Nabors Industries Ltd. said on Monday that it has signed a new joint venture with Saudi Aramco to operate onshore rigs.
Saudi Aramco vice president for procurement and supply chain management Abdulaziz al-Abdulkarim said in September that his company plans to invest about $334 billion by 2025.
That investment level is up from the $300 billion the company said it would spend over the same period when it announced the In-Kingdom Total Value Add (IKTVA) plan last year.
The IKTVA plan also calls for 70 percent of the energy-related goods and services related to the plan to the to be locally produced by 2021.
Nabors said the joint venture is “one of the anchor projects that has grown out of this strategy which supports the wider development and localization of industries such as rig and rig equipment manufacturing and casting and forging.”