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Investor Relations
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FinancialNews
09-10-18
ADNOC, Baker Hughes ink cooperation agreement
(MENAFN) The UAE's Abu Dhabi National Oil Company (ADNOC) inked a cooperation agreement with the US Baker Hughes.
The strategic partnership agreement is to back ADNOC Drilling in its growth as a drilling and well construction provider.
The American oil service company, under the deal, is to purchase a stake of 5 percent in the subsidiary of ADNOC.
This purchase deal is to be valuing ADNOC Drilling at around USD11 billion, ADNOC confirmed in an e-mailed statement.
Baker Hughes is to be the single supplied of a proprietary landmark and differentiated tool and technologies involving the integrated drilling offering.
MENAFN0910201800450000ID1097543786
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