What changed in this filing

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Item 1A. Risk Factors

2025-02-14 compared with 2024-02-14 · 72 added, 129 removed, 407 unchanged (33% of the section changed)

6 unchanged sentences

Drilling and workover activity can fluctuate significantly in a short period, particularly in the United States and Canada.

The demand and pricing for our products and services will continue to be influenced by numerous factors over which we have no control, including the:

The demand and pricing for our products and services will continue to be influenced by numerous factors over which we have no control, including:

• current and anticipated future prices for oil and natural gas and volatility in supply and demand and pricing for oil and natural gas;

1 unchanged sentence

• interruptions in supply chains caused by war, geo-political conflict, trade sanctions or other restrictions placed on oil producing countries, such as Russia, Iran, and Venezuela or otherwise placed on trade and commerce;

• level of production by non-OPEC countries including production from U.S.

• level of excess production capacity;

• cost of exploring for and producing oil and gas;

• level of drilling activity and drilling rig dayrates;

• the level of production by non-OPEC countries including production from U.S.

• the level of excess production capacity;

• the cost of exploring for and producing oil and gas;

• the level of drilling activity and drilling rig dayrates;

• catastrophic events, such as public health crises, e.g., the COVID-19 pandemic or other geopolitical events, such as war or terrorist activities,

2 unchanged sentences

• evolving environmental and climate change policies and regulations and fluctuations in political conditions in the United States and abroad which adversely impact exploration or development of oil or gas;

• increased capital requirements imposed upon the oil and gas industry to comply with heightened air emissions control requirements and regulations;

• currency exchange rate fluctuations and devaluations;

3 unchanged sentences

There are risks associated with certain contracts for our equipment.

As of December 31, 2023, we had a backlog of capital equipment to be manufactured, assembled, tested and delivered by Completion & Production Solutions and Rig Technologies in the amount of $1.8 billion and $2.9 billion, respectively.

As of December 31, 2024, we had a backlog of capital equipment to be manufactured, assembled, tested and delivered by Energy Equipment in the amount of $4.43 billion.

The following factors, in addition to others not listed, could reduce our margins on these contracts, adversely impact completion of these contracts, adversely affect our position in the market or subject us to contractual penalties:

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• inability to access raw materials and components;

• Suppliers putting the Company on allocations;

• suppliers’ allocating less of their supply to the Company than required or requested by the Company;

• higher prices for raw materials and components;

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These take many forms, including ransomware directed at us, our vendors or our customers.

For example, our operations were affected by the well-publicized shutdown of the Kronos Company’s cloud-based employee work time keeping system, to which certain of our operations subscribe for recording hours worked.

Our Human Resources and Operations management were able to quickly implement alternate procedures until the Kronos system was restored.

We suffered no material loss due to the outage, and our employee data was not compromised.

As with virtually all other large companies, we receive numerous phishing efforts, and other attempted cyber-attacks such as efforts to hack our systems or use distributed denial-of-service attacks.

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Our business may be materially and adversely affected by severe weather conditions in areas where we operate.

Many experts believe global climate change could increase the frequency and severity of extreme weather conditions.

Repercussions of severe or unseasonable weather conditions may entail the evacuation of personnel and stoppage of services;

inability to deliver material to jobsites in accordance with contract schedules;

decreases in demand for oil and natural gas during unseasonably warm winters;

and loss of productivity.

In addition, particularly severe weather could result in weather related evacuation of personnel and curtailment of services, including:

• Damage to platforms or structures and offshore drilling rigs;

• Suspension of activities and operations;

• Damage to our facilities and project work sites;

• Disruption in delivery of materials to jobsites in accordance with contract schedules;

• Decreases in demand for oil and natural gas during unseasonably warm winters;

• Loss of productivity.

Many experts believe global climate change could increase the frequency and severity of extreme weather conditions, including coastal storm surges, inland flooding from intense rainfall, hurricane-strength winds, and extreme temperature.

Repercussions of severe or unseasonable weather conditions may entail the evacuation of personnel and stoppage of services, damage to our facilities and project work sites, as well as our customers’ platforms or structures and offshore drilling rigs, inability to deliver material to jobsites in accordance with contract schedules, decreases in demand for oil and natural gas during unseasonably warm winters, and loss of productivity.

Additionally, severe weather events could result in a disruption or suspension of our customers’ operations, thereby reducing demand for our services.

Any of these events could adversely affect our financial condition, results of operations and cash flows.

An impairment of goodwill or other indefinite lived intangible assets could reduce our earnings.

The Company has approximately $1.6 billion of goodwill and $0.2 billion of other intangible assets with indefinite lives as of December 31, 2023.

Generally accepted accounting principles require the Company to test goodwill and other indefinite lived intangible assets for impairment on an annual basis or whenever events or circumstances indicate they might be impaired.

Events or circumstances which could indicate a potential impairment include (but are not limited to) a significant sustained reduction in worldwide oil and gas prices or drilling;

Goodwill represents the excess of acquisition price paid over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed.

The Company has approximately $1.6 billion of goodwill and $0.2 billion of other intangible assets with

indefinite lives as of December 31, 2024.

Generally accepted accounting principles require the Company to test goodwill and other indefinite lived intangible assets for impairment at least annually or more frequently whenever events or circumstances indicate they might be impaired.

Events or circumstances which could indicate a potential impairment include (but are not limited to):

a significant sustained reduction in worldwide oil and gas prices or drilling;

a significant sustained reduction in profitability or cash flow of oil and gas companies or drilling contractors;

a significant sustained reduction in capital investment by other oilfield service companies;

a significant sustained reduction in the market capitalization of the Company;

a significant sustained reduction in capital investment by drilling companies and oil and gas companies;

or a significant increase in worldwide inventories of oil or gas.

The timing and magnitude of any goodwill impairment charge, which could be material, would depend on the timing and severity of the event or events triggering the charge and would require a high degree of management judgement.

If we were to determine that any of our remaining balance of goodwill or other indefinite lived intangible assets was impaired, we would record an immediate charge to earnings with a corresponding reduction in stockholders’ equity;

7 unchanged sentences

Future acquisitions may result in increased depreciation and amortization expense, increased interest expense, increased financial leverage or decreased operating income for the Company, any of which could cause our business to suffer.

Legal and Regulatory Related

The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

9 unchanged sentences

The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

Legal and Regulatory Related

Our failure to comply with existing or future U.S.

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The Company could also become involved in investigations of consumers of our products at significant cost to the Company.

We could be adversely affected if we fail to comply with any of the numerous international, federal, state and local laws, regulations and policies that govern environmental protection, zoning and other matters applicable to our businesses.

Our businesses are subject to numerous international, federal, state and local laws, regulations and policies governing environmental protection, zoning and other matters.

We could be adversely affected if we fail to comply with any of the numerous international, federal, state and local laws, regulations and policies that govern environmental protection, data privacy, zoning and other matters applicable to our businesses.

Our businesses are subject to numerous international, federal, state and local laws, regulations and policies governing environmental protection, data privacy, zoning and other matters.

Moreover, data privacy laws and regulations enacted in the various jurisdictions in which we operate impose a variety of obligations to protect data against misuse or disclosure.

These laws and regulations have changed frequently in the past and it is reasonable to expect additional changes in the future.

4 unchanged sentences

Our businesses expose us to potential environmental, product or personal injury liability.

Our businesses have in the past and may in the future expose us to risks from harmful substances that escape into the environment or product failing to perform or causing personal injury, or exposing individuals to chemicals, harmful substances, or environmental conditions, any of which could result in:

Our businesses have in the past and may in the future expose us to risks from harmful substances that escape into the environment or from our product failing to perform or causing personal injury, or exposing individuals to chemicals, harmful substances, or environmental conditions, any of which could result in:

• personal injury or loss of life;

• severe damage to or destruction of property;

• environmental damage and suspension of operations.

• environmental damage;

• suspension of operations.

Our current and past activities, as well as the activities of our former divisions and subsidiaries, could result in our facing substantial environmental, regulatory, personal injury, class action, mass tort and other litigation and liabilities.

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• negligence;

• strict liability;

• strict liability, including joint and several strict liability

• products liability;

• breach of contract with customers;

• as a result of our contractual agreement to indemnify our customers in the normal course of business, which is normally the case.

• as a result of contractual agreements to indemnify our customers in the normal course of business, which is normally the case.

We may not have adequate insurance for potential environmental, product or personal injury liabilities.

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Even a partially uninsured claim, if successful and of significant size, could have a material adverse effect on our consolidated financial statements.

Future laws, regulations, treaties, international obligations, reporting obligations related to greenhouse gases (GHG), climate change, and activism related to environmental, social and governance (ESG) could adversely impact our business, may increase compliance obligations and could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

Future laws, regulations, treaties, international obligations, reporting obligations related to greenhouse gases (GHG), climate change, and activism and customer positions related to environmental, social and governance (ESG) could adversely impact our business, may increase compliance obligations and could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

Focus and attention by advocacy groups and regulatory agencies on climate change and greenhouse gas (GHG) emissions in the United States and European Union have accelerated.

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State, national, and international governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that limit GHG emissions.

The President of the United States has issued Executive Orders seeking to adopt new regulations and policies to address climate change and to suspend, revise, or rescind prior agency actions that the administration identified as conflicting with its climate policies.

These include Executive Orders requiring a review of current U.S.

federal lands leasing and permitting practices, as well as a temporary halt of new leasing of U.S.

federal lands and offshore waters available for oil and gas exploration.

In February 2021, the United States formally re-joined the Paris Agreement.

The Paris Agreement requires countries to review and “represent a progression” in their intended nationally determined contributions, which set greenhouse gases emission reduction goals, every five years.

Though we are closely following developments in this area and changes in the regulatory landscape in the United States and other jurisdictions, we cannot predict with precision or quantify how or when those challenges may ultimately impact our business.

The trend of increased environmental regulation is not linear and can fluctuate depending on the administration and jurisdiction, even within the same county.

For example, on January 20, 2025, President Trump issued Executive Orders seeking to rescind prior Executive Orders and agency actions enacted by the Biden Administration.

These include revoking Biden-era Executive Orders withdrawing certain offshore waters within the Outer Continental Shelf available for oil and gas exploration and imposing a temporary prohibition of offshore wind leasing in the Outer Continental Shelf.

We cannot foresee the potential impact and unintended consequences that future Executive Orders or the changes in enforcement of existing laws, rules, and orders may have on our business.

Additionally, although the Trump Administration initially withdrew the U.S.

from the Paris Agreement in November 2020, the U.S.

reentered the Paris Agreement in February 2021 under the Biden Administration, but the Trump Administration again withdrew from the Paris Agreement on January 20, 2025.

Though we are closely following developments in this area and changes in the regulatory landscape in the United States and other jurisdictions, we cannot predict with precision or quantify how or when challenges may arise and ultimately impact our business.

Laws and regulations in some jurisdictions, for example in the EU Corporate Sustainability Reporting Directive (“CSRD”) and the California Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act, impose obligations in future years to report GHG emissions.

Depending on the jurisdiction, e.g., outside of the United States, the recent Executive Orders may not change our regulatory obligations.

Calculation of some GHG emissions can involve uncertainty and lack precision because of the absence of reliable inputs or methods to perform such calculations.

Accordingly, the EU CSRD and California regulations and other similar regulations give rise to litigation risk concerning the required disclosures.

Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, regulations, treaties, or international agreements related to greenhouse gases and climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.

Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, regulations, treaties, or international agreements related to GHG and climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.

Likewise, such restrictions may result in additional compliance obligations with respect to the release, capture, sequestration, and use of carbon dioxide.

1 unchanged sentence

These and other environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

In addition to regulatory risks, increased advocacy related to ESG issues generally, and on climate change and greenhouse gas emissions in particular, may have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

Our investors, customers, and other stakeholders have increased their focus on sustainability and the energy transition.

In addition to regulatory risks, increased advocacy related to environmental, social and governance (ESG) issues generally, and on climate change and GHG emissions in particular, may have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

For example, a number of our significant customers have been sued in state and federal court in the U.S.

and international courts by plaintiffs seeking to impose liability on such customers for their alleged contribution to climate change or failure to adequately warn the public of alleged risks associated with fossil fuels, and while this litigation has not generally affected companies like us within oilfield services, we cannot foreclose the possibility that this type of litigation may trend in that direction.

Further, our investors, customers, and other stakeholders have increased their focus on sustainability and the energy transition.

Negative perceptions of the oil and natural gas industry and promotion of alternative energy sources can negatively impact demand for our products and the price of our stock.

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We may also incur increased costs as a result of our efforts to address ESG issues important to our stakeholders, including providing expanded reporting on ESG issues, which may impact our financial condition or results of operations.

Public reporting on ESG issues has been increasingly subject to scrutiny by regulators, investors and the public.

Any actual or perceived “greenwashing”—defined generally as the misrepresentation or exaggeration of ESG or sustainability practices or commitments not adequately supported by measurable actions or outcomes—could result in reputational harm and legal liability, including regulatory enforcement actions, investor lawsuits and consumer claims under securities and consumer protection laws.

The combination of laws, regulations, treaties, negative reputational impact, and societal perceptions of our industry may adversely impact demand for oil and natural gas and demand for our products.

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In some instances, we could suffer a material adverse effect to the results of our joint ventures and our consolidated results of operations.

The Company could be subject to changes in its tax rates, the adoption of new tax legislation, tax audits, or exposure to additional tax liabilities that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

The Company could be subject to changes in its tax rates, the adoption of new tax legislation, tax audits, or exposure to additional tax liabilities and to changes in tariffs that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

We are subject to taxes in the U.S.

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and other jurisdictions may be subject to significant change.

An increase in tax rates, particularly in the U.S., changes in our ability to realize our deferred tax assets, or adverse outcomes resulting from examinations of our tax returns could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

Our supply chain is integrated through numerous countries, with significant trade into and out of many jurisdictions, including the U.S., Mexico, Canada, the EU and China.

As a result, changes in tariffs could have a material adverse effect on our financial results.

In addition, our tax returns are subject to examination by the U.S.

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There can be no assurance as to the outcome of the examinations.

In particular, the Company received and paid a $51 million transfer pricing tax assessment in Denmark.

In particular, the Company received and paid a $51 million transfer pricing tax assessment in Denmark in 2022.

The Company and its advisors believe the assessment is without merit.

1 unchanged sentence

The payment has been recorded as a long-term receivable.

Additionally, the IRS is examining the Company’s tax returns for 2017 and 2018 and has proposed an adjustment to certain restructuring steps which occurred in 2017.

Additionally, the IRS has proposed an adjustment to certain restructuring steps which occurred in 2017.

The Company and its advisors believe these restructuring steps were properly completed in accordance with U.S.

1 unchanged sentence

However, if the Company is unsuccessful in the appeals process, the IRS proposed adjustment would be substantially offset by the utilization of foreign tax credit carryforwards which subsequently expired unused or are fully reserved by a valuation allowance and $48 million additional income tax expense would be owed.

The Company is monitoring developments related to the OECD’s Global Anti-Base Erosion Model Rules (“Pillar Two”), which will become effective during 2024 in numerous jurisdictions.

The Company does not anticipate the provisions of Pillar Two will have a material impact on the Company’s effective tax rate in the future.

In 2024, the company received a proposed assessment of $31 million in Canada related to its 2016 – 2018 exam cycle.

The company and its advisors believe its filing position is consistent with Canadian tax law and tax court cases.

The company paid $16 million, is presently appealing and believes it will be reimbursed following a successful appeals or tax court process.

Our operations outside the United States require us to comply with both United States and international regulations violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

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Government imposed additional sanctions against Russia, Russia’s oil and gas industry, and certain Russian companies.

In February of 2022, as a result of armed conflict in Ukraine, governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries have enacted additional sanctions against Russia and Russian interests.

Since that time, as a result of armed conflict in Ukraine, governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries have enacted additional sanctions against Russia and Russian interests.

Among other things, these sanctions include controls on the export, re-export, and in-country transfer in Russia of certain goods, supplies, and technologies, including some that we use in our business in Russia.

They also impose restrictions on doing business with certain state-owned Russian customers, certain financial institutions and certain individuals and restrict or prohibit new investments and business activities in Russia.

They from time to time have been updated by the various governments and

also impose restrictions on doing business with certain Russian customers, certain financial institutions and certain individuals and restrict or prohibit new investments and business activities in Russia.

The situation is complicated by actual and potential governmental and legal actions taken by the Russian Federation in response to the sanctions, which could expose our employees to adverse legal consequences in Russia, including potential criminal penalties.

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We also may incur severance costs as a result of conditions in Russia if we are unable to obtain government approval.

As a consequence of the conflict in Ukraine and related sanctions on activities related to Russia and Belarus, we recorded impairment and other charges of $4.2 million and $126.8 million for the years ended December 31, 2023 and 2022, respectively.

As a consequence of the conflict in Ukraine and related sanctions on activities related to Russia and Belarus, we recorded impairment and other charges of $4.2 million for the year ended December 31, 2023.

We did not record impairment or other charges for the year ended December 31, 2024.

In addition to customs laws, trade regulations and sanctions, our operations in countries outside the United States are subject to anti-corruption laws.

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“A Dictionary for the Petroleum Industry,” The University of Texas at Austin, 2001.)

American Petroleum Institute

The open space around pipe in a wellbore through which fluids may pass.

The cutting or boring element used in drilling oil and gas wells.

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Drill collars provide weight on the bit to keep it in firm contact with the bottom of the hole.

An uncontrolled flow of gas, oil or other well fluids into the atmosphere.

A blowout, or gusher, occurs when formation pressure exceeds the pressure applied to it by the column of drilling fluid.

A kick warns of an impending blowout.

Blowout Preventer (BOP)

3 unchanged sentences

This is typically done with under-reamers, reamers, or hole openers.

Bottomhole Assembly (“BHA”)

The lower portion of the drillstring including (if used):

the bit, bit sub, mud motor, stabilizers, drillcollar, heavy-weight drillpipe, jarring devices, and crossovers for various thread forms.

Carbon-Neutral

The state of achieving net zero carbon dioxide emissions with removal or simply eliminating carbon dioxide emissions altogether.

Coiled Tubing

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It is essentially a large winch that spools off or takes in the drilling line and thus raises or lowers the drill stem and bit.

Drill Pipe Elevator (Elevator)

On conventional rotary rigs and top-drive rigs, hinged steel devices with manual operating handles that crew members latch onto a tool joint (or a sub).

Since the elevators are directly connected to the traveling block, or to the integrated traveling block in the top drive, when the driller raises or lowers the block or the top-drive unit, the drill pipe is also raised or lowered.

Fiberglass-reinforced spoolable pipe

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A Floating Production, Storage and Offloading vessel used to receive hydrocarbons from subsea wells, and then produce and store the hydrocarbons until they can be offloaded to a tanker or pipeline.

The distance from the turbine platform to the rotor of an installed wind turbine and indicates how high the turbine stands above the ground (or water), not including the length of the wind blades.

Hydraulic Fracturing

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When positioned over the drilling site, the bottoms of the legs penetrate the seafloor.

A mechanical device placed near the top of the drill stem which allows the driller to strike a very heavy blow upward or downward on stuck pipe.

In drilling, a single length (from 16 feet to 45 feet, or 5 meters to 14.5 meters, depending on its range length) of drill pipe, drill collar, casing or tubing that has threaded connections at both ends.

2 unchanged sentences

In sucker rod pumping, a single length of sucker rod that has threaded connections at both ends.

The heavy steel tubular device, four-or six-sided, suspended from the swivel through the rotary table and connected to the top joint of drill pipe to turn the drill stem as the rotary table turns.

It has a bored passageway that permits fluid to be circulated into the drill stem and up the annulus, or vice versa.

Kellys manufactured to API specifications are available only in four-or six-sided versions, are either 40 or 54 feet (12 or 16 meters) long, and have diameters as small as 2.5 inches (6 centimeters) and as large as 6 inches (15 centimeters).

Kelly bushing

A special device placed around the kelly that mates with the kelly flats and fits into the master bushing of the rotary table.

The kelly bushing is designed so that the kelly is free to move up or down through it.

The bottom of the bushing may be shaped to fit the opening in the master bushing or it may have pins that fit into the master bushing.

In either case, when the kelly bushing is inserted into the master bushing and the master bushing is turned, the kelly bushing also turns.

Since the kelly bushing fits onto the kelly, the kelly turns, and since the kelly is made up to the drill stem, the drill stem turns.

Also called the drive bushing.

An entry of water, gas, oil, or other formation fluid into the wellbore during drilling.

It occurs because the pressure exerted by the column of drilling fluid is not great enough to overcome the pressure exerted by the fluids in the formation drilled.

If prompt action is not taken to control the kick, or kill the well, a blowout may occur.

Levelized Cost of Energy

2 unchanged sentences

LCOE is used to compare different methods of electricity generation on a consistent basis.

To assemble and join parts to form a complete unit (e.g., to make up a string of drill pipe).

To screw together two threaded pieces.

To mix or prepare (e.g., to make up a tank of mud).

To compensate for (e.g., to make up for lost time).

Manual tongs (Tongs)

The large wrenches used for turning when making up or breaking out drill pipe, casing, tubing, or other pipe;

variously called casing tongs, pipe tongs, and so forth, according to the specific use.

Power tongs or power wrenches are pneumatically or hydraulically operated tools that serve to spin the pipe up tight and, in some instances to apply the final makeup torque.

Master bushing

A device that fits into the rotary table to accommodate the slips and drive the kelly bushing so that the rotating motion of the rotary table can be transmitted to the kelly.

Also called rotary bushing.

Mooring system

The method by which a vessel or buoy is fixed to a certain position, whether permanently or temporarily.

A large, high-pressure reciprocating pump used to circulate the mud on a drilling rig.

A cover housing that houses all of the generating components in a wind turbine, including the generator, gearbox, drive train, and brake assembly.

The nacelle must be easily accessible for maintenance and repair work.

Oil Country Tubular Goods (OCTG)

Metal products used in the oil and gas industry, OCTG products include drill pipe, casing, tubing, couplings, and accessories.

Pressure control equipment

8 unchanged sentences

Also called marine riser pipe, riser joint.

The principal piece of equipment in the rotary table assembly;

a turning device used to impart rotational power to the drill stem while permitting vertical movement of the pipe for rotary drilling.

The master bushing fits inside the opening of the rotary table;

it turns the kelly bushing, which permits vertical movement of the kelly while the stem is turning.

Wedge-shaped pieces of metal with serrated inserts (dies) or other gripping elements, such as serrated buttons, that suspend the drill pipe or drill collars in the master bushing of the rotary table when it is necessary to disconnect the drill stem from the kelly or from the top-drive unit’s drive shaft.

Rotary slips fit around the drill pipe and wedge against the master bushing to support the pipe.

Drill collar slips fit around a drill collar and wedge against the master bushing to support the drill collar.

Power slips are pneumatically or hydraulically actuated devices that allow the crew to dispense with the manual handling of slips when making a connection.

See “Cuttings”

Spinning wrench

Air-powered or hydraulically powered wrench used to spin drill pipe in making or breaking connections.

The connected joints of pipe racked in the derrick or mast when making a trip.

On a rig, the usual stand is about 90 feet (about 27 meters) long (three lengths of drill pipe screwed together), or a treble.

The entire length of casing, tubing, sucker rods, or drill pipe run into a hole.

A special steel pumping rod.

Several rods screwed together make up the link between the pumping unit on the surface and the pump at the bottom of the well.

A system of devices installed on a floating offshore drilling rig to maintain a constant tension on the riser pipe, despite any vertical motion made by the rig.

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The Company owned or leased approximately 551 facilities worldwide as of December 31, 2024, including the following principal manufacturing, service, distribution and administrative facilities:

Wellbore Technologies:

Energy Products & Services:

Navasota, Texas

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Manufacturing of plastic thread products

Completion & Production Solutions:

Senai, Malaysia

Manufacturing Facility of Fiber Glass Products

Kalundborg, Denmark

Flexibles Manufacturing, Warehouse, Shop & Administrative Offices

Superporto du Acu, Brazil

Flexibles Manufacturing, Warehouse, Shop & Administrative Offices

Manchester, England

Manufacturing, Assembly & Testing of PC Pumps and Expendable Parts, Administrative & Sales Offices

Houston, Texas

Manufacturing of Wireline and Pressure Performance Equipment, Warehouse and Administrative Offices

Fort Worth, Texas

Coiled Tubing Manufacturing Facility, Warehouse, Administrative & Sales Offices

Qingdau, Shandong, China

Manufacturing of fiber-reinforced tubular products

Tulsa, Oklahoma

Manufacturing Facility of Pumps, Warehouse and Administrative & Sales Offices

Houston, Texas

Manufacturing of fiber-reinforced tubular products & Administrative Offices

Kintore, Aberdeenshire, Scotland, UK

Manufacturing & Servicing of Elmar, ASEP and Anson Equipment

Dammam, Saudi Arabia

2 unchanged sentences

Manufacturing of fiberglass products

Rig Technologies:

Energy Equipment:

Houston, Texas

7 unchanged sentences

Manufacturing, Repairs, Service, Field Service/Training, Administrative & Sales Offices

Repair & Overhaul of Drilling Equipment, Warehouse & Sales Office

Al Jubail, Saudi Arabia

Manufacturer and Service of Drilling Rigs and Equipment

Tulsa, Oklahoma

Manufacturing Facility of Pumps, Warehouse and Administrative & Sales Offices

Kintore, Aberdeenshire, Scotland, UK

Manufacturing & Servicing of Elmar, ASEP and Anson Equipment

Kalundborg, Denmark

Flexibles Manufacturing, Warehouse, Shop & Administrative Offices

Superporto du Acu, Brazil

Flexibles Manufacturing, Warehouse, Shop & Administrative Offices

Houston, Texas

1 unchanged sentence

*Building owned but land leased.

We own or lease approximately 302 repair and manufacturing facilities that refurbish and manufacture new equipment and parts, 110 service centers that provide inspection and equipment rental and 136 engineering, sales and administration facilities.

LEGAL PROCEEDINGS

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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.

What changed 10-K

Item 1A. Risk Factors