As previously announced, on October 29, 2019, Key Energy Services, Inc. (the Company or Key) entered into a forbearance agreement (as amended on December 6, 2019, December 20, 2019, January 10, 2020 and January 31, 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 December 15, 2016, by and among Key, the Administrative Agent and the Lenders. On February 28, 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 extend the forbearance period until the earliest of (i) March 6, 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 Company’s term loan facility is terminated in accordance with its terms.