LONDON: Baker Hughes, the world’s second-largest oil services company, will take a 5% stake in Abu Dhabi National Oil Company’s (ADNOC) drilling unit for US$550mil under a tie-up.
Baker Hughes (BHGE) becomes the first foreign company to take a stake in one of state-owned ADNOC’s services companies under the agreement which values ADNOC Drilling at about US$11bil.
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