Rowan Companies and Saudi Aramco have signed an agreement through their subsidiaries to create a joint venture to own, operate and manage offshore drilling rigs in Saudi Arabia.

The new company will use Rowan's established business in the country as its base. The scope of operations for this joint venture includes Saudi Arabia's existing and future offshore oil and gas fields.

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The new company will commence operations from Q2 of 2017.

Rowan president and CEO Tom Burke said: “Rowan has had a long and mutually beneficial relationship with Saudi Aramco and we welcome this opportunity to further strengthen our partnership and extend our commitment to the region.

"This will create a long-term, profitable growth platform with firm rig commitments."

“The new company will uniquely position Rowan to participate in the growing Saudi Arabian offshore drilling market, and provide Rowan with a compelling opportunity for a long-term partnership with the world's leading oil and gas company, and create a long-term, profitable growth platform with firm rig commitments."

Upon starting operations of the new company, Rowan will provide three jack-up drilling rigs and Saudi Aramco will contribute two of its jack-up drilling rigs.

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Rowan will further contribute two additional jack-up rigs after completion of its current Saudi Aramco contracts in late-2018.

The new company will manage operations of five Rowan jack-up rigs currently in Saudi Arabia until the associated drilling contracts expire.

Both companies have committed that this new joint venture will purchase future newbuild rigs that will be developed in Saudi Arabia.