Future of Energy
Future of Energy
Future of Energy
AEC’s Journey Through Time
2015
Founded in 2015
The foundation of our company was laid with a vision to be the leading onshore rigs and oilfield service provider in the country and region.
2015
First KOC Contract
The company was awarded 5 years drilling contracts for two 1500 HP drilling rigs by Kuwait Oil Company (KOC).
2016
Expansion to Oil Services
The company under its JV with CPVEN was awarded its first Coil Tubing contract with KOC.
2018
Expansion in Deep Drilling
In 2018, secured two 3000 HP contracts along with our partners KCA Deutag. Those two newly built rigs were mobilized in 2020 and 2021.
2019
Further Services Expansion
Cementing, Mud Engineering contracts were awarded to our JV with CPVEN, bringing the total value of signed contracts to USD 200 million.
2021
Sale of Contracts
Our first capital transaction was done by selling the Coil Tubing, Cementing, and Mud Engineering JV contracts.
2022
Further Expansion
The company successfully renewed two 1500 HP rigs contract, and secured additional six 750 HP workover rigs bringing the total capacity of the AEC to 13,500 HP.
2024
Preference Share Issuance
The company issued Preference Shares for USD 55 million (first issuance in Kuwait) which was fully subscribed by Gulf Investment Cooperation (GIC) www.gic.com.kw
2025
Expansion of Rig Fleet & Oilfield Services
AEC added 10 new rigs to the fleet, bringing total rig count to 20 rigs, and expanded into oilfield services for slickline, OTSG and inspection services.
Latest Updates
Arqaam Capital 13th Annual MENA Investor Conference, Dubai
Day I Session: Recipe for success, IPO readiness key elements , Eng. Rawaf was a speaker in the Panel
Target NDT Company Profile
Leading inspection and NDT service provider in Kuwait, delivering reliable oil & gas solutions with a strong commitment to safety, quality, and operational excellence.
Annual General Assembly
General Meeting of Shareholders of the Action Energy Company (K.S.C.P) for the fiscal year ending 31st December 2025.
