Action Energy Company, Kuwait’s leading firm for upstream services and major owner and operator of rigs in the region, has secured a new credit facility and renewed and expanded an existing facility, from two local banks with a combined value of KWD40.9 million ($132.68 million), said the company.

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, it said.

The credit facilities include:

* New credit facility: KWD7.3 million secured to finance two new 750 HP rigs from Kuwait International Bank (KIB).

* Facility renewal and expansion: KWD33.6 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 KWD2.2 million, up 150%. 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.