Rowan, Saudi Aramco to form JV to operate offshore drilling rigs

(Reuters) - Rowan Companies Plc said it was forming a joint venture with Saudi Arabian state oil giant Saudi Aramco to operate offshore drilling rigs in the country. Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in the second quarter of 2017. Both companies would contribute $25 million as working capital, Rowan said in a regulatory filing on Monday.