Shares in Key Energy Services, an onshore, rig-based well servicing contractor, gained more than 9% in trading Tuesday after it hired Robert Drummond to be its chief operating officer, effective immediately.
Volume was light at 1.5 million shares. Average daily volume is 3.2 million shares. The stock recently traded at $1.88 near the bottom of a 52-week range of $1.00 – $9.21.
Late Monday Key Energy Services made the appointment. Drummond was formerly employed by Schlumberger for 31 years, serving in various positions, including management, business development and operations. He most recently served as president of Schlumberger Limited’s North American business unit.
Drummond is a member of the Society of Petroleum Engineers and serves as a director of the National Ocean Industries Association. He also serves on the board of directors for the Petroleum Equipment Suppliers Association and the Houston Offshore Energy Center.