Companies & Finance

Baker Hughes takes 5% stake in ADNOC

Baker Hughes has acquired a 5% stake in ADNOC Drilling for $550 million.
By Staff reporter 8 October 2018 0 32814

Baker Hughes has acquired a 5% stake in ADNOC Drilling, a subsidiary of Abu Dhabi National Oil Co. (ADNOC), for $550 million.

The agreement puts Baker Hughes in line for contracts that will form part of Abu Dhabi’s conventional and unconventional gas development programme.

The transaction is scheduled to close before the end of 2018.