Exhibit 10.1

AMENDMENT NO. 5 TO LOAN AGREEMENT

This Amendment No. 5 to Loan Agreement (this “Agreement”), dated as of August 28, 2020, is among KEY ENERGY SERVICES, INC., a Delaware corporation (the “Company”), KEY ENERGY SERVICES, LLC, a Texas limited liability company (“Key Energy LLC”, and together with the Company, collectively, “Borrowers” or “Borrower”), Lenders party to this Agreement constituting Required Lenders and BANK OF AMERICA, N.A., a national banking association, as administrative agent for the Lenders (in such capacity, “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, Borrowers, the Lenders from time to time party thereto, the Administrative Agent, and Bank of America, N.A., as Collateral Agent, are parties to that certain Loan and Security Agreement dated as of December 15, 2016 (as amended, supplemented, restated or otherwise modified from time to time prior to the date hereof, the “Existing Loan Agreement”; unless otherwise defined herein, capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms in the Amended Loan Agreement defined below); and

WHEREAS, the Borrowers have requested that the Lenders and the Administrative Agent amend certain provisions of the Existing Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Lenders signatory hereto and the Administrative Agent are willing to do so, on the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows:

1. Amendments. Borrower, Lenders party hereto and Administrative Agent agree that the Existing Loan Agreement shall hereby be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double underlined text) as set forth in Exhibit A attached hereto (the Existing Loan Agreement as so amended, the “Amended Loan Agreement”).

2. No Other Amendments or Waivers.

This Agreement, and the terms and provisions hereof, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous amendments relating to the subject matter hereof. Except for the amendments to the Existing Loan Agreement set forth in Section 1 hereof, the Existing Loan Agreement shall remain unchanged and in full force and effect. The execution, delivery, and performance of this Agreement shall not operate as a waiver of or as an amendment of, any right, power, or remedy of Administrative Agent or the Lenders under the Existing Loan Agreement or any of the other Loan Documents as in effect prior to the date hereof, nor constitute a waiver of any provision of the Existing Loan Agreement or any of the other Loan Documents except for the amendments to the Existing Loan Agreement as set forth in Section 1 hereof. The agreements set forth herein are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance under the Amended Loan Agreement or other Loan Documents, and shall not operate as a consent to any further or other matter, under the Loan Documents.

3. Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent on the date hereof:

3.1 Execution of Agreement. Each Borrower, Administrative Agent and Lenders constituting Required Lenders shall have duly executed and delivered this Agreement.

3.2 Accuracy of Representations and Warranties. All representations and warranties contained in Section 5 hereof shall be true and correct in all respects.

3.3 Fees and Expenses. The Administrative Agent shall have received all reasonable and documented fees and expenses of the Administrative Agent and of counsel to the Administrative Agent for which invoices (including estimates) have been presented prior to the date hereof shall have been paid.

3.4 Corporate Authorization. Administrative Agent shall have received a certificate of a duly authorized officer of each Borrower, certifying that an attached copy of resolutions authorizing execution and delivery of this Agreement is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to the credit facility as amended hereby.

3.5 Term Loan Credit Agreement Amendment. Administrative Agent shall have received evidence reasonably satisfactory to Administrative Agent that an amendment to the Term Loan Credit Agreement has been entered into by all requisite parties thereto amending provisions thereto in a manner that result in no more restrictive provisions than the correspondingly amended provisions of the Amended Loan Agreement.

3.6 Absence of Defaults. No Default or Event of Default has occurred and is continuing or would reasonably be expected to result after giving effect to this Agreement.

4. Representations and Warranties. Each Borrower hereby jointly and severally represents and warrants to Administrative Agent and Lenders, that

4.1 the execution, delivery and performance by the Borrowers of this Agreement:

(a) are within each Borrower’s corporate, limited liability company or partnership powers, as applicable, and have been duly authorized by all necessary corporate, limited liability company or partnership, as applicable, and, if required, equity holder action (including, without limitation, any action required to be taken by any class of directors or other governing body of any Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the execution, delivery and performance by the Borrowers of this Agreement);

(b) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or other equity holders or any class of directors or other governing body, whether interested or disinterested, of any Borrower or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby, except such as have been obtained or made and are in full force and effect other than those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, or could not reasonably be expected to have a Material Adverse Effect;

2

(c) will not violate any Sanctions and Applicable Law, any Organic Documents of any Borrower or any Restricted Subsidiary, or any order of any Governmental Authority;

(d) will not violate or result in a default under any Material Contract, or give rise to a right thereunder to require any payment to be made by any Borrower or any Restricted Subsidiary; and

(e) will not result in the creation or imposition of any Lien on any Property of any Borrower or any Restricted Subsidiary (other than the Liens created by the Loan Documents).

4.2 this Agreement has been duly executed and delivered by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and

4.3 no Default or Event of Default has occurred and is continuing.

5. Reaffirmation. Each of the Borrowers hereby confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that such guarantees, pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect. Each Borrower acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect, and that all of its obligations thereunder (other than as expressly amended hereby) shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Agreement.

6. Miscellaneous.

6.1 Captions. Section captions used in this Agreement are for convenience only, and shall not affect the construction of this Agreement.

6.2 Governing Law. UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.

6.3 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this Agreement shall remain in full force and effect.

6.4 Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective successors and assigns, and shall inure to the sole benefit of the parties and their respective successors and assigns.

3

6.5 References. Any reference to the Loan Agreement contained in any notice, request, certificate, or other document executed concurrently with or after the execution and delivery of this Agreement shall be deemed to include this Agreement unless the context shall otherwise require.

6.6 Loan Document. This Agreement shall be deemed to be and shall constitute a Loan Document.

6.7 Continued Effectiveness. Notwithstanding anything contained herein, the terms of this Agreement are not intended to and do not serve to effect a novation as to the Existing Loan Agreement. The Amended Loan Agreement and each of the Loan Documents remain in full force and effect.

6.8 Entire Agreement. This Agreement constitutes the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof.

6.9 Counterparts; Execution. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Administrative Agent has received counterparts bearing the signatures of all parties hereto and each of the other conditions set forth in Section 4 hereof is satisfied. Delivery of a signature page of this Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any signature, contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act.

[Remainder of Page Intentionally Left Blank]

[Signature Pages Follow]

4

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

[Signature Page to Amendment No. 5 to

Loan Agreement]

[Signature Page to Amendment No. 5 to

Loan Agreement]

[Signature Page to Amendment No. 5 to

Loan Agreement]

[Signature Page to Amendment No. 5 to

Loan Agreement]

EXHIBIT A

Amended Loan Agreement

See Attached

Exhibit 10.2

Execution Version

AMENDMENT NO. 1 TO

AMENDED AND RESTATED TERM LOAN AND SECURITY AGREEMENT

This Amendment No. 1, dated as of August 26, 2020 (this “Amendment”), to the Amended and Restated Term Loan and Security Agreement, dated as of March 6, 2020 (the “Existing Credit Agreement”, and as further amended by this Amendment, the “Amended Credit Agreement”), among KEY ENERGY SERVICES, INC., a Delaware corporation (the “Borrower”), certain subsidiaries of the Borrower named as guarantors therein, the financial institutions party thereto as Lenders, CORTLAND PRODUCTS CORP., a Delaware corporation, as agent for the Lenders (the “Co-Agent”), and CORTLAND CAPITAL MARKET SERVICES LLC, a Delaware limited liability company, as agent for the Lenders solely with respect to Vehicles (the “Vehicle Agent” and, together with the Co-Agent, “Agent”). Capitalized terms used and not otherwise defined herein shall have the meaning assigned to such terms in the Amended Credit Agreement.

WHEREAS, the Borrower desires to amend the Existing Credit Agreement on the terms set forth herein; and

WHEREAS, Section 15.1.1 of the Existing Credit Agreement provides that the relevant Loan Parties and the Required Lenders may amend the Existing Credit Agreement and the other Loan Documents for certain purposes.

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

SECTION 1. AMENDMENTS.

(a) Defined Terms. Section 1.1 of the Existing Credit Agreement is hereby amended as follows:

(i) The following defined term is added in the correct alphabetical order to Section 1.1 of the Existing Credit Agreement:

““Sale and Lease-Back Transaction” as defined in Section 10.2.15.”

(ii) The following defined term is hereby amended and restated in its entirety to read as follows in Section 1.1 of the Existing Credit Agreement:

““Asset Disposition” a sale, lease, license, consignment, transfer or other disposition, including any disposition in connection with a Sale and Lease-Back Transaction or synthetic lease, to any Person other than an Obligor of any Property of such Person (other than (i) inventory, damaged, obsolete or worn out assets, scrap and Cash Equivalents, in each case disposed of in the Ordinary Course of Business, (ii) dispositions between or among Unrestricted Subsidiaries, (iii) assets referred to in Section 10.2.9(l), and (iv) any sale, transfer or other disposition or series of related sales, transfers or other dispositions (including in connection with any one or more Sale and Lease-Back Transactions or synthetic leases) having a value not in excess of $10,000,000 in the aggregate for all such sales, transfers or other dispositions).

(b) Debt. Section 10.2.1 of the Existing Credit Agreement is hereby amended by (i) deleting “; and” appearing at the end of clause (r) thereof and replacing it with “;”, (ii) deleting “.” appearing at the end of clause (s) thereof and replacing it with “; and”, and (iii) inserting a new clause (t) thereof to read in its entirety as follows:

“(t) Debt incurred by the Borrower or any Restricted Subsidiary arising from any Sale and Lease-Back Transaction that is permitted under Section 10.2.15 and any Refinancing Debt in respect thereof.”

(c) Liens. Section 10.2.2 of the Existing Credit Agreement is hereby amended by (i) deleting “; and” appearing at the end of clause (m) thereof and replacing it with “;”, (ii) deleting “.” appearing at the end of clause (n) thereof and replacing it with “; and”, and (iii) inserting a new clause (o) thereof to read in its entirety as follows:

“(o) Liens arising out of Sale and Lease-Back Transactions permitted under Section 10.2.15, so long as such Liens attach only to the Property sold or otherwise disposed of and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and related Property.”

(d) Sales of Properties.

(i) Clause (c) of Section 10.2.9 of the Existing Credit Agreement is hereby amended by replacing the reference to “Section 5.3.2” in the proviso with “Section 5.4.1.1”.

(ii) Clause (g) of Section 10.2.9 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

“(g) sales, transfers, leases or other dispositions constituting Investments permitted under Section 10.2.4, constituting Distributions permitted by Section 10.2.3 or constituting Sale and Lease-Back Transactions permitted under Section 10.2.15;”

(e) Sale and Leaseback. Section 10.2.15 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

“Section 10.2.15 Sale and Leaseback. The Borrower shall not, and shall not permit any Restricted Subsidiary to, enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any Property, whether now owned or hereafter acquired, and thereafter rent or lease such Property which it intends to use for substantially the same purpose or purposes as the Property being sold or transferred (a “Sale and Lease-Back Transaction”); provided, that Sale and Lease-Back Transactions shall be permitted with respect to any Property owned by the Borrower or any Restricted Subsidiary so long as the fair market value (as determined in good faith by the Borrower) of all of the Property disposed of pursuant to this Section 10.2.15 does not exceed $5,000,000 in the aggregate during the term of this Agreement. For purposes of this Section 10.2.15, the fair market value of any Property disposed of by the Borrower or any Restricted Subsidiary may be determined either, at the option of the Borrower, at the time of such disposition or as of the date of the definitive agreement with respect to such disposition.”

2

SECTION 2. REPRESENTATIONS AND WARRANTIES, NO DEFAULT. Each Obligor hereby jointly and severally represents and warrants to Agent and the Lenders that all representations and warranties contained in Section 9 of the Amended Credit Agreement remain true and correct as of the date hereof, and that

(a) the execution and delivery of the Obligors of this Amendment and the performance by the Obligors of their respective obligations under the Amended Credit Agreement:

(i) are within each Obligor’s corporate, limited liability company or partnership powers, as applicable, and have been duly authorized by all necessary corporate, limited liability company or partnership, as applicable, and, if required, equity holder action (including, without limitation, any action required to be taken by any class of directors or other governing body of any Obligor or any other Person, whether interested or disinterested, in order to ensure the due authorization of the execution and delivery of the Obligors of this Amendment and the performance by the Obligors of their respective obligations under the Amended Credit Agreement); and

(ii) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or other equity holders or any class of directors or other governing body, whether interested or disinterested, of any Obligor or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of this Amendment and the Amended Credit Agreement or the consummation of the transactions contemplated hereby, except such as have been obtained or made and are in full force and effect other than those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, or could not reasonably be expected to have a Material Adverse Effect;

(b) (i) this Amendment has been duly executed and delivered by such Obligor and (ii) this Amendment and the Amended Credit Agreement constitute legal, valid and binding obligations of such Obligor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and

(c) at the time of, and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 3. EFFECTIVENESS. This Amendment shall become effective on the date (the “Effective Date”) that the following conditions have been satisfied:

(a) Agent shall have received executed signature pages hereto from Lenders constituting Required Lenders and each Loan Party;

3

(b) Agent shall have received a certificate of a duly authorized officer of each Obligor, certifying that an attached copy of resolutions authorizing execution and delivery of this Amendment and performance of obligations under the Amended Credit Agreement is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this Amendment;

(c) Agent shall have received good standing certificates (to the extent available in such Obligor’s jurisdiction of organization) for each Obligor, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization; and

(d) the Borrower shall have paid all reasonable and documented fees and expenses to be paid to Agent in connection with this Amendment on the Effective Date.

SECTION 4. COUNTERPARTS. This Amendment may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment and the Amended Credit Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any signature, contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act.

SECTION 5. HEADINGS. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

SECTION 6. GOVERNING LAW. UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AMENDMENT AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.

SECTION 7. SEVERABILITY. Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this Amendment shall remain in full force and effect.

SECTION 8. EFFECT OF AMENDMENT. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders and Agent, in each case under the Existing Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the

4

Amended Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. Each of the Obligors hereby confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that such guarantees, pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect. Each Obligor acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. This Amendment shall constitute a Loan Document from and after the Effective Date, all references to the Existing Credit Agreement in any Loan Document and all references in the Existing Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Existing Credit Agreement, shall, unless expressly provided otherwise, refer to the Amended Credit Agreement as amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Existing Credit Agreement as amended hereby.

[Signature Pages Follow]

5

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]

[Signature Page to Amendment No. 1]