Key Energy Services Inc.

Key Energy Services Inc. has entered into a restructuring support agreement with lenders under its term loan facility collectively holding over 99.5% of the principal amount of the company’s outstanding term loans. The RSA contemplates a series of out-of-court transactions that will effectuate a financial restructuring of the company’s capital structure and indebtedness and related facilities, including the conversion of approximately $241.9 million aggregate outstanding principal of the company’s term loans into newly issued shares of the common stock of the company and $20 million of term loans under a new approximately $51.2 million term loan facility. The restructuring is expected to reduce the company’s long term debt by approximately 80%.