Saudi oil firm Aramco inks joint ventures with Nabors, Rowan

Saudi Arabia's state oil company is setting up joint ventures with two international drilling companies as part of an effort to boost economic development in the kingdom.

Saudi Aramco says the deals signed on Wednesday with Nabors Industries and Rowan Companies will focus on onshore and offshore drilling.

The joint ventures will include Nabors' existing Saudi onshore and Rowan's existing offshore operations.

The companies did not provide financial terms for the partnerships, but said they will ultimately invest $6 billion to $7 billion to buy drilling rigs made in Saudi Arabia.