Action Energy Reports Strong H1 2026 Results, Cites Market Fundamentals and Backlog

Kuwait's Action Energy Company (AEC) is experiencing significant growth, underpinned by strong market fundamentals and a substantial backlog of contracts. The company, a leading provider of integrated upstream services, recently held an earnings webcast to discuss its positive financial performance for the first half of 2026.

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In less than four years, Action Energy has grown from operating four rigs to twenty at full utilization, while building one of the youngest rig fleets in the region, delivering strong revenue growth, expanding margins, doubling net profit, and reducing leverage.

Senior management emphasized the company's focus on strengthening its core drilling operations within Kuwait, while also pursuing expansion into higher-value oilfield services and selective regional growth opportunities. AEC highlighted the favorable market conditions in the onshore drilling sector across Kuwait and the wider GCC region. Kuwait boasts one of the world's longest oil reserve lives, approximately 276 years, coupled with low lifting costs and low carbon intensity in its energy production.

The company also pointed to the GCC's critical role in global energy security, noting national oil companies' commitment to expanding production capacity. Kuwait's ambition to reach 4.0 million barrels per day in crude oil production by 2035 positions AEC to support this growth phase. Action Energy operates one of the youngest drilling fleets in the region, with an average age of just over three years, significantly younger than the regional average.

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This performance reflects the strength of the Company's business platform, underpinned by a modern fleet, a record contracted backlog, a strong financial position, and a long-standing strategic partnership with Kuwait national oil companies.

Eng. Rawaf I. Bourisli, Vice Chairman of Action Energy, expressed satisfaction with the company's rapid expansion, noting its growth from four to twenty rigs operating at full utilization in under four years. This period saw strong revenue growth, improved margins, doubled net profit, and reduced leverage. Bourisli attributed this success to the company's modern fleet, record contracted backlog, strong financial position, and strategic partnerships with Kuwait's national oil companies. He affirmed the company's commitment to financial and operational discipline as it enters its next growth phase, aiming for sustainable long-term value creation for shareholders.

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As we enter the next phase of growth, we will continue to execute our strategy with the same financial and operational discipline that has defined the Company since inception, supporting sustainable long-term value creation for shareholders.