KUWAIT CITY, Aug. 9, 2026 /PRNewswire/ -- Action Energy Company K.S.C.P. (AEC), listed on Premier Market of Boursa Kuwait (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 its financial results for the first half ended 30 June 2026.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, AEC Chairman, said: "H1 2026 reflects the resilience of AEC's business model, with net profit nearly doubling YoY and our contracted backlog with Kuwait Oil Company (KOC) reaching a record $1.1 billion. In line with our commitment to delivering sustainable returns, the Board has recommended an interim cash dividend of 3 Fils per share. We remain committed to creating long-term shareholder value, and supporting Kuwait's long-term energy ambitions."
Ahmad Mohammad Al-Ajlan, Board Member and CEO, said: "H1 results reflect the successful execution of our growth and diversification strategy, with revenue increasing 34.4% and net profit rising 96.6% YoY. Record backlog, continued investment in fleet expansion, and the growing contribution of our oilfield services business provide a strong foundation for AEC's next phase of growth and long-term value creation."
Operational Review
Drilling and workover services account for ~61% of backlog. AEC operated 20 rigs at 100% utilisation, completing 202 rig moves versus 100 in H1 2025. Drilling revenue rose 39% to $45.21 million and rig leasing and mobilisation revenue grew 13.8% to $10.44 million.
Oilfield Services account for ~39% of backlog. AEC advanced mobilisation of its ESP, Slickline and OTSG service lines, investing $17.8 million. Other operating revenue increased 60.8% to $2.75 million. AEC also entered a strategic JV with Kellton to drive AI-led digital transformation across the GCC energy sector.
Dividends
The Board of Directors has recommended an interim cash dividend of ~10 cents per share for the six-month period ended June 30, 2026, representing a total distribution of approximately $5.5 million, and marking AEC's first interim cash dividend.
Outlook
AEC enters the second half with strong revenue visibility and full fleet utilisation. Priorities include mobilising the ESP, Slickline and OTSG service lines and seven new rigs, executing the record backlog, and maintaining financial discipline. Over the medium term, AEC targets a mix of ~60% drilling and 40% oilfield services, and net debt to equity below 1.25x.
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