- Rowan (RDC +0.6%) and Nabors Industries (NBR +0.4%) sign separate contracts with Saudi Arabia to establish joint ventures to own, manage and operate drilling rigs.
- RDC CEO Thomas Burke announces plans for his company's first rig from a new joint venture with Saudi Aramco and to build two offshore rigs annually over 10 years and delivering the first in 2021.
- NBR CEO Anthony Petrello, also seeking to boost its Saudi manufacturing operations, says the company plans to start operations in April with 46 onshore rigs and adding another 50 over the next 10 years.
- There could also be cooperation between the two ventures, Petrello adds.