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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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) 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

2,222

12/15/2016

12/15/2026

Common Stock

2,222

(7)

1,481

D

Stock Options (Right to buy)

$ 47.99

12/31/2018

01/03/2018

D

2,222

12/20/2016

12/20/2026

Common Stock

2,222

(7)

1,481

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		01/03/2018
**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 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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