Here is a look at deals signed by Saudi Aramco with US firms

Saudi Arabia’s national oil company, Saudi Aramco, signed business deals said to be worth $50 billion with American firms on Saturday, during the visit by US President Donald Trump.

Sixteen agreements with 11 companies – including memoranda of understanding (MoUs) concerning joint ventures – were expected to be signed. Argaam takes a look at some of the major announcements:

GE said it signed a MoU to undertake a digital transformation of Aramco’s operations with the goal of generating $4 billion in annual productivity improvements, as well as a broader oil and gas investment feasibility study MoU.

The US technology and engineering company said it signed a total of $15 billion of business deals with Saudi Arabia – of which almost $7 billion are GE technology and solutions – across multiple sectors and partners.

Jacobs Engineering entered into an agreement with Aramco to form a Saudi Arabia-based joint venture company to provide professional program and construction management services for social infrastructure projects. The agreement will create 3,000 jobs.

National Oilwell Varco (NOV) and Aramco announced a joint-venture to provide high-specification drilling rigs and advanced drilling equipment. Additionally, the JV plans to establish an education center to train Saudi technicians in maintenance and operation of sophisticated drilling technology.

Rowan Companies updated its MoU for the creation of offshore drilling company in the Kingdom. The non-binding MoU aims to develop the designs of the jack-ups rigs, which will likely be manufactured through the Ras Al Khair Maritime Yard in Saudi Arabia.

Nabors MoU to explore land drilling improvisation and optimization was also updated. The deal includes eliminating rig mobilization costs, reducing day rates, attracting foreign direct investment and job creation.

Honeywell signed a MoU with the aim of advancing digitization of the oil and gas industry. The MoU will create over 400 jobs, as well as support suppliers with significant funding.

There was also a new partnership agreement in support of Saudi Arabia’s In-Kingdom Total Value Add (IKTVA) program.

McDermott International signed a MoU to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s IKTVA initiative. The company has committed to a nine-initiative plan to increase its contribution to the country’s localization efforts and aid Saudi Aramco in meeting its 2021 objectives. McDermott said the potential value of the MoU is approximately $2.8 billion.

Schlumberger, Halliburton, Weatherford, and Baker Hughes signed separate MoUs with Aramco to deliver a series of projects related to localizing oil field goods and services.

Emerson has collaborated for digital transformation within Saudi Aramco’s operations, which cover plantweb digital ecosystem solutions; competency development programs (training of Saudi Aramco employees), digital oil field initiatives; and research and development in advanced applications for process automation.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com