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Key Energy Services (KEG) calls itself "the largest onshore, rig-based well servicing contractor based on the number of rigs owned" in the company's most recent 10-K. As a companion to an article I wrote recently about Basic Energy Services (BAS), I want to explain why difficult industry conditions, poor financial results and a problematic debt load means trouble on the horizon for Key.
1. The state of oilfield services is dismal
Onshore oilfield services is one of the most distressed sector in America today. Most prominently, large service provider Weatherford