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Nabors signs joint-venture pact with Saudi Aramco

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Written by Mike D. Smith

Click HERE to Read Article by the Publisher.


Nabors Industries has signed an operating agreement with Saudi Aramco in what the companies are calling an example of the Saudi government’s push for economic diversification.

Nabors and Saudi Aramco will equally own, manage and operate onshore drilling rigs in Saudi Arabia. Operations are scheduled to begin in the second quarter of 2017.

Both companies will set up land rigs in the country and pledge money toward future rigs that will be manufactured in Saudi Arabia. Saudi Aramco wants to create local industrial hubs, creating skilled jobs in areas including rig and equipment manufacturing to help make Saudi Arabia’s energy sector more competitive, according to a company statement.

Nabors, which has had a long presence in Saudi Arabia, calls the agreement “one of the anchor projects” in Saudi Aramco’s effort.

Houston-based Nabors is involved in onshore and offshore drilling in the U.S. and worldwide, and bills itself as having the world’s largest land-based drilling rig fleet.


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Written by Mike D. Smith

Click HERE to Read Article by the Publisher.

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