Saudi Arabian state oil giant Saudi Aramco has shown no signs of cutting drilling despite pledges to cut output. As it continues to invest in the upstream, it has recently signed a slew of deals with upstream firms, the most significant of which was on 14 December when Aramco signed two “landmark” deals to create two “national champions” JVs with US-listed drilling contractors Nabors and Rowan.

Nabors’ primary area of expertise is in onshore drilling while...