Rowan Cos. (RDC), Saudi Aramco Enter Offshore Drilling Rigs Joint Venture
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Rowan Partners with Saudi Aramco to Create a New Offshore Drilling Company
November 21, 2016 6:00 AM ESTHOUSTON, Nov. 21, 2016 /PRNewswire/ --Â Rowan Companies plc ("Rowan") (NYSE: RDC) and the Saudi Arabian Oil Company ("Saudi Aramco") have signed, through their subsidiaries, an agreement to create a 50/50 joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia.
The new joint venture company will use Rowan's established business in Saudi Arabia as its base with a scope of operations covering Saudi Arabia's existing and future offshore oil and gas fields. The new company is anticipated to commence operations in the second quarter of 2017.
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