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2016-11-01 18:55:00

SAUDI & NABORS AGREEMENT

SAUDI & NABORS AGREEMENT

OGJ wrote, Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.
Aramco has sought to localize industry hubs in order to foster economic diversification and job creation, the companies said. "This JV is one of the anchor projects that has grown out of this strategy, which supports the wider development and localization of industries such as rig and rig equipment manufacturing and casting and forging," they said.
Aramco and Nabors each will contribute land rigs to the JV in the first years of operation along with capital commitments toward future onshore drilling rigs, which will be manufactured in Saudi Arabia.

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Earlier:

SAUDI: 

SAUDI'S OIL RECORD 

RUSSIA & SAUDI COOPERATION 

SAUDI'S DIFFICULT DECICIONS 

SAUDI - IRAN COMPROMISE 

SAUDI'S INVESTMENT: $334 BLN

 

NABORS: 

NABORS NET LOSS $694 MLN

NABORS NET LOSS $583 MLN 

NABORS NET LOSS $398.3 MLN 

NABORS NET LOSS $372.7 MLN 

NABORS LOSS $296 MLN 

NABORS LOSS $ 41.9  MLN

 

 

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