The onshore and offshore drilling Joint ventures will invest $6bn to $7bn to purchase onshore rigs and offshore jackups, manufactured in Saudi Arabia by Saudi Aramco manufacturing joint ventures, which are in the process of being setup. The Joint ventures will create an additional 5,000 jobs with an aim to achieve 80% Saudization levels. It is anticipated that the Joint ventures will commence operations in the second quarter of 2017. The onshore joint venture will combine Nabors and Saudi Aramco’s existing onshore drilling operations in Saudi Arabia, with the joint venture covering segments of our current and future onshore oil and gas fields in the Kingdom. It will initially own 15 contributed rigs (five from Saudi Aramco and 10 from Nabors) and manage the remaining Nabors-owned rigs currently in Saudi Arabia, for a total fleet of 41 rigs. The total value of initial contributions from both partners through domestic operations, assets, equipment and capital is estimated at over $1 billion dollars. In addition, the joint venture has committed to a substantial order of newbuild rigs over a 10-year period from an in-Kingdom manufacturing joint venture. The offshore joint venture will combine Rowan and Saudi Aramco’s existing offshore drilling operations in Saudi Arabia, with the joint venture covering segments of our current and future offshore oil and gas fields in the Kingdom. It will initially own 7 contributed jack-up rigs (two from Saudi Aramco and five from Rowan) and will manage an additional four Rowan owned jack-ups currently in Saudi Arabia. The total value of initial contributions from both partners through domestic operations, assets, equipment and capital is estimated at over $1.2 billion dollars. In addition, the offshore joint venture has similarly committed to acquire and operate newbuild jack-ups over a 10-year period from an in-Kingdom Maritime complex. --SPA 21:55 LOCAL TIME 18:55 GMT www.spa.gov.sa/w290811