Key Energy Services Inc

(KEG)

Emerging from a holding company with interests in environmental services, Key Energy Services has grown to become the largest rig-based well services company in the industry. The story of Key is one of vision, determination and perseverance in the face of significant odds. Key was originally part of a holding company called The Yankee Companies, which was made up of a variety of businesses, including energy, environmental services and banking. In 1988, the Board of Directors decided to re-focus the company's strategic plan and concentrate on the energy services business. As a result, the company's non-energy operating entities were jettisoned, and the corporation was rebuilt using its West Texas well servicing division, Yale E. Key, as the foundation.

What resulted over the next several years was an aggressive program of acquisitions that ultimately led to the creation of Key Energy Services, Inc. The critical element in Key's reformulated business plan was to consolidate the fragmented well services business by building a strong company with critical mass and financial stability. This goal would be difficult to achieve, however, because the industry was made up of hundreds of small regional competitors.

In less than 10 years, Key was transformed from a company with fewer than 50 working rigs into the largest land-based well services company in the country. The management team assembled the largest fleet of oilfield service vehicles in the United States. Rounding out the plan to be a total service provider was the company's acquisition of Q Services, Inc. in July of 2002, which strengthened its position in the fishing and rental services market.

Today, Key Energy Services is the market leader with more than 8,500 employees.