18/05/2026 04:38 AST
Action Energy Company KSCP (Boursa Kuwait: ALFTAQA), Kuwait's leading local partner for integrated upstream services and owner and operator of one of the youngest rig fleets in the region, announced that it has secured a new credit facility and renewed and expanded an existing facility, from two local banks with a combined value of KD 40.9 million, to support its growth and rig fleet expansion.
The facilities support the financing and deployment of new rigs linked to contract awards previously announced with Kuwait Oil Company. They further reinforce Action Energy Company's financing structure and strengthen its ability to execute its contracted fleet expansion plan through 2026 and beyond, while maintaining a disciplined approach to capital allocation.
Details of the credit facilities
New Credit Facility: KD 7.3 million secured to finance two new 750 HP rigs from Kuwait International Bank (KIB).
Facility renewal and expansion: KD 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.
The company had announced its financial and operational performance for the first quarter last week, reporting net profit of KD 2.2 million, up 150.0 percent. Revenue also grew by 69.2 percent 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.
Action Energy Company is Kuwait's leading local partner for integrated upstream services and the owner-operator of one of the youngest and most technologically advanced rig fleets in the region. The Company 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. Action Energy has established strategic partnerships with global technology leaders including KCA Deutag, CPVEN, COSL, Expert Optima, NaftoServ, TRG, Jereh, and Kerui. These partnerships support knowledge transfer, delivery of specialised high-value services, and continued expansion of the Company's oilfield services capabilities. Founded in 2015, Action Energy is committed to strengthening its position as a leading provider of upstream services in Kuwait and across the GCC.
Kuwait Times
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