Aramco,Rowan form new offshore drilling firm

Rowan companies and the Saudi Arabian oil company(Saudi Aramco)have signed,through their subsidiaries,an agreement to creat a 50/50 joint venture to own,operate,and manage offshore drilling rigs in Saudi Arabia.
The new joint venture company will use Rowan's established business in Saudi Arabia as its base with a scope of operations covering Saudi Arabia's existing and future offshore oil and gas fields.The new company is anticipated to commence operations in the second quarter of 2017.