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Kellton
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Action Energy (ALFTAQA) just doubled profit. Can seven new rigs turn a $1.1bn backlog into the next growth leg?
Action Energy Company delivered KWD4.4 million of first-half net profit as revenue climbed to KWD18.1 million and contracted backlog reached KWD349 million. With seven additional rigs and several oilfield-service platforms now being mobilised, the bigger question is whether the Kuwaiti drilling group can convert that visibility into another growth leg without giving back its post-IPO balance-sheet improvement.