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.