Saudi Aramco, NOV Form JV To Make Onshore Oil Rigs, Equipment

Saudi Aramco signed a deal with National Oilwell Varco Inc. (NYSE: NOV) to form a joint venture (JV) to make onshore rigs and equipment in Saudi Arabia, the state-owned Saudi energy firm said.

Saudi Aramco will own 30% of the venture, while the rest will be owned by Houston-based NOV, the statement said.

Aramco President and CEO Amin Nasser said the deal was a step “towards the creation of a vibrant energy services sector.”