Riyadh – Mubasher: The preliminary investment of the onshore drilling rigs company that is supposed to be built as a joint venture between Saudi Aramco and Nabors Industries will be SAR 1.8 billion ($500 million).
The to-be-built equally owned company will take Saudi Arabia as its headquarters and it will start operation in the second quarter of 2017, according to Makkah newspaper citing sources in the drilling sector.
Nabors will contribute $20 million towards the project, initially, and the joint company will buy about 50 of Aramco onshore drilling rigs, while Nabors will provide it with five rigs of its fleet.
The two foundation companies will provide the new company with its rigs in the foundation stage, while the future ones will be manufactured in the Kingdom.
Aramco already owns around 212 drilling rigs in KSA and intends to raise the number to 240-250 over the coming five years.
Nabors, Saudi Aramco announced lately signing an agreement to form a new equally owned joint venture in Saudi Arabia to own, manage and operate onshore drilling rigs.
