Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PICARD EDDIE V
   2. Issuer Name and Ticker or Trading Symbol
KEY ENERGY SERVICES INC [KEG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
Vice President & Controller
(Last)
(First)
(Middle)
1301 MCKINNEY STREET		 3. Date of Earliest Transaction (Month/Day/Year)
12/31/2017
(Street)

HOUSTON, TX 77010		 4. If Amendment, Date Original Filed(Month/Day/Year)
01/03/2018		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) 12/31/2017 01/03/2018 A   8,886 A $ 0 14,404 D  
Common Stock (2) 12/31/2017 01/03/2018 A   1,481 A $ 0 15,885 D  
Common Stock 12/31/2017 01/03/2018 F   406 D $ 11.82 15,479 (3) D  
Common Stock 12/31/2017 01/03/2018 D   4,443 D $ 0 (4) 11,036 (5) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to buy) $ 47.99 12/31/2017 01/03/2018 A   741   12/20/2016 12/20/2026 Common Stock 741 $ 0 3,703 (6) D  
Stock Options (Right to buy) $ 19.35 12/31/2017 01/03/2018 A   741   12/15/2016 12/15/2026 Common Stock 741 $ 0 3,703 (6) D  
Stock Options (Right to buy) $ 19.35 12/31/2017 01/03/2018 D     2,221 (7) 12/15/2016 12/15/2026 Common Stock 2,221 (8) 1,482 D  
Stock Options (Right to buy) $ 47.99 12/31/2018 01/03/2018 D     2,221 (7) 12/20/2016 12/20/2026 Common Stock 2,221 (8) 1,482 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PICARD EDDIE V
1301 MCKINNEY STREET
HOUSTON, TX 77010		       Vice President & Controller  

Signatures

 By: Katherine I. Hargis, Attorney-in-Fact for Eddie Picard   01/08/2018
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Each share of Common Stock represents an award of restricted stock units that shall be settled upon vesting in one share of the Company's Common Stock upon the vesting of the underlying award.
(2) Each share of Common Stock represents the settlement of a performance share unit award that became vested on 12/31/2017.
(3) Includes 13,329 unvested restricted stock units granted under the 2016 Plan.
(4) The units were cancelled by mutual agreement of the reporting person and the Company. The reporting person received a grant of restricted stock units and performance share units as consideration for the cancellation.
(5) The number of shares of Common Stock beneficially owned includes 8,886 unvested shares of restricted stock units granted under the 2016 Plan.
(6) The reporting person was granted an option to purchase 2,962 shares of Common Stock. This tranche of the option was scheduled to vest based on the Company's satisfaction of certain performance criteria for the fiscal year 2017. The performance criteria for 2017 were met, resulting in vesting of this tranche of the option.
(7) The original filing misstated the amount forfeited.
(8) The option was cancelled by mutual agreement of the reporting person and the Company. The reporting person received a grant of restricted stock units and performance share units as consideration for the cancellation.

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