GLOBAL OFFSHORE UPDATE

Rowan Companies and Saudi Aramco have signed, through their subsidiaries, an agreement to create a 50/50 joint venture (JV) to own, operate, and manage offshore drilling rigs in Saudi Arabia. The new JV company will use Rowan's established business in Saudi Arabia as its base with a scope of operations covering Saudi Arabia's existing and future offshore oil and gas fields. The new company is anticipated to commence operations in the second quarter of 2017.

The UK transport minister has pledged to ensure foreign sailors working in the North Sea are paid the minimum wage. John Hayes said he is "committed" to reviewing legislation which makes it legal to employ crew on less than £6.70 an hour if they are recruited overseas.