Energy Growth Kuwait continues to strengthen the country’s upstream energy sector. Action Energy Company secured new credit facilities worth KWD40.9 million, equal to nearly $132.7 million. The financing will support the company’s expanding drilling operations and fleet development plans.
The Kuwait-based company remains one of the region’s leading upstream service providers. In addition, the company operates a large fleet of drilling rigs across several energy projects. The latest financing package will help fund the deployment of new rigs tied to recently awarded contracts.
The company confirmed that two local banks provided the financing support. Kuwait International Bank approved a new KWD7.3 million facility. The funding will finance two new 750-horsepower drilling rigs.
Meanwhile, Commercial Bank of Kuwait renewed and expanded existing facilities worth KWD33.6 million. The larger financing package will support four new 1,500-horsepower rigs and one 1,000-horsepower rig. Furthermore, the agreement also renewed several previous credit arrangements.
Company officials stated that the facilities will strengthen long-term operational capabilities. They also explained that the financing supports the company’s expansion plans through 2026 and beyond.
The company continues increasing its rig fleet to meet rising demand from Kuwait’s energy sector. Kuwait Oil Company previously awarded several contracts linked to the new drilling units. As a result, Action Energy accelerated equipment deployment and operational expansion.
The latest financing reflects growing confidence in the company’s market position. Analysts also noted that banks continue supporting firms with stable contracts and strong growth potential.
Moreover, the company recently reported significant financial improvements during the first quarter of 2026. Net profit reached KWD2.2 million during the period. The figure represented a 150 percent increase compared to the same period last year.
Revenue also recorded strong annual growth. The company achieved a 69.2 percent rise in revenue year-on-year. Management attributed the increase to rapid fleet expansion and higher operational activity.
The company expanded its fleet from 13 rigs in early 2025 to 20 rigs during the first quarter of 2026. Ten additional rigs entered service throughout 2025. Consequently, the company benefited from full-quarter operational contributions from the expanded fleet.
Industry observers believe Kuwait’s upstream sector will continue growing in the coming years. Energy producers continue increasing investments to maintain production capacity and improve operational efficiency. Therefore, service companies with strong technical capabilities remain well positioned for growth.
Action Energy also continues focusing on disciplined capital management while expanding operations. Executives stated that the company aims to balance growth with financial stability. The latest banking support strengthens liquidity and improves operational flexibility.
Energy Growth Kuwait reflects broader momentum across the country’s oil and gas sector. Increased drilling activity and infrastructure investment continue supporting long-term industry expansion.
The company now expects additional operational growth as new rigs enter service. Energy Growth Kuwait also highlights rising confidence in Kuwait’s energy services market and future project pipeline.
