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.
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 firstname.lastname@example.org
SOURCE Nabors Industries Ltd.