# Action Energy Company Reports Q3 2026 Financial Results

- Link: https://www.thailand-business-news.com/pr-news/action-energy-company-reports-q3-2026-financial-results
- Published: 2026-11-11T21:11:00+07:00
- Author: PR Newswire

KUWAIT CITY, Nov. 11, 2026 /PRNewswire/ — [Action Energy Company K.S.C.P.](https://actionenergykw.com/)(
AEC), listed on Premier Market of Boursa Kuwait (Bloomberg: ALFTAQA KK; Reuters:
ALFTAQA.KW), Kuwait’s leading local partner for integrated upstream services, owner
and operator of one of the youngest rig fleets in the region, announced its financial
results for Q3 and 9M 2026.

 [⌊Action Energy Company Rig⌉](https://mmx.prnasia.com/media/MS2032736/AEC-RIG.jpg?id=OA3072525&p=medium600)

Action Energy Company Rig

 ◦ Net profit: Q3 KWD 2.1M ($6.8M), up 20.3% YoY; nine months KWD 6.5M ($21.0M),
   up 62.9%
 ◦ Revenue: Q3 KWD 8.8M ($28.4M), down 4.5% YoY; nine months KWD 26.9M ($86.9M),
   up 18.5%
 ◦ EBITDA: Q3 KWD 4.4M ($14.2M), down 9.1% YoY; nine months KWD 13.4M ($43.1M), 
   up 13.1%
 ◦ Contracted backlog: KWD 340.7M ($1.1B)

Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of AEC, said: "AEC delivered
strong results for the first nine months of 2026, with operating cash-flow up 73.8%
year-over-year. This performance reflects the strength of our business and puts 
us in a solid position to execute our long-term growth strategy. We continue to 
invest in our people, equipment, and capabilities to support Kuwait’s upstream sector.
Our focus remains on delivering long-term value for our shareholders, and strengthening
AEC’s position as a trusted partner to Kuwait’s energy industry."

Ahmad Al-Ajlan, Board Member and CEO, said: "We made steady progress on mobilizing
seven new rigs and expanding our oilfield service lines. These investments will 
increase our capacity and position us for the next phase of growth."

Q3 revenue and EBITDA declines mainly reflect revised rig lease rates under a new
contract with Kuwait Oil Company (KOC), which secures the contracted rigs for 5-
6 years, sustaining 100% fleet utilization. EBITDA also reflected higher planned
G&A expenses, fewer rig moves, and the absence of a one-time Q3 2025 revenue contribution.

Drilling and Workover account for ~60% of backlog, with 20 rigs in operation during
the period. Core drilling revenue increased 4.2% YoY to KWD 7.2M ($23.2M).

Oilfield Services’ contribution to backlog rose to 40% in Q3 2026, reflecting continued
expansion into higher-value service lines. ESP, Slickline and OTSG mobilization 
advanced as planned.

AEC’s priorities for Q4 2026 and Q1 2027 are executing the backlog and completing
mobilization of the seven new rigs, due to begin operating in Q1 2027, while maintaining
safe and reliable operations and keeping net debt to equity at or below 1.25x.

AEC is committed to Kuwait’s 2035 target of 4 million barrels per day of production
capacity.

 

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