Edgar Filing: KEY ENERGY SERVICES INC

KEY ENERGY SERVICES, INC.

Date: September 12, 2013

/s/ KIMBERLY R. FRYE

Kimberly R. Frye

Senior Vice President, General Counsel and Secretary

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 12, 2013 (September 12, 2013)

KEY ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-08038

04-2648081

(State or other Jurisdiction

of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

1301 McKinney Street, Suite 1800

Houston, Texas 77010

(Address of principal executive offices and Zip Code)

713-651-4300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Key Energy Services, Inc. (the “Company”) plans to present at the 2013 Barclay’s CEO Energy-Power Conference, on September 12, 2013 in New York, New York. As previously announced in a news release issued by the Company on September 4, 2013, this presentation will be available via live webcast. A replay of the presentation will also be available at the Company’s website, www.keyenergy.com, under “Investor Relations”. A copy of the slides to be used in connection with the presentation is attached as Exhibit 99.1, and is incorporated herein by reference.

In addition, the Company provides the following updates:

•

Pricing for US services generally stable compared to the second quarter of 2013;

•

US Segment third quarter 2013 revenues expected to be down 2% to 4% from the second quarter as equipment, primarily, vacuum trucks, coiled tubing units and frac stacks, are redeployed due to transitory changes in customers programs during the quarter;

•

US Segment operating income margins expected to be down 100 to 200 basis points from second quarter levels due to third quarter US Segment revenue decline;

•

The Company expects to average between 35 and 40 rigs working outside the US during the third quarter and 40 to 45 average rigs working during the fourth quarter as customer and logistical delays have impacted the commencement of projects. The Company anticipates to have redeployed 10 rigs out of the Northern Region of Mexico during the third quarter, which will bring the total number of rigs redeployed from the Northern Region to 15 from the end of the first quarter 2013; and

•

Based on 35 to 40 rigs average rigs working outside the US, International Segment operating income margins are anticipated to range from a loss of 5% to breakeven.

The information contained in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

* * * *

This Current Report on Form 8-K, the attached presentation materials and the Company’s webcast presentation contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, its industry, its management’s beliefs and certain assumptions made by management, including the Company’s activity levels and capital expenditure expectations. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these forward-looking statements are identified by words such as “expects,” “believes,” “anticipates” and similar phrases.

Because such statements involve risks and uncertainties, the Company’s actual results and performance may differ materially from the results expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect the Company’s business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that the Company files periodically with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.


99.1		Presentation materials for Barclay’s CEO Energy-Power Conference

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit Index


Exhibit No.		Description

99.1		Presentation materials for Barclay’s CEO Energy-Power Conference