# Action Energy Posts KD 2.1 Million Q3 Profit as Seven New Rigs Head for 2027 Start > Action Energy reported KD 2.1 million net profit for Q3 2026, up 20.3%, while EBITDA fell 9.1% on revised Kuwait Oil Company rig lease rates. - Published: 2026-11-10T21:43:24+00:00 - Section: Earnings & Results - Author: News Desk - URL: https://newsforagent.com/news/2026-11-10/action-energy-q3-2026-net-profit - Source: [Kuwaittimes](https://kuwaittimes.com/article/53370/business/action-energy-company-reports-net-profit-of-kd-21-million-for-q3-2026/) ## Key takeaways - Action Energy's Q3 2026 net profit rose 20.3% year over year to KD 2.1 million, with nine-month profit at KD 6.5 million, up 62.9%. - Quarterly EBITDA fell 9.1% to KD 4.4 million after revised rig lease rates under a new Kuwait Oil Company contract. - Action Energy operates 20 rigs and expects seven new rigs to begin operations in Q1 2027 against a KD 340.7 million backlog. [Action Energy](https://akta.pro/company-profiles/00c8f1q/action-energy) Company reported a third-quarter 2026 net profit of KD 2.1 million, up 20.3 percent year over year, and nine-month profit of KD 6.5 million, up 62.9 percent, [Kuwaittimes](https://kuwaittimes.com/article/53370/business/action-energy-company-reports-net-profit-of-kd-21-million-for-q3-2026/) reported on November 10, 2026. The Kuwaiti onshore drilling and oilfield services provider serves mainly Kuwait Oil Company under long-term fixed-rate contracts. ## Action Energy's Quarterly Profit and EBITDA Split Action Energy's quarterly EBITDA stood at KD 4.4 million, down 9.1 percent year over year. The company said the decline came mainly from revised rig lease rates under a new contract with Kuwait Oil Company, which secures deployment of the contracted rigs for the next five to six years and keeps fleet utilization at 100 percent. The company also cited a planned increase in general and administrative expenses as it mobilizes seven new rigs, a lower volume of rig moves and the absence of a one-time revenue contribution recorded in the third quarter of 2025. Drilling and workover services account for about 60 percent of the company's total backlog, and Action Energy operated 20 rigs during the period. Core drilling revenue rose 4.2 percent year over year to KD 7.2 million, while revenue from rig leasing, mobilization and ancillary services declined. Oilfield services' share of backlog rose from 28 percent in the first quarter to 40 percent in the third quarter of 2026, an increase of 12 percentage points. Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of Action Energy Company, said: "AEC delivered strong results for the first nine months of 2026, with record net profit of KD 6.5 million and operating cash flow up 73.8 percent year-over-year." Ahmad Mohammad Al-Ajlan, Board Member and Chief Executive Officer, said third-quarter net profit rose 20.3 percent year over year to KD 2.1 million, supported by a contracted backlog of KD 340.7 million. ## Action Energy's Contracted Backlog and Fleet Records According to akta.pro [company records](https://akta.pro/company-data), Action Energy secured KWD 40.9 million, or approximately $133 million, in credit facilities from two Kuwaiti banks in May 2026 to finance the contracted rig fleet expansion tied to existing Kuwait Oil Company contracts. The same records show new Kuwait Oil Company contract awards totaling KWD 76.9 million for seven additional rigs, two of 750 HP, four of 1,500 HP and one of 1,000 HP, expanding the contracted fleet backlog to 27 rigs. Total contracted backlog stood at KWD 321.5 million as of December 31, 2025, with 72 percent in drilling services and 28 percent in oilfield services. ## Earlier Action Energy Results This Year Action Energy reported first-half 2026 revenue of KWD 18.1 million, up 34.4 percent year over year, with net profit of KWD 4.4 million, up 96.6 percent, Arab Times Kuwait News reported in August 2026. The company's contracted backlog stood at KWD 349 million, more than double a year earlier, and its average fleet age was 3.07 years. Third News reported in August 2026 that Action Energy's first-half net profit rose 96.6 percent to KWD 4.4 million and that the company recommended an interim dividend of 3 fils per share. ## Action Energy's Seven New Rigs in Q1 2027 Mobilization of the seven new rigs is progressing, with operations expected to commence in Q1 2027, Action Energy said. The company's stated priorities for the fourth quarter of 2026 and the first quarter of 2027 include completing that mobilization, receiving new oilfield services equipment and keeping net debt to equity at or below 1.25x. ## Companies in this story - [Action Energy company profile](https://akta.pro/company-profiles/00c8f1q/action-energy) · website: https://actionenergykw.com --- News for Agent · https://newsforagent.com/llms.txt