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Foreign Currency Exchange Rate Risk
−Removed: Our drilling contracts in foreign countries generally provide for payment in U.S.
−Removed: Historically, in Argentina, while the contracts were denominated in the U.S.
−Removed: dollar, we were paid in Argentine pesos.
−Removed: The Argentine branch of one of our second-tier subsidiaries remits U.S.
−Removed: dollars to its U.S.
−Removed: parent by converting the Argentine pesos into U.S.
−Removed: dollars through the Argentine Foreign Exchange Market and repatriating the U.S.
−Removed: In the future, other contracts or applicable law may require payments to be made in foreign currencies.
−Removed: As such, there can be no assurance that we will not experience in Argentina or elsewhere a devaluation of foreign currency, foreign exchange restrictions or other difficulties repatriating U.S.
−Removed: dollars even if we are able to negotiate the contract provisions designed to mitigate such risks.
−Removed: At September 30, 2024, a hypothetical decrease in value of 10 percent would result in a decrease in value of our monetary assets and liabilities denominated in Argentine pesos by approximately $0.6 million.
−Removed: Argentina’s economy is currently considered highly inflationary, which is defined as cumulative inflation rates exceeding 100 percent in the most recent three‑year period based on inflation data published by the respective governments.
−Removed: Nonetheless, all of our foreign operations use the U.S.
−Removed: dollar as the functional currency and local currency monetary assets and liabilities are remeasured into U.S.
−Removed: dollars with gains and losses resulting from foreign currency transactions included in current results of operations.
+Added: The Company has a number of subsidiaries that generate revenue and incur expenses in numerous foreign currencies.
+Added: Changes in foreign currency exchange rates impact the Company's results of operations through changes in the dollar value of foreign currency-denominated operating revenues and expenses.
+Added: Some of the Company's more significant foreign currency exposures include the British Pound Sterling, Euro, Norwegian Krone, Canadian Dollar, Angolan Kwanza, Pakistani Rupee, Colombian Peso and Argentine Peso.
+Added: We have not entered into any foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
+Added: At September 30, 2025, a uniform 10% decline in the U.S.
+Added: dollar relative to each of the currencies in which the Company has foreign currency exposure would result in an increase in pre-tax loss of approximately $5.6 million.
+Added: 2025 FORM 10-K | 57
Commodity Price Risk
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As a result, demand for drilling services and solutions is not always purely a function of the movement of commodity prices.
−Removed: 2024 FORM 10-K | 60
Credit and Capital Market Risk
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Interest Rate Risk
−Removed: Our interest rate risk exposure results primarily from short‑term rates, mainly SOFR‑based, on any borrowings from the Amended credit facility.
−Removed: There were no outstanding borrowings under this facility at September 30, 2024 and our outstanding debt consisted of $1.8 billion (face amount) in senior unsecured notes, and an estimated fair value of $1.7 billion as of September 30, 2024.
+Added: Our interest rate risk exposure results primarily from short‑term rates, mainly SOFR‑based, on any borrowings from the Amended Credit Facility and Term Loan Credit Agreement.
+Added: At September 30, 2025, there were no outstanding borrowings under the Amended Credit Facility and $200.0 million outstanding under the Term Loan Credit Agreement.
+Added: Our outstanding debt consisted of $2.1 billion (face amount) in senior unsecured notes, an unsecured term loan credit agreement and secured term loan credit agreements, and had an estimated fair value of $1.9 billion as of September 30, 2025.
The $1.8 billion (face amount) in senior unsecured notes at September 30, 2025 comprised of the following:
$350.0 million aggregate principal amount of 4.65 percent senior notes due 2027, $350.0 million aggregate principal amount of 4.85 percent senior notes due 2029, $550.0 million aggregate principal amount of 2.90 percent senior notes due 2031 and $550.0 million aggregate principal amount of 5.50 percent senior notes due 2034.
+Added: The unsecured term loan credit agreement as September 30, 2025 consisted of $200 million due 2027.
+Added: The secured term loan credit agreements at September 30, 2025 comprised of the following:
+Added: $39.8 million secured term loan due 2033 and $43.1 million secured term loan due 2034.
Equity Price Risk
+Added: In October 2022, we made a $14.1 million equity investment, representing 106.0 million common shares in Tamboran Resources.
+Added: In December 2023, all shares of Tamboran Resources were transferred to Tamboran Corp.
+Added: in exchange for depository interests in Tamboran Corp.
+Added: Depository interests, referred to as CHESS Depository Interests, each representing beneficial interests of 1/200th of a share of Tamboran Corp.
+Added: common stock, are listed on the Australian Stock Exchange under the ticker symbol "TBN." Tamboran Corp.
+Added: is focused on developing a natural gas resource in Australia's Beetaloo Sub-basin.
As of September 30, 2025 and 2024, we had equity securities in Tamboran Corp.
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completed an initial public offering of its common stock on the NYSE and as a result of this offering, our convertible note of $9.4 million was converted into 0.5 million common shares in Tamboran Corp.
−Removed: Our shares received in this initial public offering are subject to a 180-day lockup period.
−Removed: Consistent with the provisions of ASU No.
−Removed: 2022-03, contractual sale restrictions are not considered in the fair value measurement of our investment in Tamboran Resources Corporation.
−Removed: As of September 30, 2024 and 2023 we had equity securities in ADNOC Drilling with a total fair value of $205.6 million and $174.8 million, respectively.
−Removed: Our investment in ADNOC Drilling was subject to a three-year lockup period, which expired during September 2024.
−Removed: We have applied the guidance in Topic 820, Fair Value Measurement, in the initial accounting of the transaction and the subsequent revaluation of the investment balance, concluding that the contractual restriction on the sale of an equity security that is publicly traded is not considered in measuring fair value.
−Removed: A hypothetical 10 percent decrease in the market price for our marketable equity securities of Tamboran Corp and ADNOC Drilling as of September 30, 2024 would decrease the fair value by $22.7 million.
+Added: A hypothetical 10 percent decrease in the market price for our marketable equity securities of Tamboran Corp as of September 30, 2025 would decrease the fair value by $2.6 million.
These securities are subject to a wide variety and number of market‑related risks that could substantially reduce or increase the fair value of our holdings.
−Removed: Subsequent to the 2024 fiscal year end, we sold our shares of ADNOC Drilling for aggregate proceeds of approximately $197.3 million.
−Removed: Refer to Note 18—Subsequent Events.
+Added: 2025 FORM 10-K | 58
At November 10, 2025, the total fair value of our remaining equity securities in Tamboran Corp.
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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.