3 unchanged sentences
The extent of the impact of the COVID-19 outbreak on our operational and financial performance will significantly depend on certain developments, including the duration and spread of the outbreak and its continued impact on customer activity and third-party providers.
−Removed: The direct impact to our operations began to take affect at the close of the first quarter ended March 31, 2020, and has continued through March 31, 2022, however the extent to which the COVID-19 outbreak may further affect our financial condition or results of operations is uncertain.
+Added: The direct impact to our operations began to take affect at the close of the first quarter ended March 31, 2020, and has continued through June 30, 2022, however the extent to which the COVID-19 outbreak may further affect our financial condition or results of operations is uncertain.
For more information, please see “Item 2.
Management’s Discussion and Analysis of Results of Operations and Financial Condition — Recent Events and Outlook”.
+Added: Russia invaded neighboring Ukraine and these events have and continue to impact commodity prices, which could have a material effect on our earnings, cash flows, and financial condition.
+Added: In the short-term, commodity price fluctuations are highly uncertain.
+Added: Actual price outcomes will be dependent on the degree to which existing sanctions imposed on Russia, any potential future sanctions, and independent corporate actions affect Russia’s oil production or the sale of Russia’s oil in the global market.
+Added: In addition, the degree to which other oil producers respond to current oil prices, as well as the effects macroeconomic developments might have on global oil demand, will be important for oil price formation in the coming months.
+Added: The direct impact to our operations began to take affect at the close of the first quarter ended March 31, 2022, and has continued through June 30, 2022, however the extent to which the invasion may further affect our financial condition or results of operations is uncertain.
+Added: For more information, please see “Item 2.
+Added: Management’s Discussion and Analysis of Results of Operations and Financial Condition — Recent Events and Outlook”.
Interest Rate Risk
1 unchanged sentence
For a complete discussion of our interest rate risk, see our Annual Report.
−Removed: As of March 31, 2022, we had $44.8 million outstanding under our Revolving Credit Facility, with a weighted average interest rate of 6.0%.
−Removed: As of March 31, 2022, the aggregate principal balance outstanding under the M&E Term Loan was $12.3 million, with a weighted average interest rate of 9.0%.
−Removed: A hypothetical 1.0% increase or decrease in the weighted average interest rate would increase or decrease interest expense by approximately $0.7 million per year.
+Added: As of June 30, 2022, we had $33.9 million outstanding under our Revolving Credit Facility, with a weighted average interest rate of 5.5%.
+Added: As of June 30, 2022, the aggregate principal balance outstanding under the M&E Term Loan was $11.7 million, with a weighted average interest rate of 8.5%.
+Added: A hypothetical 1.0% increase or decrease in the weighted average interest rate would increase or decrease interest expense by less than $0.5 million per year.
We do not engage in derivative transactions for speculative or trading purposes.
The majority of our trade receivables have payment terms of 30 days or less.
−Removed: As of March 31, 2022, the top three trade receivable balances represented approximately 17%, 10%, and 9%, respectively, of consolidated net accounts receivable.
+Added: As of June 30, 2022, the top three trade receivable balances represented approximately 14%, 8%, and 8%, respectively, of consolidated net accounts receivable.
Within our High Specification Rig segment, the top three trade receivable balances represented 20%, 13% and 13%, respectively, of total High Specification Rig net accounts receivable.
8 unchanged sentences
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.