... If there were any water content, the heat from the gearbox/mechanism would drive off any water. Water and oil don't mix. ...
Well yes, but.
I gave some thought to this when someone asked recently about the 'safe' temperature for gearbox or transfer case oil.
The consensus seemed to be 55-60 degrees C was normal, and therefore safe.
I held my tongue because I wasn't certain.
What I did recall was asking Duckhams (which dates the recollection) about the need, or not, to fit an engine oil cooler in a BMC Mini, where the engine oil was also the gearbox oil.
I was told 100C was safe, plus it burnt off combustion by products, while by 120C the life of the additives would be shortened.
I duly fitted a capilliary oil temperature gauge, to prove conclusively that I didn't need an oil cooler, and that it took a long time to get the oil up to temperature, a lot longer than it took for the coolant to reach normal working temperature.
I trust you can see why I don't think 55 - 60C will burn off water, from condensation or contamination.
I do agree with the view that EP90 will not absorb water while in storage, also pointing out that any condensation in a part full container will migrate to the bottom of the container.
Regards.