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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Baker Hughes to Pay $550 Million for 5 Percent Stake in Adnoc

Baker Hughes is working across the region including in Saudi Arabia and Egypt’s supergiant Zohr gasfield in the Mediterranean.

Deal with US oilfield services provider values Adnoc Drilling at $11 billion and will position the company for growth including expansion outside of the UAE

Oil services provider Baker Hughes will pay $550 million for a five per cent stake in Adnoc’s drilling subsidiary as part of a partnership aimed at capitalizing on the efficiencies that can be achieved from the GE company’s expertise and on growing the business including expansion into other markets in the Middle East.

The landmark deal, which values the drilling business at $11 billion, represents the first time that Adnoc has sold a direct interest in one of its existing services units to an international company.

Baker Hughes is working across the region including in Saudi Arabia and Egypt’s supergiant Zohr gasfield in the Mediterranean.

Adnoc Drilling, established as the National Drilling Company in 1972, describes itself as the largest drilling company in the Middle East and operates a fleet of more than 90 onshore and offshore rigs.

 

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