Key Energy Services has appointed Nelson Haight as its new CFO. He replaces Marshall Dodson, who became the interim CEO after Robert Saltiel left in December 2019 with a $2.5 million severance, just ahead of an out-of-court restructuring plan. Mr Dodson was made permanent in March 2020.
Key operates the largest well service rig fleet in the US. It also provides fishing and rental tools, coiled tubing and fluid management services. It is based in downtown Houston.
In late January, the company converted $242 million of debt into 97% of newly-issued equity. Its shares were delisted from NYSE and now trade over the counter.
Mr Haight has been serving as a consultant providing financial and accounting services to companies in the energy industry, Between January 2014 and July 2017, he was the CFO at Tulsa-based Midstates Petroleum, a publicly-traded E&P company. Midstates was in a pre-packaged bankruptcy reorganization between April and October 2016. The company later merged with Houston-based Amplify Energy in Aug 2019.
Mr Haight will receive a base salary of $375,000 (though it will be temporarily reduced by 10% due to current conditions).