Advanced drilling rigs to be made in Saudi Arabia under new joint venture

NOV and Saudi Aramco joint venture

NOV will own 70% interest in joint venture, while Saudi Aramco will own 30%

National Oilwell Varco, Inc. announced entering into an agreement with Saudi Aramco to form a joint venture in Saudi Arabia, according to a press release.

Through its state-of the art manufacturing and fabrication facilities and NOV’s market-leading drilling technologies, the joint venture will manufacture high-specification land rigs, rig and drilling equipment, and offer certain aftermarket services.

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Additionally, the companies announced their proposed joint venture will establish a training center to develop Saudi technicians to maintain and operate the sophisticated drilling technology produced by the venture.

The joint venture will be supported by a commitment from recently announced Saudi Aramco Nabors Drilling Company to purchase fifty onshore drilling rigs over a ten year period, and the joint venture will have the opportunity to supply, through an exclusivity agreement, Saudi Arabia, GCC and MENA region.

“We are excited to bring together NOV’s industry-leading technology, manufacturing expertise and rig products with Saudi Aramco’s E&P capabilities,” said Clay Williams NOV CEO.

NOV will own a 70 per cent interest in the joint venture, while Saudi Aramco will own 30 per cent.

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“With the formation of this joint venture, we will be harmonizing two important goals: supporting Saudi Aramco’s supply chain integration initiative and strengthening NOV’s U.S.-based, world-leading drilling technology franchise. This will create jobs and economic growth in both the Kingdom and in our operations around the globe, including the United States,” said Williams.