Action Energy Company (AEC), a Kuwait-based onshore drilling and oilfield services provider, has signed two strategic memoranda of understanding (MoUs) to support its regional expansion into Saudi Arabia and Iraq, the company announced on Monday.

The first MoU was signed with an established North American provider of oil and gas drilling and well services, creating a framework for collaboration across Saudi Arabia and the wider Middle East, AEC said in a press statement.

The partnership will focus on drilling, workover, and oilfield service projects in Saudi Arabia and other GCC markets, deploying modern, high-specification rigs and integrated well services.

The agreement also provides for the potential establishment of a joint venture, through which the two companies would jointly tender for drilling and well services contracts with national and international energy firms.

AEC’s second MoU was signed with a leading Iraqi oilfield services company to jointly execute turnkey well drilling operations in Iraq.

Under the agreement, AEC will provide drilling and workover expertise, while its Iraqi partner will contribute local support, logistics, and established customer relationships.

The two companies aim to form a leading local contractor capable of delivering comprehensive drilling and well completion services to both local and international oil and gas companies operating in Iraq.

The statement didn't disclose the names of the two companies. 

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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