Action Energy Company Secures KWD 40.9 Million in Credit Facilities to Support Contracted Rig Expansion

17/05/2026

Action Energy Company Secures KWD 40.9 Million in Credit Facilities to Support Contracted Rig Expansion

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KUWAIT CITY, May 17: Action Energy Company K.S.C.P. (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 KWD 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: KWD 7.3 million secured to finance two new 750 HP rigs from Kuwait International Bank (KIB).

Facility Renewal and Expansion: KWD 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 KWD 2.2 million, up 150.0%. Revenue also grew by 69.2% 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.