Key Energy Services Inc. announced that in accordance with the Plan, on the December 15, 2016, Mark H. Rosenberg, Robert K. Reeves, Kevin P. Collins, W. Phillip Marcum, William D. Fertig, Ralph S. Michael, Bill Owens, Arlene Yocum, and Lynn Coleman ceased to be members of the board of directors of the company. The new board of directors of the company (the New Board) took office on the Effective Date and consists of the following members: Bryan Kelln: Mr. Kelln is a Partner at Platinum Equity and the President of Portfolio Operations, a group responsible for overseeing business strategy and operations at Platinum Equity's portfolio companies. Mr. Kelln joined Platinum Equity in 2008. He works closely with the firm's Operations Team and portfolio company executive management to drive strategic initiatives and to deploy operational resources. Prior to joining Platinum Equity, Mr. Kelln held senior operations roles at a number of companies including Nortek Inc., Jacuzzi Inc., RockShox Inc. and General Cable Corporation. Jacob Kotzubei joined Platinum Equity in 2002 and is a Partner at the firm and a member of the firm's Investment Committee. Mr. Kotzubei serves as an officer and/or director of a number of Platinum Equity's portfolio companies. Philip E. Norment is a Partner at Platinum Equity, a member of Platinum Equity's Investment Committee and a senior advisor on specific operational initiatives throughout the firm's portfolio. He is also the senior operations executive responsible for evaluating acquisition opportunities and integrating new acquisitions into the portfolio. Mary Ann Sigler is the Chief Financial Officer of Platinum Equity. Ms. Sigler joined Platinum Equity in 2004 and is responsible for overall accounting, tax, and financial reporting as well as managing strategic planning projects for the firm. Robert Drummond will be reorganized Key's President and Chief Executive Officer. He joined the company in June 2015 as President and Chief Operating Officer and has been a member of the Board of Directors since November 2015. Prior to joining the company, Mr. Drummond served for 31 years at Schlumberger Limited, where he held various executive positions including President North America, Vice President and General Manager US Land, Vice President of Global Sales, Vice President General Manager US Gulf of Mexico, and President North American Offshore and Alaska. Mr. Drummond currently sits on the board of directors of the National Ocean Industries Association and the board of directors for the Petroleum Equipment Suppliers Association. Sherman K. Edmiston III is a senior restructuring executive and has over 20 years of experience working with companies in transition. Mr. Edmiston was a Partner and Managing Director at Zolfo Cooper LLC from November 2009 until December 2015. Mr. Edmiston served as Chief Restructuring Officer of Xinergy, Ltd, and previously served as Chairman of the Finance and Transaction committee of JL French Automotive Castings Inc. Mr. Edmiston currently serves on the Board of Directors of Arch Coal Inc. Scott D. Vogel was a Managing Director at Davidson Kempner Capital Management investing in distressed debt securities from 2002 to 2016. Previously, Mr. Vogel worked at MFP Investors, investing in special situations and turnaround opportunities. Prior to MFP Investors, he was an investment banker at Chase Securities. Steven H. Pruett is the President and Chief Executive Officer of Elevation Resources LLC. Mr. Pruett was previously senior vice president of corporate development of Concho Resources in 2012-2013. C. Christopher Gaut has been the Chief Executive Officer of Forum Energy Technologies Inc. since August 2010. Mr. Gaut served as the President at Forum Energy Technologies Inc. from August 2010 to May 2016. H.H. “Tripp” Wommack, III is currently the Chairman, President and Chief Executive Officer of Saber Oil and Gas Ventures, LLC. Mr. Wommack also serves as the Chairman of Cibolo Creek Partners, LLC, which specializes in commercial real estate investments, a position he has held since January 1993. The standing committees of the New Board consist of an Audit Committee, a Compensation Committee and a Nominating and Governance Committee. The New Board has appointed Messrs. Gaut, Edmiston, Pruett and Wommack to serve as members on the Audit Committee. Mr.Wommack was appointed Chairperson of the Audit Committee. The New Board has appointed Messrs. Kelln, Kotzubei, Norment, Vogel and Wommack to serve as members on the Compensation Committee. Mr.Kelln was appointed Chairperson of the Compensation Committee. The New Board has appointed Mr.Drummond, Mr.Kelln, Mr.Kotzubei, Ms.Sigler and Mr.Vogel to serve as members on the Nominating and Governance Committee. Ms.Sigler was appointed Chairperson of the Nominating and Governance Committee.