BHGE takes 5% in ADNOC Drilling
ABU DHABI, October 8, 2018 – Baker Hughes, a GE company (BHGE) has agreed to acquire a 5% stake in Abu Dhabi’s ADNOC Drilling for USD 550 million, the companies announced on Monday.
ADNOC Drilling is a drilling services subsidiary of Abu Dhabi National Oil Company (ADNOC) and the sole provider of rigs for the NOC. It was valued at USD 11 billion as part of the deal.
“This unique partnership with BHGE comes at an important time in the drilling needs of Abu Dhabi as ADNOC grows its conventional and unconventional hydrocarbon resources and as we see future potential for further regional growth,” ADNOC CEO Sultan Ahmed Al Jaber said. “It will ensure we will be able to better service our upstream growth while capturing and retaining greater value.”
In Monday’s press release, the companies said the deal marked the first time an international firm had taken a stake in an ADNOC services business.
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