Saudi Aramco has launched Arabian Rig Manufacturing (ARM), a joint venture firm with American entity NOV, to manufacture drilling rigs and related equipment for the first time in Saudi Arabia.
ARM is a joint venture between NOV (owning 70% of the JV’s shares) and Saudi Aramco, announced in 2019. The company says it is ARM is “an anchor project in Saudi Arabia’s efforts to position the Kingdom as a hub of the MENA region by introducing world-class industry Rig Manufacturing locally, fostering economic growth and job creation.”
ARM manufactures complete land-rigs, rig equipment, offshore drilling packages, and provides aftermarket services in-Kingdom.
This new project is one of NOV’s largest investments for rig manufacturing outside the US, and it will have an area of nearly 500,000 sq. m.
Amin Nasser, president and CEO of Saudi Aramco, said that the new facility in Ras Al-Khair is expected to manufacture at least 10 drilling rigs annually, according to Arab News.
