KUWAIT CITY, June 9, 2026 /PRNewswire/ -- Action Energy Company K.S.C.P (Bloomberg: ALFTAQA KK) (Reuters: ALFTAQA.KW), Kuwait's leading local partner for integrated upstream services, owner and operator of one of the youngest rig fleets in the region, announced on 13 May 2026 its financial results for Q1 ended 31 March 2026.
Revenue increased 69.2% year-on-year to KWD 9.1 million, driven by the expansion of the Company's operating rig fleet from 13 rigs in Q1 2025 to 20 rigs in Q1 2026, including the contribution of 10 new rigs during 2025. EBITDA rose 53.6% to KWD 4.6 million, while net profit increased 150.0% to KWD 2.2 million. EPS reached 3.97 fils compared to 2.39 fils in Q1 2025.
The Company maintained 100% rig utilization during Q1, supported by long-term contracts with Kuwait Oil Company ("KOC"), continued upstream drilling activity, and sustained investment in Kuwait's crude oil production. Cashflow from operations increased 179.5% year-on-year, while net-debt-to-equity improved from 1.67x to 0.61x following the Company's IPO and capital restructuring completed in December 2025.
During Q1 2026, AEC operated 20 rigs across Kuwait, comprising drilling and workover units ranging from 550HP to 3,000HP supporting crude oil exploration, production, and well maintenance activities. Drilling services represent approximately 62% of total backlog, while oilfield services account for approximately 38%, supporting long-term visibility across Kuwait's upstream oil and gas sector.
AEC continued mobilization across key oilfield services including ESP, slickline, and OTSG, strengthening its integrated upstream energy services platform and supporting Kuwait's long-term crude oil production targets.
In January 2026, the Company announced new KOC contract awards totaling KWD 76.9 million for seven additional rigs. Once fully mobilized, AEC's fleet backlog will increase to 27 rigs.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of AEC said: "The results of Q1 2026 reflect the strength and resilience of our business model, with continued growth momentum supported by fleet expansion, high rig utilization, and a substantial multi-year contracted backlog with KOC."
AEC enters the remainder of 2026 with strong revenue visibility supported by a substantial multi-year contracted backlog with KOC, full fleet utilization, and a pipeline of new rig deployments and oilfield services contracts under mobilization. Founded in 2015, AEC partners with global leaders including KCA Deutag, CPVEN, COSL, Jereh, and Kerui and serves KOC and other local players.
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