KEG Key Energy Services Inc

(1) Based on a total of approximately 20,084,901 shares of Common Stock (as defined below) of Key Energy Services, Inc. (the “ Issuer ”) outstanding as of December 15, 2016, as reported on the Issuer’s Form 8-K filed with the Securities and Exchange Commission (the “ Commission ”) on December 15, 2016.

(1) Based on a total of approximately 20,084,901 shares of Common Stock (as defined below) of the Issuer outstanding as of December 15, 2016, as reported on the Issuer’s Form 8-K filed with the Commission on December 15, 2016.

Item 1(a).   Name of Issuer:

Key Energy Services, Inc.

Item 1(b). Address of Issuer’s Principal Executive Offices:

1301 McKinney Street, Suite 1800

Houston, Texas

77010

Item 2(a). Name of Person Filing:

Contrarian Capital Management, L.L.C.

Contrarian Capital Fund I, L.P.

Item 2(b). Address of Principal Business Office or, if none, Residence:

Contrarian Capital Management, L.L.C.

411 West Putnam Avenue, Suite 425

Greenwich, CT 06830

Contrarian Capital Fund I, L.P.

c/o Contrarian Capital Advisors, L.L.C.

411 West Putnam Avenue, Suite 425

Greenwich, CT 06830

Item 2(c). Citizenship:

Contrarian Capital Management, L.L.C. – Delaware limited liability company

Contrarian Capital Fund I, L.P. – Delaware limited partnership

Item 2(d). Titles of Classes of Securities:

Common Stock, $0.01 par value (“ Common Stock ”)

Item 2(e). CUSIP Number:

49309J103

(a) ☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c) ☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d) ☐ Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e) ☐ Investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) ☐ Employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) ☐ Parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) ☐ Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) ☐ Church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) ☐ Non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J);

(k) ☐ Group, in accordance with § 240.13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: _______________

Item 4. Ownership  

    Contrarian Capital Management, L.L.C.: 2,376,935

    Contrarian Capital Fund I, L.P.: 1,135,907

     Contrarian Capital Management, L.L.C.: 11.8%

     Contrarian Capital Fund I, L.P.: 5.7%

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [_] .

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

The securities reported in this Schedule 13G, which are beneficially owned by Contrarian Capital Management, L.L.C., are owned by advisory clients of Contrarian Capital Management, L.L.C., none of whom, with the exception of Contrarian Capital Fund I, L.P., owns more than 5% of the class.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent  Holding Company.

Not Applicable.

Item 8.   Identification and Classification of Members of the Group.  

Not Applicable. 

Item 9.   Notice of Dissolution of Group.  

Not Applicable.

Item 10. Certification.  

By signing below the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: December 27, 2016

  Exhibit A

Agreement of Joint Filing

Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby confirm the agreement by and among them to join in the filing on behalf of each of them of a Statement on Schedule 13G and any and all amendments thereto, and that this Agreement be included as an Exhibit to such filing.

This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement.

Dated: December 27, 2016