National Oilwell Varco, Inc (NOV) has signed an agreement with Saudi Aramco to form a joint venture in Saudi Arabia, aiming to provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services
The joint venture will also establish an education centre to train Saudi technicians in the maintenance and operation of the drilling technology. In addition, it will also see the purchase of 50 onshore drilling rigs from the NOV-Saudi Aramco joint venture over a period of 10 year.
The companies will be supplying in Saudi Arabia, the GCC and MENA region.
NOV will own a 70 per cent interest in the joint venture, while Saudi Aramco will own 30 per cent.
Clay Williams, chairman, president and CEO of NOV, said that the company aims to deploy technology, manufacturing expertise and rig products along with Saudi Aramco’s E&P capabilities.
“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 US.” Williams concluded.
