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8-K
KEY ENERGY SERVICES INC filed this Form 8-K on 09/21/2017
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EX-99.1

Exhibit 99.1

 

 

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September 21, 2017

 

Contact:

West Gotcher, Investor Relations

713-757-5539

FOR IMMEDIATE RELEASE

Key Energy Services Announces

the Sale of its Well Intervention Business in Russia

HOUSTON, TX, September 21, 2017 – 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