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, January10, 2020 and January31, 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 December15, 2016, by and among Key, the Administrative Agent and the Lenders.

On February28, 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, among other things, to ex tend the forbearance period until the earliest of (i)March6, 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 is terminated in accordance with its terms.


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.


Date: March5, 2020


/s/ Katherine I. Hargis

Katherine I. Hargis

Senior Vice President,

Chief Administrative Officer,

General Counsel& Corporate Secretary

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