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2018-06-29 10:00:00

NOV - ARAMCO COOPERATION

NOV - ARAMCO COOPERATION

NOV - National Oilwell Varco, Inc. (NYSE: NOV) today announced the signing of an agreement with Saudi Aramco to form a joint venture in the Kingdom of Saudi Arabia. Through its state-of-the-art manufacturing and fabrication facilities in the Kingdom and NOV’s market-leading drilling technologies, the joint venture will provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services.

Additionally, the companies announced their proposed joint venture will establish an education center to train Saudi technicians in the maintenance and operation of the sophisticated drilling technology that the venture will bring to the Kingdom.

The joint venture will be supported by a commitment from the previously announced Saudi Aramco Nabors Drilling Company to purchase fifty (50) onshore drilling rigs from the NOV / Saudi Aramco joint venture over a ten (10)-year period. The joint venture will have the opportunity to supply, through an exclusivity agreement, Saudi Arabia, GCC and MENA region. NOV will own a 70% interest in the joint venture, while Saudi Aramco will own 30%. Through this joint venture, NOV, working with Saudi Aramco, will develop capabilities in the Kingdom to support Saudi Aramco's drilling plans for decades to come and to allow for the local workforce to be part of this initiative.

"We are excited to take this next step to bring together NOV's industry-leading technology, manufacturing expertise and rig products with Saudi Aramco's E&P capabilities," commented Clay Williams, NOV Chairman, President and CEO. "Commissioning of the facility is expected by 2020 with the first rig to be delivered by 2021. The joint venture adds to NOV's growing manufacturing foot print in the Middle East to better serve our customers in the region. This will create jobs and economic growth in both the Kingdom and in our operations around the globe, including the United States."

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of technology, equipment, and services to the global oil and gas industry. NOV has been pioneering innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations since 1862. The depth and breadth of NOV's offerings support customers' full-field, drilling, completion, and production needs. NOV powers the industry that powers the world.

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Earlier: 

 NOV:

 

 

 

 SAUDI ARAMCO:

 

 NOV VARCO NET LOSS $68 MLN
2018, April, 27, 10:30:00

NOV VARCO NET LOSS $68 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) today reported a first quarter 2018 net loss of $68 million, or $0.18 per share. Revenues for the first quarter were...

     SAUDI ARAMCO INVESTMENTS WILL UP
2018, June, 15, 11:00:00

SAUDI ARAMCO INVESTMENTS WILL UP

REUTERS - Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees ...

 NOV VARCO NET LOSS $237 MLN
2018, February, 7, 07:25:00

NOV VARCO NET LOSS $237 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2017 net loss of $14 million, or $0.04 per share. Revenues for the fourth quarter...

     SAUDI - INDIA'S REFINERY: $44 BLN
2018, April, 11, 13:10:00

SAUDI - INDIA'S REFINERY: $44 BLN

PLATTS - India's state-run refiners and Saudi Aramco signed an agreement Wednesday to jointly build an integrated refinery...

 NOV VARCO NET LOSS $221 MLN
2017, October, 27, 19:10:00

NOV VARCO NET LOSS $221 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a third quarter 2017 net loss of $26 million, or $0.07 per share. Revenues for the third quarter of 2017 were ...

     U.S. - ARAMCO COOPERATION: $10 BLN
2018, March, 30, 11:15:00

U.S. - ARAMCO COOPERATION: $10 BLN

SAUDI ARAMCO - Saudi Aramco announces commercial cooperation worth over $10 billion with 14 American companies during ...

 NOV VARCO NET LOSS $75 MLN
2017, July, 31, 14:05:00

NOV VARCO NET LOSS $75 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a second quarter 2017 net loss of $75 million, or $0.20 per share. Excluding other items, net loss for the...

     PETRONAS - ARAMCO COLLABORATION
2018, March, 30, 11:10:00

PETRONAS - ARAMCO COLLABORATION

SAUDI ARAMCO - Petroliam Nasional Berhad (PETRONAS), the national oil company of Malaysia, and Saudi Aramco, ...

 NOV VARCO NET LOSS $122 MLN
2017, April, 27, 18:30:00

NOV VARCO NET LOSS $122 MLN

Revenues for the first quarter of 2017 were $1.74 billion, an increase of three percent compared to the fourth quarter of 2016 and a decrease of 20 ...

     OIL NEED $20 TLN
2018, March, 7, 14:25:00

OIL NEED $20 TLN

SAUDI ARAMCO - our industry needs more than 20 trillion dollars over the next quarter century to meet rising demand for oil and gas  ...

 NOV VARCO NET LOSS $714 MLN
2017, February, 7, 18:35:00

NOV VARCO NET LOSS $714 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2016 net loss of $714 million, or $1.90 per share...

     SAUDIS OIL FOR JAPAN
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

 NOV VARCO NET LOSS $1.7 BLN
2016, October, 27, 18:35:00

NOV VARCO NET LOSS $1.7 BLN

Revenues for the third quarter of 2016 were $1.65 billion, a decrease of five percent compared to the second quarter of 2016 and a decrease of 50 ...

     SAUDI ARAMCO SIGNED $4.5 BLN
2017, November, 13, 10:15:00

SAUDI ARAMCO SIGNED $4.5 BLN

Saudi Aramco signed agreements with several oil and gas service contractors for oil and gas megaprojects designed to enhance the company’s ...

Tags: NOV, VARCO, SAUDI, ARAMCO

Chronicle:

NOV - ARAMCO COOPERATION
2018, December, 10, 08:20:00

BRITAIN'S FUSION ENERGY

WNN - The UK Atomic Energy Authority (UKAEA) and First Light Fusion are collaborating on a project to convert fusion reactions into heat to enable clean power production. The 'fusion island' project is to be partly funded by a grant from the Department for Business, Energy & Industrial Strategy (BEIS).

NOV - ARAMCO COOPERATION
2018, December, 10, 08:15:00

ADNOC INCREASES VALUE

ADNOC - The Abu Dhabi National Oil Company (ADNOC) has announced its successful collaboration with IBM, piloting a Blockchain-based automated system to integrate oil and gas production across the full value chain.

NOV - ARAMCO COOPERATION
2018, December, 10, 08:10:00

WORLDWIDE RIG COUNT DOWN 5 TO 2,266

BHGE - The worldwide rig count for November 2018 was 2,266, down 5 from the 2,271 counted in October 2018, and up 209 from the 2,057 counted in November 2017.

NOV - ARAMCO COOPERATION
2018, December, 10, 08:05:00

U.S. RIGS DOWN 1 TO 1,075

BHGE - U.S. Rig Count is down 1 rig from last week to 1,075, with oil rigs down 10 to 877 and gas rigs up 9 to 198. Canada Rig Count is down 13 rigs from last week to 186, with oil rigs down 17 to 102 and gas rigs up 4 to 84.

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