Rowan, Saudi Aramco to form JV ahead of huge IPOStaff Writer | November 21, 2016
Rowan Companies is forming a joint venture with Saudi Arabian state oil giant Saudi Aramco to operate offshore drilling rigs in the country.
Oil exploration Saudi Aramco is targeting 2018
Both companies would contribute $25 million as working capital, Rowan said. Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution.
Rowan said the rigs would receive contracts for an aggregate 15 years, renewed and re-priced every three years, provided that the rigs meet the technical and operational requirements of Saudi Aramco.
Nabors Industries had said last month that it would form a joint venture with Saudi Aramco to operate onshore drilling rigs.
Saudi Aramco is targeting 2018 for what could be the world's largest public listing, CEO Amin Nasser said in October. ■