HOUSTON, March 8 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (NYSE:KEG) has formed a joint venture with AlMansoori Specialized Engineering of Abu Dhabi, United Arab Emirates. The new joint venture, AlMansoori-Key Energy Services L.L.C., will be headquartered in Abu Dhabi and will provide well intervention services in the Middle East and North Africa. Key and AlMansoori will each initially contribute capital as projects are identified and secured. The results of the venture will be consolidated by Key.
Established in 1977, AlMansoori Specialized Engineering is a leading regional provider of oilfield services in the Middle East. They are the region’s largest provider of mechanical wireline services and specialize in well testing, wireline deployed completion services, and pipe and tubular inspection services. Additionally, AlMansoori provides a wide variety of other oilfield products and services through its subsidiaries and other joint ventures.
Dick Alario, Key’s Chairman, President, and Chief Executive Officer, commented, "For several years, we have sought to establish an effective presence in the burgeoning Middle East market and, thus, we are excited to form this partnership with AlMansoori. We believe that our expertise in well intervention and our ability to mobilize reliable, fit-for-purpose equipment, together with AlMansoori’s regional infrastructure and customer relationships will allow the venture to grow with the opportunities developing in the region. AlMansoori’s CEO, Mr. Nabil AlAlawi, is a veteran of the oilfield service industry, and under his leadership AlMansoori has grown to be one of the most respected providers of services in the Middle East. This is a great partner, a strong marketplace, and we believe that it’s the right time to move into the region and provide Key’s world-class services to local producers."
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any matters that are not of historic fact are forward-looking statements. 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. 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.
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 affecting Key’s foreign operations, including the possibility that Key will be unable to successfully or profitably expand its operations into the Middle East and/or North Africa under the joint venture arrangement with AlMansoori or otherwise, and the possibility that Key will be unable to identify or secure future projects, equipment and/or working capital in such regions; risks related to the significant unsettled political conditions in the Middle East and North Africa which may involve, among other factors, war, the effects of terrorism, civil unrest, strikes, currency controls and other governmental actions; and other risks associated with foreign operations, including foreign currency risks, confiscatory taxation or nationalization of assets, governmental policies limiting investments by and returns to foreign investors, restrictive governmental regulation and bureaucratic delays, and risks that Key may be unable to enforce agreements relating to its international investments.
Because such statements involve risks and uncertainties, 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 provider of onshore well service rigs in the world, based on current industry data. Key provides a complete range of well services, including rig-based well maintenance, workover, well completion and recompletion services, fluid management services, pressure pumping services, fishing and rental services, wireline services and ancillary oilfield services. Key has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina, Mexico and Russia. Additionally, Key has a technology development group based in Canada and ownership interests in two oilfield services companies in Canada.
