FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF 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 *   CAPACHO GUILLERMO A 2. Date of Event Requiring Statement (Month/Day/Year) 08/19/2010 3. Issuer Name and Ticker or Trading Symbol KEY ENERGY SERVICES INC [KEG] (Last) (First) (Middle) 1301 MCKINNEY ST, STE 1800 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) SVP, International 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) HOUSTON, TX 77010 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 Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 46,409 (1) D Â

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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Units (2)	  (2)	  (2)	Common Stock	6,231	$ 0	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CAPACHO GUILLERMO A 1301 MCKINNEY ST STE 1800 HOUSTON, TX 77010	Â	Â	  SVP, International	Â

Signatures

By Robert B. Rapfogel, Attorney-in-fact for Guillermo A. Capacho		08/27/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	Represents unvested awards of restricted stock shares granted under the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan ("2007 Plan") and the Key Energy Services, Inc. 2009 Equity and Cash Incentive Plan ("2009 Plan"). The first award for 30,000 restricted shares was granted under the 2007 Plan on January 28, 2010 and vests in three equal annual installments beginning on the first anniversary of the grant date. The second award for 16,409 restricted shares was granted under the 2009 Plan on January 28, 2010 and vests in three equal annual installments beginning on the first anniversary of the grant date.
(2)	Represents performance units granted under the 2009 Plan. Half of the performance units are subject to a performance period from March 1, 2010 through February 28, 2011, and half are subject to a performance period from March 1, 2011 through February 29, 2012. At the end of each performance period, either 0%, 50% or 100% of the performance units subject to that performance period will vest based on the relative performance of Key Energy Services, Inc. within a peer group of companies as measured by total shareholder return. If any performance units vest at the end of a performance period, such vested performance units will be settled within sixty (60) days after the vesting date, solely in cash, in an amount equal to the closing price per share of Key Energy Services, Inc.'s common stock on the last trading day of the performance period.

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