Saudi Aramco has posted its strongest quarterly results since going public, with net income of $39.5 billion and free cash flow of $30.6bn.
Public Investment Fund (PIF)
The first tenders have reportedly been launched for a huge offshore oil rig theme park mooted by Saudi Arabia, with potentially more than $5 billion of work up for grabs.
Valaris has sold two sold heavy duty jack-up rigs to a unit of ADES International, as the Dubai-based contractor continues to pick up assets from across the globe.
Vantage Drilling International has agreed to sell three jack-up rigs to ADES Arabia, owned by Saudi Arabia’s Public Investment Fund (PIF).
Saudi Arabia’s purchase of ADES International reduces the risk that the company’s contracts be cancelled or renegotiated, Fitch Ratings has said.
Innovative Energy has made an all-cash $12.5 per share offer to take ADES International into Saudi Arabian hands.
Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in ACWA Power to 50%, from 33.6%.
Saudi Aramco has completed its purchase of a 70% stake in Saudi Basic Industries Corp. (Sabic) for $69.1 billion.