Key Energy signs Egyptian project with Apache

10-04-02 Key Energy Services announced that it has signed a multi-year contract with Apache for five newly refurbished workover rigs to be deployed in the Arab Republic of Egypt.
The two companies have signed a firm two-year agreement with options for multiple one-year extensions under which Key will provide and operate five workover rigs in Egypt for work on Apache concessions in the Western Desert. Thomas Murphy, Vice President of International will manage Key's activity in Egypt.

Francis D. John, Key's Chairman and CEO, commented, "Apache is a world-class operator and Key is investing approximately $ 10.0 mm in these newly refurbished workover units. Key has worked closely with Apache on the specifications for their work in Egypt and both companies expect that this project can serve as a model for future endeavours."
Rodney J. Eichler, Apache's Regional Vice President and General Manager in Egypt said, "These five rigs will fill a critical shortage of completion, work-over and well servicing rigs in Egypt and will therefore allow us to increase activity and, in turn, production levels from our Western Desert fields. Key, as the world's largest work-over contractor, will provide us the right equipment, systems and highly trained, experienced supervisory personnel to ensure a very high performance standard."

Key Energy Services is the world's largest well service company and owns approximately 1,477 well service rigs and 1,455 oilfield service vehicles, as well as 79 drilling rigs. The company provides diversified energy operations including well servicing, contract drilling and other oilfield services and oil and natural gas production. The company has operations in all major onshore oil and gas producing regions of the continental United States and in Argentina and Ontario, Canada.