Sector News

Saudi Aramco to form JV with US firm to operate offshore drilling rigs

November 23, 2016
News

Rowan Companies said it was forming a joint venture with Saudi Arabian state oil giant Saudi Aramco to operate offshore drilling rigs in the country.

Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in the second quarter of 2017.

Both companies would contribute $25 million as working capital, Rowan said in a regulatory filing on Monday.
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 Ltd 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, Chief executive Amin Nasser said in October.

Source: Reuters via Arabian Business

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach