely affected by COVID-19 or otherwise by the current market environment, that may impact our business with them.
+Added: We may face an increased risk of customers deferring work, declining to commit to new work, asserting claims of force majeure, and/or terminating contracts, or our customers’, subcontractors’ or partners’ inability to make payments or remain solvent.
The current environment may make it even more difficult to comply with our covenants and other restrictions in agreements governing our debt, and a lack of confidence in our industry on the part of the financial markets may result in a lack of access to capital, any of which could lead to reduced liquidity, an event of default, the possible acceleration of our repayment of outstanding debt, the exercise of certain remedies by our lenders, or a limited ability or inability to refinance our debt.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.