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Houston companies announce deals with Saudi Aramco

Written by Olivia Pulsinelli

Several companies based in or with a major presence in Houston were among those that signed deals with Saudi Arabian Oil Co., more commonly known as Saudi Aramco, over the weekend.

The state-owned oil company, which also has its U.S. subsidiary Aramco Services Co. based in Houston, said it signed $50 billion worth of agreements with U.S. firms, Reuters reports. The deals were inked during President Donald Trump’s visit to Saudi Arabia the weekend of May 20. Click here to see other deals signed over the weekend.

Houston’s National Oilwell Varco Inc. (NYSE: NOV), McDermott International Inc. (NYSE: MDR) and Schlumberger Ltd. (NYSE: SLB) were among the companies that signed memorandums of understanding with Saudi Aramco. Several announcements cited Saudi Arabia’s Vision 2030 and Saudi Aramco’s In-Kingdom Total Value Add initiative. The IKTVA program launched in 2015 and aims to expand Saudi Arabia-based business operations to boost long-term economic growth, diversification, job creation and workforce development, according to McDermott.

NOV and Saudi Aramco agreed to form a joint venture to manufacture high-specification land rigs, rig and drilling equipment and offer certain aftermarket services. The agreement also includes creating a training center for Saudi technicians to maintain and operate the JV’s drilling technology.

Written by Olivia Pulsinelli

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