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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MvVb1nmKDvydQtfzz92kIgtxSzP7Eehq/b2AXfkIgH5aMUrqmF/bZYxxUyaQzlke
 QN58TTB/8s5K6tUPoaBtvQ==

<SEC-DOCUMENT>0001179110-07-014777.txt : 20070712
<SEC-HEADER>0001179110-07-014777.hdr.sgml : 20070712
<ACCEPTANCE-DATETIME>20070712133941
ACCESSION NUMBER:		0001179110-07-014777
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070710
FILED AS OF DATE:		20070712
DATE AS OF CHANGE:		20070712

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEY ENERGY SERVICES INC
		CENTRAL INDEX KEY:			0000318996
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				042648081
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		TOW TOWER CENTER
		STREET 2:		20TH FL
		CITY:			EAST BRUNSWICK
		STATE:			NJ
		ZIP:			08816
		BUSINESS PHONE:		9082474822

	MAIL ADDRESS:	
		STREET 1:		P O BOX 10627
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEY ENERGY GROUP INC
		DATE OF NAME CHANGE:	19950217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL ENVIRONMENTAL GROUP INC
		DATE OF NAME CHANGE:	19921228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YANKEE COMPANIES INC
		DATE OF NAME CHANGE:	19891012

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARCUM W PHILLIP
		CENTRAL INDEX KEY:			0001070651

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08038
		FILM NUMBER:		07976038

	BUSINESS ADDRESS:	
		STREET 1:		1675 BROADWAY
		STREET 2:		STE 2150
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3035925555

	MAIL ADDRESS:	
		STREET 1:		1675 BROADWAY
		STREET 2:		SUITE 2150
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-07-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000318996</issuerCik>
        <issuerName>KEY ENERGY SERVICES INC</issuerName>
        <issuerTradingSymbol>KEGS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001070651</rptOwnerCik>
            <rptOwnerName>MARCUM W PHILLIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1301 MCKINNEY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1800</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-07-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4743</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>22643</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares of common stock granted under the Key Energy Group, Inc. 1997 Incentive Plan as annual compensation to the non-employee members of the Board of Directors.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By Kimberly R. Frye, as Attorney-In-Fact for W. Phillip Marcum</signatureName>
        <signatureDate>2007-07-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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