The United Arab Emirates’ National Drilling Company has signed contracts worth $543 million to buy 14 new rigs, state news agency WAM reported on Sunday.

One offshore and one onshore rig, worth $203 million, will be built in the UAE, WAM said, quoting the company’s chief executive Abdullah Saeed al-Suwaidi.

The onshore rig deal was signed with National Oilwell Varco , while the offshore one went to Lamprell.

A third deal was signed with China Petroleum Technology & Development Corporation for 12 rigs, Suwaidi said.

The new contracts are part of the UAE company’s expansion plans and also the result of growing demand from its customers, it said.

Source: Reuters