Kuwait CityJune 17, 2026 /PRNewswire/ — Action Energy Company K.S.C.P. (Bloomberg: ALFTAQA.KK, Reuters: ALFTAQA.KW), a leading local cooperative enterprise in Kuwait’s integrated upstream services sector, which owns and operates one of the region’s most modern drilling rig fleets, announced on May 16 that it has secured new credit facilities, as well as renewed and expanded existing credit facilities, from two local banks totaling 40.9 million Kuwaiti Dinars. This funding supports its upstream drilling growth strategy, the expansion of its contracted drilling rig fleet, and crude oil production infrastructure projects in Kuwait’s oil and gas industry.
Action Energy Company Rig
These credit facilities will support the financing and deployment of new drilling rigs. These new rigs are related to previously announced contracts awarded by Kuwait Oil Company (referred to as “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 plans in Kuwait’s upstream energy, drilling, and oilfield services market in 2026 and beyond.
Credit Facility Details
New Credit Facility: 7.3 million Kuwaiti Dinars from Kuwait International Bank (KIB) for the procurement of two new 750-horsepower drilling rigs.
Facility Renewal and Expansion: 33.6 million Kuwaiti Dinars from Commercial Bank of Kuwait (CBK) for the procurement of four new 1,500-horsepower drilling rigs and one 1,000-horsepower drilling rig, in addition to the renewal of existing credit facilities.
AEC previously announced its first-quarter financial and operational results, reporting a net profit of 2.2 million Kuwaiti Dinars, an increase of 150.0%. Revenue also grew 69.2% year-over-year, primarily driven by the expansion of the company’s drilling rig fleet from 13 rigs in the first quarter of 2025 to 20 rigs in the first quarter of 2026, including the full-quarter contribution from 10 new rigs deployed during 2025.
Entering the remainder of the 2026 cycle, AEC maintains strong revenue visibility, supported by a substantial multi-year contract backlog with KOC, high utilization across its drilling fleet, and a pipeline of new drilling equipment and oilfield service contracts currently being deployed.
AEC currently employs over 1,700 professionals and operates 20 drilling rigs across Kuwait, providing a comprehensive range of integrated drilling, workover, and oilfield services. These services cover the entire lifecycle of wells, including workover, directional drilling, wireline operations, coiled tubing, cementing, mud engineering, electric submersible pumps (ESP), non-destructive testing (NDT), and workshop services.
AEC has established strategic partnerships with numerous global technology leaders, including KCA Deutag, CPVEN, COSL, Expert Optima, NaftoServ, TRG, Jereh, and Kerui.