⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Rowan, Saudi Aramco tie up for offshore drilling in Saudi Arabia

Published 11/21/2016, 06:26 AM
Updated 11/21/2016, 06:30 AM
© Reuters. A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016 in Manama
RDC
-

(Reuters) - Rowan Companies Plc (N:RDC) said it and Saudi Aramco, Saudi Arabia's state oil company, have agreed to form an equally owned joint venture to operate offshore drilling rigs in the country.

Rowan said it will contribute three jack-up drilling rigs to the joint venture and Saudi Aramco will contribute two at the start of operations.

© Reuters. A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016 in Manama

The joint venture is expected to commence operations in the second quarter of 2017, the company said.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.