BHGE to buy a 5 percent stake in the ADNOC drilling division


One of the world's largest American oilfield services companies, Baker Hughes, a GE announced that it intends to acquire a 5% stake in ADNOC Drilling, a drilling division of the Abu Dhabi National Oil Company, for $550 million, writes. The American company BHGE, 62.5% of shares of which have been owned by General Electric since July 2017, estimated the division at 11 billion dollars. ADNOC CEO Sultan Ahmed Al Jaber noted that the partnership with BHGE would allow Abu Dhabi to offer its integrated drilling services outside the UAE, increase profitability, and also enable the exchange of technologies. It is expected that the deal, already approved by the boards of directors of both companies, will be completed in the fourth quarter of this year.

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