Key Energy Services Announces Appointment of Rob Saltiel as New President and Chief Executive Officer
August 19 2018 - 6:00PM
Key Energy Services, Inc. (“Key” or the “Company”) (NYSE: KEG)
today announced that the Company’s Board of Directors (the “Board”)
has appointed Rob Saltiel to serve as President and Chief Executive
Officer and director effective as of August 20, 2018.
“I am pleased to announce Rob’s appointment as
the Company’s new President and Chief Executive Officer,” said Phil
Norment, the Company’s Chairman of the Board. “He is a seasoned
leader with significant experience working with the public markets,
operating efficiently at scale, and delivering value to
shareholders.”
“I know that I speak for everyone at Key in
thanking Marshall Dodson for his leadership during the CEO
transition,” Norment continued. “Marshall’s leadership and tireless
dedication to the Company over the past twelve years have
contributed greatly to the Company’s current success, improving its
balance sheet and its operating and financial performance. The
Board is confident that Rob is the right person to build on this
momentum and guide the Company to new horizons as CEO.”
“I am excited to be joining Key and working with
a well-respected team that is focused on providing safe and
efficient energy services for our clients. Together with the
Board, executive leadership and our national workforce, we will
emphasize growth, financial discipline and shareholder value
creation,” said Rob Saltiel, the Company’s incoming President and
Chief Executive Officer. “I am honored to be leading Key as we
begin this exciting new chapter for our Company.”
Mr. Saltiel most recently served as President
and Chief Executive Officer of Atwood Oceanics, a publicly-traded
offshore drilling contractor headquartered in Houston, Texas, from
2009 until the Atwood Oceanic’s sale to Ensco plc in October of
2017. Prior to that, Mr. Saltiel served in various senior
management roles, including Chief Operating Officer, at Transocean.
Mr. Saltiel holds a BSE in Chemical Engineering from Princeton
University and an MBA from Northwestern University.
Mr. Marshall Dodson, currently the Company’s
Senior Vice President, Chief Financial Officer and Interim Chief
Executive Officer, will continue with the Company in his role as
Senior Vice President and Chief Financial Officer, ensuring a
seamless leadership transition.
Forward-Looking StatementsThis
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, 2017 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, including hurricane activity; 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); 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, 2017, its first quarter 10-Q for the period ending
March 31, 2018 and its second quarter 10-Q for the period ending
June 30, 2018, and other reports Key files with the Securities and
Exchange Commission.
About Key Energy ServicesKey
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.
For more information, visit
www.keyenergy.com.
Contacts:Investors:Key Energy
Services, Inc.Marshall Dodson – Chief Financial Officer(713)
651-4403mdodson@keyenergy.com
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