Baker Hughes to buy 5% stake in ADNOC Drilling for $550M

|About: Baker Hughes, a GE company (BHGE)|By:, SA News Editor

Baker Hughes (NYSE:BHGE) agrees to acquire a 5% stake in Abu Dhabi National Oil Co.'s drilling unit for $550M, becoming the first foreign company to take a stake in one of state-owned ADNOC's services companies.

Under the agreement, BHGE will be the sole provider of certain proprietary leading edge and differentiated equipment and technologies related to the integrated drilling offering.

"To us this is not just another partnership... this will allow ADNOC Drilling to be not only a local player but a global specialist in the drilling and oil service business," says ADNOC CEO Sultan al-Jaber.

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