Key Energy Teams Up with Apache in Egypt
Key Energy Services has signed a multi-year contract with Apache Corporation for five newly refurbished workover rigs to be deployed in 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 million 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 endeavors." 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."