Saudis continue building oil rigs, despite agreement to cut production

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Saudis continue building oil rigs, despite agreement to cut production
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Saudi Aramco, the state oil producer, concluded contracts with companies based in the USA to construct a large number of oil rigs over the period of 10 years, despite coordinating with other producers to cut oil production, Bloomberg reports on Wednesday.




The contract was concluded with Nabors Industries Ltd. and is aimed to form an equally shared joint venture for the purpose of construction of 50 onshore rigs during ten years, Aramco’s Chief Executive Officer Amin Nasser announced.

Apart from that, Saudi Aramco signed an agreement to set up a similar enterprise with Rowan Cos. to build twenty offshore rigs over the course of the same period of time.



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