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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,
 HjQ3xOeGOGLl7wmsHFLHIvnjt9PPeFBhsxTdw0Tp3CBuo5tXLsT3q2tkFc141Qj3
 BTkVc2J0y4o14va5n2o6Dg==

<SEC-DOCUMENT>0001209191-10-049902.txt : 20101012
<SEC-HEADER>0001209191-10-049902.hdr.sgml : 20101011
<ACCEPTANCE-DATETIME>20101012061825
ACCESSION NUMBER:		0001209191-10-049902
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101001
FILED AS OF DATE:		20101012
DATE AS OF CHANGE:		20101012

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OFS Holdings Finance, LLC
		CENTRAL INDEX KEY:			0001502948
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08038
		FILM NUMBER:		101117231

	BUSINESS ADDRESS:	
		STREET 1:		200 CLARENDON STREET, 55TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02117
		BUSINESS PHONE:		617-867-4698

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET, 55TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02117
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>c06714_3x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-10-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001502948</rptOwnerCik>
            <rptOwnerName>OFS Holdings Finance, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 CLARENDON STREET, 55TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02117</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15807233</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote (1)</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person may be deemed a member of a group beneficially owning 10% or more of the common stock of the issuer within the meaning of Section 13(d) of the Securities Exchange Act of 1934. The reporting person disclaims beneficial ownership of all securities of the issuer except for shares held by OFS Energy Services, LLC, for which the reporting person acts as controlling owner of the membership interests of OFS Holdings, LLC, which entity is the controlling owner of the membership interests of OFS Energy Services, LLC, and this report shall not be deemed an admission that such a group exists or that the reporting person is the beneficial owner of the securities of such group for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel R. Revers, President of OFS Holdings Finance, LLC</signatureName>
        <signatureDate>2010-10-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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