A stabilizer assembly for incorporation in a drill string. The stabilizer assembly includes a tubular member and a stabilizer sleeve slidably disposed about the tubular member. The tubular member has a first castellated portion extending externally around the tubular member, and the stabilizer sleeve has a second castellated portion engaging the first castellated portion. The tubular member includes a first shoulder extending externally around the tubular member, and the stabilizer sleeve further includes a second shoulder extending internally around the stabilizer sleeve. The first and second shoulders at least partially define an annular space between the tubular member and the stabilizer sleeve. A key is disposed within the annular space such that an axial load path between the tubular member and the stabilizer sleeve is substantially through the first and second shoulders and the key and substantially not through the first and second castellated portions.