Kuwait CityJune 15, 2026 /PRNewswire/ — Action Energy Company K.S.C.P (Bloomberg code: ALFTAQA.KK, Reuters code: ALFTAQA.KW) is a leading local cooperative enterprise in Kuwait’s integrated upstream service sector, owning and operating one of the region’s most modern drilling rig fleets. The company announced its financial results for the first quarter ended March 31, 2026, on May 13, 2026.
Action Energy Company Rig
Revenue increased by 69.2% year-over-year to 9.1 million Kuwaiti dinars, primarily driven by the expansion of the company’s operating drilling rig fleet from 13 rigs in the first quarter of 2025 to 20 rigs in the first quarter of 2026, including 10 new rigs deployed during 2025. EBITDA grew by 53.6% to 4.6 million Kuwaiti dinars, and net profit increased by 150.0% to 2.2 million Kuwaiti dinars. Earnings per share reached 3.97 fils, compared to 2.39 fils in the first quarter of 2025.
The company maintained a 100% drilling utilization rate in the first quarter, supported by long-term contracts with Kuwait Oil Company (“KOC”), sustained upstream drilling activities, and ongoing investments in Kuwait’s crude oil production. Cash flow from operating activities increased by 179.5% year-over-year, while the net debt-to-equity ratio improved from 1.67 times to 0.61 times, following the company’s completion of its initial public offering (IPO) and capital restructuring in December 2025.
In the first quarter of 2026, AEC operated 20 drilling rigs in Kuwait, encompassing drilling and workover equipment with rated power ranging from 550 horsepower to 3,000 horsepower, supporting crude oil exploration, production, and well maintenance activities. In the order backlog, drilling services accounted for approximately 62%, and oilfield services accounted for approximately 38%, providing long-term visibility for Kuwait’s upstream oil and gas sector.
AEC continues to advance equipment deployment in key oilfield service areas such as ESP, wireline operations, and OTSG, thereby strengthening its integrated upstream energy service platform and supporting Kuwait’s long-term crude oil production goals.
In January 2026, the company announced new contracts from KOC totaling 76.9 million Kuwaiti dinars, involving 7 additional drilling rigs. Once fully deployed, AEC’s total operating drilling equipment fleet will expand to 27 rigs.
AEC Chairman Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah stated: “The first quarter 2026 results reflect the strong strength and resilience of the company’s business model. Supported by the continuous expansion of the drilling rig fleet, high equipment utilization rates, and a substantial multi-year contract order book with KOC, the company has maintained robust growth momentum.”
Looking ahead to the remainder of 2026, AEC’s revenue visibility remains strong, underpinned by a large multi-year contract order book with KOC, full drilling rig utilization, and a pipeline of new drilling equipment and oilfield service contracts currently being deployed. Founded in 2015, AEC partners with global industry leaders such as KCA Deutag, CPVEN, COSL, Jereh, and Kerui to serve KOC and other local enterprises.