Following the completion of the restatement process and the filing with the SEC of the Company's financial statements for the fiscal year ended December 31, 2003 and prior periods, the Audit Committee of the Company's Board of Directors undertook a review of the Company's needs for auditing services and decided to appoint a new firm to audit the Company's 2004-2006 financials that will be included in its 2006 Annual Report on Form 10-K.
Prior to the selection of Grant Thornton, KPMG LLP had served as the Company's independent auditor. There have been no disagreements between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
"After careful consideration, the Audit Committee decided to engage Grant Thornton. We were impressed with its focus on providing audit services to corporations of Key's size, its experience in the energy industry, and its strong audit team based in Houston. We look forward to working with them," said Ralph S. Michael III, Chairman of the Audit Committee.
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, contract drilling, pressure pumping, fishing and rental tools 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.
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