Action Energy Company lines up KWD 40.9 million credit to fund seven contracted rigs for KOC projects

Action Energy Company (Bloomberg: ALFTAQA KK) said on May 16 it secured a combined KWD 40.9 million (about $135 million) in credit facilities from two Kuwaiti banks. The funding will support the deployment of seven new drilling rigs—two 750 HP, four 1,500 HP and one 1,000 HP—tied to contracted projects with Kuwait Oil Company (KOC). The company reported first-quarter net profit of KWD 2.2 million, up 150% year on year, and said its rig count rose to 20 in Q1 2026 from 13 in Q1 2025.