The Clap
Saudi Aramco (2222) established the first drilling rig factory in the Middle East, which will provide after-sales services.
The Deets
Aramco launched Arabian Rig Manufacturing (ARM) to localize the drilling rigs industry, promote economic growth, and create job opportunities.
This falls in line with KSA’s strategy for Vision 2030, and the program to enhance the total added value of the supply sector “IKTVA” for Aramco.
The Project
The project is one of the largest investments of the global company “NOV“, in terms of manufacturing drilling rigs outside the US.
The facility, built in Ras Al-Khair with an area of approximately 500,000 square meters, is expected to have a capacity of 10 drilling rigs annually and is located near some of the world’s largest oil and gas fields.
Why this Matters
This joint venture with NOV is expected to help KSA become a “prestigious center” for global energy supplies and industries and services related to the energy industry.
