HOUSTON, Nov. 23, 2015 /PRNewswire/ -- Key Energy
Services, Inc. (NYSE: KEG) announced today that it has increased by
one the number of Class III directors of the Board, the terms of
which end at the 2018 Annual Meeting of Stockholders of the
Company, and elected Robert
Drummond, Key's President and Chief Operating Officer to
fill the resulting vacancy as of the same date.
Mr. Drummond joined the Company as President and Chief Operating
Officer on June 22, 2015. Prior to
joining Key, Mr. Drummond was employed by Schlumberger for 31
years, most recently serving as President of Schlumberger Limited's
North American business unit.
Chairman of the Board of Directors Mark
Rosenberg said, "On behalf of Key's Board, I would like to
congratulate Robert on this new position. We are proud to have him
join us and appreciate the invaluable contributions that he has
already made to Key. Robert was the main architect of Key's
new regionally based operational structure that has already begun
providing benefits in the form of cost savings and enhanced revenue
opportunities."
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statements as to matters that are not of historic fact
are forward-looking statements. The forward-looking statements
include a description of our intention to consider alternatives to
cure the NYSE continued listing requirement deficiency. These
forward-looking statements are based on Key's current expectations,
estimates and projections about Key, its industry, its management's
beliefs and certain assumptions made by management, and include
statements regarding estimated capital expenditures, future
operational and activity expectations, international growth, and
anticipated financial performance for the remainder of 2015 and the
first quarter of 2016. No assurance can be given that such
expectations, estimates or projections will prove to have been
correct. Whenever possible, these "forward-looking statements" are
identified by words such as "expects," "believes," "anticipates"
and similar phrases.
Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict, including, but not limited to: risks that Key
will be unable to achieve its financial, capital expenditure and
operational projections, including quarterly and annual projections
of revenue and/or operating income and risks that Key's
expectations regarding future activity levels, customer demand, and
pricing stability may not materialize (whether for Key as a whole
or for geographic regions and/or business segments individually);
risks that fundamentals in the U.S. oil and gas markets may not
yield anticipated future growth in Key's businesses, or could
further deteriorate or worsen from the recent market
declines, and/or that Key could experience further unexpected
declines in activity and demand for its rig service, fluid
management service, coiled tubing service, and fishing and rental
service businesses; risks relating to Key's ability to implement
technological developments and enhancements; risks relating to
compliance with environmental, health and safety laws and
regulations, as well as actions by governmental and regulatory
authorities; risks relating to compliance with the FCPA and
anti-corruption laws, including risks related to increased costs in
connection with FCPA investigations; risks regarding the timing or
conclusion of the FCPA investigations, including the risk of fines
or penalties imposed by government agencies for violations of the
FCPA; risks affecting Key's international operations, including
risks affecting Key's ability to execute its plans to withdraw from
its international markets outside North
America; risks that Key may be unable to achieve the
benefits expected from acquisition and disposition transactions,
and risks associated with integration of the acquired operations
into Key's operations; risks, in responding to changing or
declining market conditions, that Key may not be able to reduce,
and could even experience increases in, the costs of labor, fuel,
equipment and supplies employed and used in Key's businesses; risks
relating to changes in the demand for or the price of oil and
natural gas; risks that Key may not be able to execute its capital
expenditure program and/or that any such capital expenditure
investments, if made, will not generate adequate returns; risks
relating to Key's ability to satisfy listing requirements for its
equity securities; risks that Key may not have sufficient
liquidity; risks relating to Key's ability to comply with covenants
under its current credit facilities; and other risks affecting
Key's ability to maintain or improve operations, including its
ability to maintain prices for services under market pricing
pressures, weather risks, and the impact of potential increases in
general and administrative expenses.
Because such statements involve risks and uncertainties, many
of which are outside of Key's control, Key's actual results and
performance may differ materially from the results expressed or
implied by such forward-looking statements. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Other important risk factors that
may affect Key's business, results of operations and financial
position are discussed in its most recently filed Annual Report on
Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current
Reports on Form 8-K and in other Securities and Exchange Commission
filings. Unless otherwise required by law, Key also disclaims any
obligation to update its view of any such risks or uncertainties or
to announce publicly the result of any revisions to the
forward-looking statements made here. However, readers should
review carefully reports and documents that Key files periodically
with the Securities and Exchange Commission.
About Key Energy Services
Key Energy Services is the largest onshore, rig-based well
servicing contractor based on the number of rigs owned. Key
provides a complete range of well intervention services and has
operations in all major onshore oil and gas producing regions of
the continental United States and
internationally in Mexico and
Russia.
Contact:
West Gotcher, Investor Relations
713-757-5539
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SOURCE Key Energy Services, Inc.