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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WpQMDp05GupHkCkcGH9ICXv5r3DOaBBh4l+/gCcwahwGNKj1GlWNrzf3xnH85A5a
 J2O1oaOTG8DjuZNswqtQEg==

<SEC-DOCUMENT>0001179110-08-018107.txt : 20081010
<SEC-HEADER>0001179110-08-018107.hdr.sgml : 20081010
<ACCEPTANCE-DATETIME>20081010180317
ACCESSION NUMBER:		0001179110-08-018107
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071222
FILED AS OF DATE:		20081010
DATE AS OF CHANGE:		20081010

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Norwood D Bryan
		CENTRAL INDEX KEY:			0001378560

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08038
		FILM NUMBER:		081119194

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		713-757-5502

	MAIL ADDRESS:	
		STREET 1:		C/O KEY ENERGY SERVICES, INC.
		STREET 2:		1301 MCKINNEY STREET, SUITE 1800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010

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:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1301 MCKINNEY STREET
		STREET 2:		SUITE 1800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
		BUSINESS PHONE:		713-651-4300

	MAIL ADDRESS:	
		STREET 1:		1301 MCKINNEY STREET
		STREET 2:		SUITE 1800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-12-22</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001378560</rptOwnerCik>
            <rptOwnerName>Norwood D Bryan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1301 MCKINNEY STREET, SUITE 1800</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President and Treasurer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6577</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.22</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4077</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-12-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-12-22</value>
            </exerciseDate>
            <expirationDate>
                <value>2010-12-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of phantom stock was the economic equivalent of one share of KEG common stock, which pursuant to the plan was required to be settled in cash.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By Kimberly R. Frye, as Attorney-in-fact for D. Bryan Norwood</signatureName>
        <signatureDate>2008-10-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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