Segment Recast

Key Energy Services, Inc., announced on February 19, 2015, that we have revised our reportable business segments as of the fourth quarter of 2014. The revised reportable segments are U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services and International. We also have a “Functional Support” segment associated with overhead costs in support of our reportable segments. We revised our segments to reflect changes in management’s resource allocation and performance assessment in making decisions regarding our business. Our U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services operate geographically within the United States. The International reportable segment includes our operations in Mexico, Colombia, Ecuador, Russia, Bahrain and Oman. Our Canadian subsidiary is also reflected in our International reportable segment. We evaluate the performance of our segments based on gross margin measures. All inter-segment sales pricing is based on current market conditions.

The Company will report under this new business segment structure beginning with its fourth quarter and fiscal year ended December 31, 2014 with prior periods adjusted accordingly. To assist investors in their understanding of the results for the fourth quarter and fiscal year ended December 31, 2014, and to permit them to formulate a comparative framework from which to analyze the results, the Company is furnishing recast data under the new reporting segments for the quarterly periods from January 1, 2014 through December 31, 2014. The Company notes that its consolidated results are not affected by its change in reporting segments and therefore its consolidated results are as reported in quarterly and annual reports previously filed with the Securities and Exchange Commission.

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