HAMILTON, Bermuda, Dec. 1, 2017 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today
reported the commencement of operations of Saudi Aramco Nabors
Drilling Company, or SANAD, the previously-announced 50/50 joint
venture between Saudi Aramco and Nabors. SANAD is one of the anchor
projects that has emerged from Saudi
Arabia's efforts to introduce world-class industry hubs
locally, in order to foster economic growth and job creation.
Nabors Chairman, President and CEO Anthony G. Petrello stated, "SANAD represents a
new paradigm in the operator / contractor relationship. This
pioneering partnership between the world's largest oil producer and
land driller represents a new era in our decades-long relationship
with Saudi Aramco and a key element in the advancement of the
Kingdom's Vision 2030. It is also an exceptional opportunity to
achieve significantly higher operating efficiency and well
productivity through the implementation of new cost-effective
technologies and practices."
Nabors and Saudi Aramco have made contributions of equal value
consisting of cash and/or assets into the entity. Additionally,
Nabors and Saudi Aramco have agreed that SANAD will purchase and
operate fifty (50) locally-sourced newly constructed rigs over a
ten year period, at defined contracted economics.
About Nabors Industries
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a provider of offshore
platform rigs in the United States
and numerous international markets. Nabors also provides
directional drilling services, performance tools, and innovative
technologies for its own rig fleet and those of third parties.
Leveraging our advanced drilling automation capabilities, Nabors
highly skilled workforce continues to set new standards for
operational excellence and transform our industry.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, Nabors' actual results may differ materially from
those indicated or implied by such forward-looking
statements. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Media Contact: Dennis A.
Smith, Vice President of Corporate Development &
Investor Relations, +1 281-775-8038 or Nick
Swyka, Director of Corporate Development & Investor
Relations, +1 281-775-2407. To request investor materials,
contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail at mark.andrews@nabors.com
View original
content:http://www.prnewswire.com/news-releases/nabors-and-saudi-aramco-commence-joint-venture-operations-300565440.html
SOURCE Nabors Industries Ltd.