Saudi Ministry of Investment signs deal to localize offshore drilling rig manufacturing

The Ministry of Energy said the Ministry of Investment and Saudi Aramco Rowan Offshore Drilling Co. (ARO) have signed an agreement to support the localization of offshore drilling rig manufacturing in Saudi Arabia.

The agreement aims to localize the offshore drilling rig business by strengthening national capabilities and experience and creating energy supply chains, according to the Ministry of Energy on X.

It is also anticipated to draw in top-notch investments, bolster several national initiatives, improve the resilience of local supply chains, and create new job opportunities.