Austin, Senior VP and CEO, Joins Alvarez & Marsal

Wednesday, January 28, 2009

Key Energy Services, Inc. (NYSE:KEG) announced on Jan. 26 that William M. Austin, Senior Vice President and Chief Financial Officer has decided to join the turnaround and restructuring group at Alvarez & Marsal. He will leave Key on February 6, 2009.

Marshall Dodson, who is the Company's Vice President and Chief Accounting Officer, will assume the additional role of the Company's principal financial officer until the Board elects a new Chief Financial Officer. During this interim period, Mr. Dodson will report directly to the President and Chief Executive Officer, Dick Alario.

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."

Key Energy Services, Inc. is at 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 United States and internationally in Argentina and Mexico.


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