Saudi Arabian Oil Co. signed contracts with U.S. companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude.
The Saudi state producer known as Saudi Aramco signed a contract with Nabors Industries Ltd. to form an equally shared joint venture to build 50 onshore rigs over a decade, its Chief Executive Officer Amin Nasser said at an energy event in the eastern city of Dhahran. Saudi Aramco also signed a deal for a similar venture with Rowan Cos. to construct 20 offshore rigs over 10 years, he said.
