HOUSTON, Oct. 31, 2016 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors") (NYSE: NBR) today announced the signing
of an agreement to form a new Joint Venture in the Kingdom of Saudi Arabia to own, manage and
operate onshore drilling rigs. The Joint Venture, which will be
equally owned by Saudi Aramco and Nabors, is anticipated to be
formed and commence operations in the second quarter of 2017.
As part of its commitment to developing a competitive
Saudi energy sector, Saudi Aramco has sought to
localize industry hubs in order to foster economic
diversification and job creation. This Joint Venture is
one of the anchor projects that has grown out of
this strategy which supports the wider development
and localization of industries such as rig and rig
equipment manufacturing and casting and forging.
The Joint Venture will leverage Nabors' established business in
Saudi Arabia to begin operations,
with a focus on Saudi Arabia's
existing and future onshore oil and gas fields. Saudi Aramco and
Nabors will each contribute land rigs to the Joint Venture in the
first years of operation along with capital commitments toward
future onshore drilling rigs which will be manufactured in
Saudi Arabia.
Nabors Chairman, President and CEO, Anthony G. Petrello, stated "Nabors has had a
decades-long and a mutually beneficial relationship with Saudi
Aramco. We welcome this opportunity to expand that relationship,
extend our commitment to the Kingdom, and create a long-term,
profitable growth partnership with high skills career opportunities
for Saudi employees. This venture represents a new chapter in the
operator - contractor relationship. We fully expect the venture's
shared interest and collaborative efforts to result in even higher
levels of safety and efficiency, while enhancing Saudi Aramco's
well productivity and cost savings."
About Nabors
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a leading provider of
offshore platform rigs in the United
States and numerous international markets. Nabors also
provides directional drilling services, performance tools, and
innovative technologies throughout many of the most significant oil
and gas markets. Leveraging our advanced drilling automation
capabilities, Nabors' highly skilled workforce continues to set new
standards for operational excellence and transform our
industry.
Forward-looking Statements
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to a number of risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements. The forward-looking statements
contained in this press release reflect management's estimates and
beliefs as of the date of this press release. Nabors does not
undertake to update these forward-looking
statements.
Media Contact: Dennis A.
Smith, Vice President of Corporate Development &
Investor Relations, +1 281-775-8038. To request investor
materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail at mark.andrews@nabors.com
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SOURCE Nabors Industries Ltd.