Key Energy Services, the Houston firm that over the past few decades expanded through acquisitions of other companies in Oklahoma reported third quarter 2017 consolidated revenues of nearly $111 million.
The report comes after the company emerged last December from Chapter 11 bankruptcy. Revenues were $110.7 million but the company also reported a pre-tax loss of $28.4 million or $1.41 per share.
The loss included legal fees and settlements of $11.6 million.
“During the third quarter we made continued progress strategically and operationally which we believe will drive cash flow improvement in the coming months,” said Robert Drummond, Key President and Chief Executive Officer. “Completions activity drove revenue improvement quarter over quarter, particularly within our coiled tubing business.
He anticipates fourth quarter revenues to be slightly ahead of the third quarter levels. His optimism is based in part on the company’s fleet of 346 rigs, a fleet “that provides us with significant earnings growth potential as the industry resumes more high-return well maintenance activity.”