Saudi Aramco and Nabors sign joint venture agreement
As part of its commitment to developing a competitive Saudi energy sector, Saudi Aramco has sought to localize industry hubs in order to foster economic diversification and job creation.
The joint venture will leverage Nabors' established business in Saudi Arabia to begin operations, with a focus | Tuesday November 1, 2016 5:58AM ET
mg src="http://www.histerius.com/hs1016/saudi_aramco.jpg" class="slikadesno" alt="Saudi Aramco" title="Saudi Aramco">Nabors Industries signed an agreement to form a new joint venture in the Kingdom of Saudi Arabia to own, manage and operate onshore drilling rigs.The joint venture, which will be equally owned by Saudi Aramco and Nabors, is anticipated to be formed and commence operations in the second quarter of 2017.
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As part of its commitment to developing a competitive Saudi energy sector, Saudi Aramco has sought to localize industry hubs in order to foster economic diversification and job creation.
The joint venture will leverage Nabors' established business in Saudi Arabia to begin operations, with a focus on Saudi Arabia's existing and future onshore oil and gas fields.
Saudi Aramco and Nabors will each contribute land rigs to the joint venture in the first years of operation along with capital commitments toward future onshore drilling rigs which will be manufactured in Saudi Arabia.
October 1, 2016 ■
LATEST MOVES FROM which will be equally owned by Saudi Aramco and Nabors, is anticipated to be formed and commence operations in the second quarter of 2017.
As part of its commitment to developing a competitive Saudi energy sector, Saudi Aramco has sought to localize industry hubs in order to foster economic diversification and job creation.
The joint venture will leverage Nabors' established business in Saudi Arabia to begin operations, with a focus on Saudi Arab
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