Commenting on the announcement, Mr. Alario said, "Bill's experience in special situations was of tremendous value to Key as the Board set out to re-orient the Company in 2004. Among other accomplishments, he rebuilt our financial team, led the effort to repair our accounting processes and successfully refinanced the Company's debt twice, providing us with a solid liquidity position. He has been my close advisor since joining Key and is largely responsible for the successful financial turnaround at Key."
Alario continued, "We are sorry to lose Bill and wish him continued success as he returns to his restructuring consultancy practice. Key and its shareholders are fortunate to have had him serve as our CFO over the past four years and personally, I will miss the close working relationship we have enjoyed. We plan to evaluate both internal and external candidates in our search for a permanent replacement."
Mr. Austin commented, "I've greatly enjoyed my work here at Key and value the strong relationships I have developed with Key's board of directors, its management team and the employees. I'm looking forward to facing new challenges advising other companies in the current market conditions."
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental
Contact: Bryan Norwood (713) 651-4300
SOURCE Key Energy Services, Inc.