Key Energy Services does not expect to file its Annual Report on Form 10-K for the year ended December 31, 2003 by March 31, 2005.
The Company is still in the process of finalizing its financial statements and is working closely with its auditors to complete the restatement process as quickly as possible. While the Company continues to work on the financial statements, including the issues identified in its March 7, 2005 release, the Company has not completed its work. The Company believes that it is nearing the completion of the restatement process; however, given the difficulty encountered in completing certain of the previously disclosed items, it is difficult for the Company to estimate the filing date of its Annual Report on Form 10-K for the year ended December 31, 2003.
The Company has advised the New York Stock Exchange of the delay. The Company expects that if it does not file its 2003 Annual Report on Form 10-K by March 31, 2005, the NYSE will begin the delisting process for its common shares and that suspension in trading on the NYSE will occur shortly thereafter. Alternative arrangements are being made for the trading of the Company’s common shares should the NYSE suspension occur. The Company is in discussions with the lenders under its senior credit facility and with a representative of bondholders for a waiver of delivery of the 2003 10-K after March 31, 2005.
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