- Key averaged 32 operating rigs in its International segment during the fourth quarter as compared to 35 average operating rigs in the third quarter. During the fourth quarter, the Company added 10 operating rigs associated with the 14 rigs which the Company had previously disclosed had new contracts or were awarded work. The Company expects two of these rigs to be idled by mid-first quarter 2014. Due to activity reductions almost entirely related to PEMEX, the Company exited the fourth quarter with 30 operating rigs in its International segment.
- As a result of lower than expected activity in the North Region of Mexico and uncertainty around the timing of increased workover activity, the Company took steps in the fourth quarter to further reduce its workforce and incurred severance costs of approximately $2 million.
- PEMEX is conducting an audit of the Company's aggregate billings of $372 million under its contracts with PEMEX. As a result, the Company expects to take a charge of between $2 million and $3 million in the fourth quarter 2013.
- The Company's total debt at December 31, 2013 was approximately $770 million as compared to $832.7 million as of September 30, 2013.
Key Energy Services Provides Fourth Quarter 2013 Update
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