Saudi Aramco inks JV deal with Nabors Industries

01/11/2016 Argaam

Saudi Arabian Oil Co. (Saudi Aramco) and Nabors Industries Co., a contract oil and gas driller, have signed an agreement to set up an equally owned joint venture (JV) in Saudi Arabia to own, manage and operate onshore drilling rigs.

 

The new JV is expected to be formed and start operations in Q2 2017, Nabors said in a statement.

 

Both companies will contribute land rigs to their project during the first years of operation along with capital commitments.

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