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SEC Filings

S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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         During  1992,  WellTech  made an initial  contribution  of $50,000  and
subsequent  contributions of $1.3 million.  During 1993 and 1994,  WellTech made
additional contributions to SWT of approximately $1.9 million.

         During 1993,  WellTech  sold two rigs and related  equipment to SWT. No
gain  was  recognized  on the  sale of this  equipment.  At  December  31,  1993
receivables  from  equipment  sales of  approximately  $233,000  are included in
WellTech's  investment in SWT. During 1994, the amount of this receivable  along
with an  additional  $1.1 million in cash and cost basis of two rigs and related
equipment were contributed to SWT.

         In April 1995, SWT was recapitalized  and the ownership  interests were
modified based upon previous and agreed upon future  contributions.  As a result
of this  recapitalization,  WellTech's  ownership interest in SWT increased from
50% to 63%.

         SWT  has  a  fiscal  year  ended  March  31.  The  condensed  financial
information  presented below as of December 31, 1994 and 1993 is unaudited.  The
summary  information  presented  below as of March 31, 1995 and 1994 and for the
twelve months then ended has been derived from audited financial statements.  As
stated above, SWT was established in July of 1992. Its results of operations did
not have a material  effect on  WellTech's  results of  operations  for the year
ended December 31, 1992. Therefore condensed financial  information has not been
presented for that period.


   
                                                (In Thousands)
                                   December 31                 March 31
                                    -----------                --------
                               1994           1993        1995          1994
                               ----           ----        ----          ----
                                   (Unaudited)
Balance Sheet
Current Assets               $ 2,977       $ 1,869       $ 3,295       $ 2,296
Noncurrent Assets            $ 7,341       $ 5,471       $ 6,254       $ 5,425
Current Liabilities          $ 7,229       $ 2,802       $ 6,280       $ 3,580
Noncurrent Liabilities       $   630       $ 1,229       $ 2,329       $    38

Statement of Operations
Revenues                     $ 7,881       $ 3,992       $ 9,807       $ 4,985
Gross Margin                 $   623       $ 1,129       $ 2,579       $ 1,138
Net Loss                     $(2,318)      $(1,246)      $(1,978)      $(1,398)

         In  connection  with the audit of the SWT  financial  statements  as of
March 31,  1995 and for the year  then  ended  there  were  certain  adjustments
recorded  in SWT's  fourth  quarter.  These  adjustments  were not  material  to
WellTech and consequently have been recorded in WellTech's 1995 results.

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