HOUSTON, Sept. 21, 2017 /PRNewswire/ -- Key Energy
Services, Inc. (NYSE: KEG) has closed on the sale of its well
intervention business in Russia
("Russian Business") to an undisclosed buyer for an undisclosed
amount.
Key's President and Chief Executive Officer, Robert Drummond, stated, "The sale of Key's
Russian Business marks the culmination of the strategic initiative
set forth in early 2015 to fully-exit markets outside of the U.S.
This is an important milestone in Key's history and further
solidifies our commitment to our customers as a leading
U.S.-focused production services company."
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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical in nature or that relate
to future events and conditions are, or may be deemed to be,
forward-looking statements. These forward-looking statements are
based on Key's current expectations, estimates and projections and
its management's beliefs and assumptions concerning future events
and financial trends affecting its financial condition and results
of operations. In some cases, you can identify these statements by
terminology such as "may," "will," "should," "predicts," "expects,"
"believes," "anticipates," "projects," "potential" or "continue" or
the negative of such terms and other comparable terminology. These
statements are only predictions and are subject to substantial
risks and uncertainties and are not guarantees of performance.
Future actions, events and conditions and future results of
operations may differ materially from those expressed in these
statements. In evaluating those statements, you should carefully
consider the information above as well as the risks outlined in
"Item 1A. Risk Factors," in Key's Annual Report on Form 10-K for
the year ended December 31, 2016 and
in other reports Key files with the Securities and Exchange
Commission.
Key undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release except as required by law. All of Key's written and
oral forward-looking statements are expressly qualified by these
cautionary statements and any other cautionary statements that may
accompany such forward-looking statements.
Important factors that may affect Key's expectations,
estimates or projections include, but are not limited to, the
following: conditions in the oil and natural gas industry,
especially oil and natural gas prices and capital expenditures by
oil and natural gas companies; volatility in oil and natural gas
prices; Key's ability to implement price increases or maintain
pricing on its core services; risks that Key may not be able to
reduce, and could even experience increases in, the costs of labor,
fuel, equipment and supplies employed in its businesses; industry
capacity; asset impairments or other charges; the periodic low
demand for Key's services and resulting operating losses and
negative cash flows; Key's highly competitive industry as well as
operating risks, which are primarily self-insured, and the
possibility that its insurance may not be adequate to cover all of
its losses or liabilities; significant costs and potential
liabilities resulting from compliance with applicable laws,
including those resulting from environmental, health and safety
laws and regulations, specifically those relating to hydraulic
fracturing, as well as climate change legislation or initiatives;
Key's historically high employee turnover rate and its ability to
replace or add workers, including executive officers and skilled
workers; Key's ability to incur debt or long-term lease
obligations; Key's ability to implement technological developments
and enhancements; severe weather impacts on Key's business; Key's
ability to successfully identify, make and integrate acquisitions
and its ability to finance future growth of its operations or
future acquisitions; Key's ability to achieve the benefits expected
from disposition transactions; the loss of one or more of Key's
larger customers; Key's ability to generate sufficient cash flow to
meet debt service obligations; the amount of Key's debt and the
limitations imposed by the covenants in the agreements governing
its debt, including its ability to comply with covenants under its
current debt agreements; an increase in Key's debt service
obligations due to variable rate indebtedness; Key's inability to
achieve its financial, capital expenditure and operational
projections, including quarterly and annual projections of revenue
and/or operating income and its inaccurate assessment of future
activity levels, customer demand, and pricing stability which may
not materialize (whether for Key as a whole or for geographic
regions and/or business segments individually); risks affecting
Key's international operations, including risks affecting Key's
ability to execute its plans to withdraw from international markets
outside North America; Key's
ability to respond to changing or declining market conditions,
including Key's ability to reduce the costs of labor, fuel,
equipment and supplies employed and used in its businesses; Key's
ability to maintain sufficient liquidity; the adverse impact of
litigation; and other factors affecting Key's business described in
"Item 1A. Risk Factors" in its Annual Report on Form 10-K for the
year ended December 31, 2016, and
other reports Key files with the Securities and Exchange
Commission.
Contact:
West Gotcher, Investor Relations
713-757-5539
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SOURCE Key Energy Services, Inc.