Saudi Aramco signed a memorandum of understand (MoU) with Schlumberger valued at $1.6 billion, Reuters reports.

The two companies signed two contracts, Middle East Monitor reports, requiring the US-based company to provide well and drilling services for up to 274 oil and gas wells for a period of three years.  

The MoU with the US-based company was accompanied by other MoUs with other companies worth $8.8 billion, according to Reuters.