Rowan Companies & Saudi Aramco Announce 50/50 JV - Quick Facts

(RTTNews) - Rowan Companies plc (RDC) and the Saudi Arabian Oil Company, or Saudi Aramco, announced they 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.

Rowan will contribute three of its jack-up drilling rigs and Saudi Aramco will contribute two of its jack-up drilling rigs. Rowan will contribute an additional two jack-up rigs as they complete their current Saudi Aramco contracts in late 2018. The new company will also manage the operations of five Rowan jack-up rigs currently in Saudi Arabia, until their associated drilling contracts expire.