Nabors Industries, Saudi Aramco commence JV operations
Nabors Industries reported the commencement of operations of Saudi Aramco Nabors Drilling Company, or SANAD, the previously-announced 50/50 joint venture between Saudi Aramco and Nabors. SANAD is one of the anchor projects that has emerged from Saudi Arabia's efforts to introduce world-class industry hubs locally, in order to foster economic growth and job creation. Nabors and Saudi Aramco have made contributions of equal value consisting of cash and/or assets into the entity. Additionally, Nabors and Saudi Aramco have agreed that SANAD will purchase and operate fifty locally-sourced newly constructed rigs over a ten year period, at defined contracted economics.