Kuwait-listed Action Energy Company said on Sunday that it has secured new and renewed banking facilities from local lenders to support expansion of its drilling rig fleet.

The company disclosed two new financing facilities from Kuwait International Bank (KIB) and Commercial Bank of Kuwait (CBK).

KIB granted a new credit facility worth approximately 7.3 million Kuwaiti dinars ($23.68 million). The financing will support procurement of two new 750-horsepower (HP) drilling rigs.

Commercial Bank of Kuwait (CBK) granted additional facilities valued at approximately KWD33.60 million ($109 million). This will support the acquisition of four new 1,500HP rigs and one new 1,000HP rig. The bank also renewed the company’s existing facilities, taking Action Energy’s facilities with CBK to approximately 131.97 million Kuwaiti dinars ($428.13 million).

(Writing by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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