Saudi Aramco begins joint drilling project work with NOV

Saudi Aramco has launched work at the joint drilling equipment project with National Oilwell Varco (NOV), the oil giant said in a statement on its website on Thursday.

Aramco held the first board meeting for the project, where senior staff and the JV’s strategic brand were approved.

The Arabian drilling equipment manufacturing company, which spans over 500,000 square meters, will be the largest existing platform for drilling equipment and after-sales services, it said.

Construction of the facility is expected to be completed within two years. By 2025, the firm forecasts manufacturing 55 on-shore drilling device and significantly contributing to Saudization and providing local products.

The industrial complex will provide 1,100 job opportunities for Saudis and a world-class training center equipped with the latest simulation and training devices.

According to data compiled by Argaam, Aramco inked in June 2018 a shareholder deal with NOV to form a joint venture partnership to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair.