National Oilwell (NOV - Get Report) and Saudi Aramco will form a joint venture to build rigs and equipment in Saudi Arabia, National Oilwell announced Monday. The joint venture will also create a center to train Saudis to operate and maintain the drilling equipment the venture will manufacture.
"We are excited to bring together NOV's industry-leading technology, manufacturing expertise and rig products with Saudi Aramco's E&P capabilities," National Oilwell CEO Clay Williams said of the venture. National Oilwell will own 70% of the JV.
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