Key Energy Services Enters Middle East Market Announces Formation of Joint Venture
Key Energy Services, Inc. (NYSE:KEG) has formed a joint venture with AlMansoori Specialized Engineering of Abu Dhabi, United Arab Emirates. The new joint venture, AlMansoori-Key Energy Services L.L.C., will be headquartered in Abu Dhabi and will provide well intervention services in the Middle East and North Africa. Key and AlMansoori will each initially contribute capital as projects are identified and secured. The results of the venture will be consolidated by Key.
Established in 1977, AlMansoori Specialized Engineering is a leading regional provider of oilfield services in the Middle East. They are the region's largest provider of mechanical wireline services and specialize in well testing, wireline deployed completion services, and pipe and tubular inspection services. Additionally, AlMansoori provides a wide variety of other oilfield products and services through its subsidiaries and other joint ventures.
Dick Alario, Key's Chairman, President, and Chief Executive Officer, commented, "For several years, we have sought to establish an effective presence in the burgeoning Middle East market and, thus, we are excited to form this partnership with AlMansoori. We believe that our expertise in well intervention and our ability to mobilize reliable, fit-for-purpose equipment, together with AlMansoori's regional infrastructure and customer relationships will allow the venture to grow with the opportunities developing in the region. AlMansoori's CEO, Mr. Nabil AlAlawi, is a veteran of the oilfield service industry, and under his leadership AlMansoori has grown to be one of the most respected providers of services in the Middle East. This is a great partner, a strong marketplace, and we believe that it's the right time to move into the region and provide Key's world-class services to local producers."
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