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 *   COX MARK ALAN 2. Date of Event Requiring Statement (Month/Day/Year) 03/20/2012 3. Issuer Name and Ticker or Trading Symbol KEY ENERGY SERVICES INC [KEG] (Last) (First) (Middle) 1301 MCKINNEY STREET, SUITE 1800 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP and Controller 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 20,563 (1) D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
COX MARK ALAN 1301 MCKINNEY STREET SUITE 1800 HOUSTON, TX 77010	Â	Â	  VP and Controller	Â

Signatures

By Joshua K. Hancock, Attorney-in-fact for Mark Alan Cox		03/28/2012
**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)	Includes three restricted stock grants: (1) 5,171 shares under the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan ("2007 Plan") on February 4, 2012, which shall vest in three equal annual installments on the anniversary of the grant date; (2) 7,943 shares under the Key Energy Services, Inc. 2009 Equity and Cash Incentive Plan ("2009 Plan") on February 4, 2011, which shall vest in three equal annual installments on the anniversary of the grant date; and (3) 10,384 shares under the 2009 Plan on January 28, 2010, which shall vest in three equal annual installments on the anniversary of the grant date. Includes 13,927 unvested shares of restricted stock granted under the 2007 Plan and the 2009 Plan.

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