October 19, 2017 / 11:02 AM / 2 months ago

BRIEF-Rowan announces launch of ARO Drilling

Oct 19 (Reuters) - Rowan Companies Plc

* Rowan announces launch of ARO Drilling

* Rowan Companies Plc - ‍ARO Drilling, co’s 50/50 joint venture with Saudi Arabian Oil Company commenced operations on October 17, 2017​

* Rowan Companies Plc - ‍As part of initial startup of aro drilling, rowan and saudi aramco contributed equal amounts of cash into joint venture​

* Rowan Companies Plc - ‍Pursuant to aro drilling shareholders’ agreement, Saudi Aramco will sell an additional jack-up rig in 2017 to ARO Drilling​

* Rowan Companies Plc - Rowan will sell an additional two jack-up rigs to ARO Drilling once they complete their current contracts in late 2018​

* Rowan Companies - Co, Saudi Aramco agreed aro drilling will purchase 20 future newbuild rigs that will be constructed by Saudi Aramco Manufacturing JV

* Rowan Companies Plc - 20 future newbuild rigs to be constructed by a Saudi Aramco Manufacturing JV expected to be delivered between 2021 and 2030​ Source text for Eikon: Further company coverage:

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