The U.S.-Saudi Business Council (USSBC) is pleased to announce the launch of the Saudi-based joint venture Arabian Rig Manufacturing, established between Saudi Aramco and U.S.-based NOV Inc. This article was first published by the Middle East North Africa Financial Network (MENAFN) on October 13, 2022.
Oil giant Saudi Aramco has started Arabian Rig Manufacturing, a mutual project company with American entity NOV, to produce drilling rigs as well as associated tools in Saudi Arabia.
Sited at Ras Al-Khair, the fresh company is anticipated to cut reliance on shipping outputs into the nations in one of the biggest oil-producing countries, as reported by Argaam.
Reciting a press meeting, it mentioned that this fresh mutual project is a part of Saudi Aramco’s current attempts to localize rig production, along with the nation’s Vision 2030 as well as the In-Kingdom Total Value Add program (iktva).
It should be pointed out that the IKTVA plan is established by Saudi Aramco to baseline, indicate as well as back surged rates of localization in the nation.
Amin Nasser, leader and chief executive of Saudi Aramco, stated that “Drilling rigs are one of the most important symbols of the oil and gas industry and one of the main equipment used in global energy supplies, and now Saudi Arabia has become a site for designing and manufacturing highly efficient and technical onshore drilling rigs.”