Baker Hughes acquires 5 pct of ADNOC Drilling for $550 million

Reuters

Mon, Oct 8, 2018, 2:50 AM

ABU DHABI, Oct 8 (Reuters) - State energy giant Abu Dhabi National Oil Company (ADNOC) on Monday signed a strategic partnership agreement with Baker Hughes, allowing the world's second-largest services company to acquire a 5 percent stake in ADNOC's drilling unit.

The transaction values ADNOC Drilling at about $11 billion and Baker Hughes will receive a seat on ADNOC Drilling's board of directors. (Reporting by Rania El Gamal, editing by Louise Heavens)

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Baker Hughes acquires 5 pct of ADNOC Drilling for $550 million

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