-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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,
 V+Zw0vMIcvSJhDETiFpQj4lgIzhfn08H+fHYxZOVom63hZV9pHmbX+12mHG6Gn8f
 nCBx8y3fEX+OsA/O5Y9Rgw==

<SEC-DOCUMENT>0001209191-10-054373.txt : 20101112
<SEC-HEADER>0001209191-10-054373.hdr.sgml : 20101111
<ACCEPTANCE-DATETIME>20101112061259
ACCESSION NUMBER:		0001209191-10-054373
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101104
FILED AS OF DATE:		20101112
DATE AS OF CHANGE:		20101112

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Turner Robb E
		CENTRAL INDEX KEY:			0001405444

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08038
		FILM NUMBER:		101182289

	MAIL ADDRESS:	
		STREET 1:		C/O BUCKEYE GP HOLDINGS L.P.
		STREET 2:		FIVE TEK PARK, 9999 HAMILTON BLVD.
		CITY:			BREINIGSVILLE
		STATE:			PA
		ZIP:			18031

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>c07763_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-04</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001405444</rptOwnerCik>
            <rptOwnerName>Turner Robb E</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>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1597372</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14209861</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By OFS Holdings, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person may be deemed to be the indirect beneficial owner of shares of common stock of the issuer beneficially owned by OFS Holdings, LLC, the controlling membership interest owner of OFS Energy Services, LLC.  OFS Energy Services, LLC distributed 12,967,408 shares of common stock of the issuer to its members and to certain other persons pursuant to the OFS Energy Services, LLC Transaction Bonus Plan (&quot;Distribution I&quot;).  Continued in Footnote (2).</footnote>
        <footnote id="F2">OFS Holdings, LLC received 11,474,785 shares of common stock of the issuer in Distribution I.  The remaining 1,492,623 shares distributed in Distribution I may no longer be deemed to be beneficially owned by OFS Holdings, LLC.  OFS Holdings, LLC distributed 104,749 of the shares received in Distribution I to certain former employees pursuant to the OFS Holdings, LLC Amended and Restated Participation Incentive Plan (&quot;Distribution II&quot;).  OFS Holdings, LLC may no longer be deemed to beneficially own the shares distributed in Distribution II.  As a result of Distributions I and II, OFS Holdings, LLC's beneficial ownership of common stock of the issuer has decreased from 15,807,233 shares to 14,209,861 shares.</footnote>
        <footnote id="F3">See Footnotes (1) and (2).</footnote>
        <footnote id="F4">See Footnotes (1) and (2).</footnote>
        <footnote id="F5">The reporting person disclaims beneficial ownership of all securities of the issuer other than those held by OFS Holdings, LLC in which the reporting person has a pecuniary interest.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Robb E. Turner</signatureName>
        <signatureDate>2010-11-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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