KUWAIT CITY, June 15, 2026 /PRNewswire/ -- Action Energy Company K.S.C.P. (Bloomberg: ALFTAQA KK, Reuters: ALFTAQA.KW), Kuwait's leading local partner for integrated upstream services and owner and operator of one of the youngest rig fleets in the region, announced on May 16 that it has secured a new credit facility and renewed and expanded an existing facility, from two local banks with a combined value of KWD 40.9 million, to support its upstream drilling growth strategy, contracted rig fleet expansion, and crude oil production infrastructure projects in Kuwait's oil and gas sector.
The facilities support the financing and deployment of new drilling rigs linked to previously announced contract awards with Kuwait Oil Company ("KOC"), Kuwait's national oil company. The financing further strengthens Action Energy Company's (AEC) capital structure and enhances its ability to execute its contracted expansion plan across Kuwait's upstream energy, drilling, and oilfield services market through 2026 and beyond.
Details of the Credit Facilities
New Credit Facility: KWD 7.3 million secured to finance two new 750 HP rigs from Kuwait International Bank (KIB).
Facility Renewal and Expansion: KWD 33.6 million were secured from Commercial Bank of Kuwait (CBK) to finance four new 1,500 HP rigs and one 1,000 HP rig, in addition to the renewal of the existing facilities.
AEC had announced its financial and operational performance for the first quarter, reporting net profit of KWD 2.2 million, up 150.0%. Revenue also grew by 69.2% year-on-year, driven primarily by the expansion of its rig fleet from 13 rigs in Q1 2025 to 20 rigs in Q1 2026, including the full-quarter contribution of the ten new rigs deployed during 2025.
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.
AEC employs more than 1,700 professionals and operates 20 rigs across Kuwait, delivering a comprehensive range of integrated drilling, workover, and oilfield services, covering the full well lifecycle, including workover, directional drilling, slickline, coiled tubing, cementing, mud engineering, electric submersible pumps (ESP), inspection (NDT), and workshop services.
AEC has established strategic partnerships with global technology leaders including KCA Deutag, CPVEN, COSL, Expert Optima, NaftoServ, TRG, Jereh, and Kerui.
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