Entry into a Material Definitive

As previously announced, on October29, 2019, Key Energy Services, Inc. (the Company or Key) entered into a forbearance agreement (as amended on December6, 2019, December20, 2019 and January10, 2020 the ABL Forbearance Agreement) with Bank of America, N.A., as administrative agent (the Administrative Agent), and all of the lenders party thereto (the Lenders) regarding a cross-default under the Loan and Security Agreement, dated as of April5, 2019, by and among Key, the Administrative Agent and the Lenders (such defaults, the Specified Defaults).

On January31, 2020, the Company and the Lenders party thereto amended the ABL Forbearance Agreement (the Forbearance Agreement Amendment). Pursuant to the Forbearance Agreement Amendment, the Lenders party thereto have agreed to extend the forbearance period until the earliest of (i)February28, 2020, (ii) the occurrence of certain specified early termination events and (iii)the date on which the previously announced Restructuring Support Agreement between the Company and certain lenders under the Companys term loan facility (the RSA) is terminated in accordance with its terms. In addition, the Lenders have agreed that the Forbearance Agreement shall also apply to any cross-default under the Loan and Security Agreement that may arise from certain specified defaults under the term loan facility set forth in the RSA.

The foregoing description of the Forbearance Agreement Amendment is qualified in its entirety by reference to the complete text of the Amendment to the ABL Forbearance Agreement, attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1

Fourth Amendment to Forbearance Agreement, dated January 31, 2020, by and among Key Energy Services, Inc., Key Energy Services, LLC, the Lenders party thereto, and Bank of America, N.A., as administrative agent.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KEY ENERGY SERVICES, INC.

Date: January31, 2020

By:

/s/ Katherine I. Hargis

Katherine I. Hargis

Senior Vice President, General Counsel& Corporate Secretary

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