Action Energy plans regional expansion after Kuwait listing

Oilfield services provider Action Energy Company plans to expand regionally while maintaining a strong focus on its home market, its chairman said on Wednesday, after the company’s shares began trading on Kuwait‘s premier stock market.

Founded in 2015, AEC provides drilling, exploration and production, gas injection and maintenance services for oil and gas facilities, wells, refineries and petrochemical plants.

The company has “the financial strength to pursue both local and regional growth as part of its strategy”, chairman Sheikh Mubarak Abdullah Al-Sabah said at a press conference following the start of trading, without naming specific countries targeted for expansion.

The company will continue to prioritise Kuwait, where rising oil production capacity presents major opportunities for oilfield services firms, he added.

AEC shares were priced in its initial public offering at 212 Kuwaiti fils each. They rose as high as 260 fils before ending at 240 fils.

National Investments Company of Kuwait acted as exclusive listing adviser and subscription agent.

Further reading:

• Kuwait pushes ahead with oil sector restructuring
• Kuwait to invest up to $50bn in five-year oil expansion plan
• Kuwaiti oil company borrows $1bn to fund new projects