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Aramco Seals $3.7 Billion Deals with French Companies for Drilling Equipment, Industrial AI

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Aramco Seals $3.7 Billion Deals with French Companies for Drilling Equipment, Industrial AI

Saudi Arabian Oil Co (SASE:2222), d/b/a Saudi Aramco, on Tuesday announced deals worth more than $3.7 billion signed with French companies during the French-Saudi Investment Roundtable Meeting in Paris.

As part of the deals with the unnamed French companies, the Saudi state-backed oil giant signed a corporate procurement agreement for drilling equipment and a purchase agreement for oil country tubular goods.

On the technology front, Aramco Digital signed a memorandum of understanding to establish a framework for potential collaboration in industrial artificial intelligence, virtual twin and digital twin technologies, as well as their potential applications in the oil and gas sectors.

Aramco expects the agreements to bolster its supply-chain ecosystem, improve operational continuity and advance the use of industrial AI and digital technologies.

The deals are expected to benefit Aramco while generating economic value for both Saudi Arabia and France, the company said.

Aramco shares were marginally lower during morning trading in Riyadh.

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