The Saudi Aramco Nabors Drilling Co (SANAD) joint venture is expected to start commercial operations in the third quarter of this year, Saudi Aramco has mentioned in its weekly magazine, the Arabian Sun.
Saudi Aramco said SANAD recently held its first board meeting in the oil giant’s hub in Dhahran.
SANAD is a 50:50 joint venture between Saudi Aramco and American drilling contractor Nabors to own, operate and manage onshore drilling rigs in Saudi Arabia.
SANAD is one of the largest joint ventures to have been formed in Saudi Arabia to date, Saudi Aramco says. Over the next five years more than 5,000 people are expected to be hired with a Saudisation rate of 80%.
SANAD is also committed to using land rigs in future manufactured in Saudi Arabia, Aramco has noted in the Arabian Sun.
Aramco’s JV with an America’s Nabors is aligned with the Kingdom’s prevailing policy of bonhomie with the United States on diplomatic, political, economic and social fronts.
The memorandum of understanding (MoU) to establish the joint venture was signed between the chief executives of both companies during the Saudi-US CEO Forum that took place on May 20th, to coincide with US President Donald Trump’s visit to Saudi Arabia.
