23 unchanged sentences
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
−Removed: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023 and 2022, of the Company and our report dated March 8, 2024, expressed an unqualified opinion on those financial statements.
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated March 13, 2025, expressed an unqualified opinion on those financial statements.
Basis for Opinion
158 unchanged sentences
Robertson’s extensive industry experience, his extensive experience with oil and gas investments and his board service for several companies in the oil and natural gas industry.
−Removed: Dag Skindlo 55 Dag Skindlo has been a Director since the completion of the QES Merger in July 2020 and has served as the Non-Executive Chairman of our Board since June 2022.
−Removed: Previously, Mr.
−Removed: Skindlo served on the QES board of directors since its formation in 2017 and served on the board of directors of the general partner of QES LP since April 2016.
−Removed: Skindlo has served as the Chief Executive Officer for Archer, since March 2020, and he previously served as the Chief Financial Officer of Archer from May 2016 until March 2020 and as a director of Archer from May 2016 until May 2019.
−Removed: Skindlo is a business-oriented executive with 25 years of oil and natural gas industry experience.
−Removed: Skindlo joined Schlumberger in 1992 where he held various financial and operational positions.
−Removed: Skindlo then joined the Aker Group of companies in 2005, where his experience from Aker Kvaerner, Aker Solutions and Kvaerner includes both global Chief Financial Officer roles and Managing Director roles for several large industrial business divisions.
−Removed: Prior to joining Archer Well Company Inc.
−Removed: Skindlo was with private equity group HitecVision, where he served as Chief Executive Officer for Aquamarine Subsea.
−Removed: Skindlo earned a Master of Science in Economics and Business Administration from the Norwegian School of Economics and Business Administration.
−Removed: Our Board benefits from Mr.
−Removed: Skindlo’s vast business experience domestically and internationally, having founded and served as a director and as an officer of multiple companies, both private and public.
has served as a member of the Board since September 2018.
52 unchanged sentences
4.2 Form of 11.500% Senior Secured Notes due 2025 (included in Exhibit 4.1) .
+Added: Indenture, dated March 12, 2025, among KLX Energy Services Holdings, Inc., as the issuer, the guarantor parties thereto and U.S.
+Added: Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, riled on March 12, 2025, File No.
+Added: 4.4 Form of Senior Secured Floating Rate Cash / PIK Notes due 2030 (included in Exhibit 4.3).
+Added: 4.5 Form of Warrant Agreement (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on March 12, 2025, File No.
4.6 Description of Securities registered pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.3 of the Company’s Annual Report on Form 10-K, filed on April 28, 2021, File No.
95 unchanged sentences
Long-Term Incentive Plan (incorporated by reference to Exhibit 10.35 of the Company’s Annual Report on Form 10-K filed March 9, 2023, File No.
+Added: 10.36 Securities Purchase Agreement, dated as of March 7, 2025, by and among KLX Energy Services Holdings, Inc., the subsidiary guarantors party thereto, and the holders of Existing Notes party thereto (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on March 7, 2025, File No.
+Added: Credit Agreement, dated as of March 7, 2025, by and among KLX Energy Services Holdings, Inc., Eclipse Business Capital LLC, as administrative agent, as collateral agent and as FILO administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, filed on March 7, 2025, File No.
+Added: 19.1* KLX Energy Services Holdings, Inc.
+Added: Insider Trading Policy
21.1* List of subsidiaries of KLX Energy Services Holdings, Inc.
7 unchanged sentences
97.1*† KLX Energy Services Holdings, Inc.
−Removed: Executive Officer Incentive Compensation Clawback Policy
+Added: Executive Officer Incentive Compensation Clawback Policy [(incorporated by reference to Exhibit 97.1 of the Company’s Annual Report on Form 10-K, filed on March 8, 2024, File No.
101.INS* XBRL Instance Document
25 unchanged sentences
Stanford Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
−Removed: /s/ Dag Skindlo Chairman of the Board of Directors
Whates Director and Chairman of the Audit Committee
4 unchanged sentences
Robertson, Jr.
−Removed: Director and Chairman of the Compensation Committee
+Added: Chairman of the Board of Directors
Robertson, Jr.
1 unchanged sentence
/s/ Danielle E.
−Removed: Hunter Director
+Added: Hunter Director and Chairman of the Compensation Committee
/s/ Thomas P.
1 unchanged sentence
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.