Action Energy Company Reports Q3 2026 Financial Results
KUWAIT CITY, Nov. 11, 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 Q3 and 9M 2026.
- Net profit: Q3 KWD 2.1M ($6.8M), up 20.3% YoY; nine months KWD 6.5M ($21.0M), up 62.9%
- Revenue: Q3 KWD 8.8M ($28.4M), down 4.5% YoY; nine months KWD 26.9M ($86.9M), up 18.5%
- EBITDA: Q3 KWD 4.4M ($14.2M), down 9.1% YoY; nine months KWD 13.4M ($43.1M), up 13.1%
- Contracted backlog: KWD 340.7M ($1.1B)
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of AEC, said: "AEC delivered strong results for the first nine months of 2026, with operating cash-flow up 73.8% year-over-year. This performance reflects the strength of our business and puts us in a solid position to execute our long-term growth strategy. We continue to invest in our people, equipment, and capabilities to support Kuwait's upstream sector. Our focus remains on delivering long-term value for our shareholders, and strengthening AEC's position as a trusted partner to Kuwait's energy industry."
Ahmad Al-Ajlan, Board Member and CEO, said: "We made steady progress on mobilizing seven new rigs and expanding our oilfield service lines. These investments will increase our capacity and position us for the next phase of growth."
Q3 revenue and EBITDA declines mainly reflect revised rig lease rates under a new contract with Kuwait Oil Company (KOC), which secures the contracted rigs for 5-6 years, sustaining 100% fleet utilization. EBITDA also reflected higher planned G&A expenses, fewer rig moves, and the absence of a one-time Q3 2025 revenue contribution.
Drilling and Workover account for ~60% of backlog, with 20 rigs in operation during the period. Core drilling revenue increased 4.2% YoY to KWD 7.2M ($23.2M).
Oilfield Services' contribution to backlog rose to 40% in Q3 2026, reflecting continued expansion into higher-value service lines. ESP, Slickline and OTSG mobilization advanced as planned.
AEC's priorities for Q4 2026 and Q1 2027 are executing the backlog and completing mobilization of the seven new rigs, due to begin operating in Q1 2027, while maintaining safe and reliable operations and keeping net debt to equity at or below 1.25x.
AEC is committed to Kuwait's 2035 target of 4 million barrels per day of production capacity.
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