The Kuwaiti drilling and oilfield services provider Action Energy Company (AEC) has secured a new credit facility and renewed and expanded an existing facility in order to support the company’s rig fleet expansion.

The new facility and the expansion were obtained from two Kuwaiti banks and had a combined value of KD40.9m ($132.8m).

In its statement, AEC said that the facilities support the financing and deployment of new rigs linked to contract awards previously announced with the state-owned upstream operator Kuwait Oil Company (KOC).

The company added: “They further reinforce AEC’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.”

The new credit facility was obtained from Kuwait International Bank (KIB).

It is worth KD7.3m ($23.7m) and will finance two new 750 horse power (HP) rigs.

The renewal and expansion of the existing facility is worth KD33.6m ($109.1m) and was obtained 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.

AEC announced its financial and operational performance for the first quarter earlier this month.

The company reported a net profit of KD2.2m ($7.1m).

The company’s revenue grew by 69.2% year-on-year, primarily driven by the expansion of the operating rig fleet from 13 rigs in the first quarter of 2025 to 20 rigs in the first quarter of 2026, including the full-quarter contribution of 10 new rigs deployed during 2025.

The company is benefitting from a substantial multi-year contracted backlog with KOC.