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Tags: ML | Abu Dhabi | Oil

GE Firm Buys 5-percent Stake in Abu Dhabi's State Driller

Monday, 08 October 2018 03:38 AM

DUBAI, United Arab Emirates (AP) — A subsidiary of General Electric Co. has agreed to purchase a 5-percent stake in the drilling arm of Abu Dhabi's state oil company for $550 million.

The deal announced on Monday with Baker Hughes values the drilling subsidiary of Abu Dhabi National Oil Co. at around $11 billion. ADNOC says that valuation includes some $1 billion in debt.

It also marks the first time Abu Dhabi has sold a stake in its businesses to a foreign interest.

ADNOC Drilling operates over 90 drilling rigs, making it the Mideast's largest drilling company.

Overall, ADNOC produces some 3 million barrels of crude oil and 10.5 billion cubic feet of natural gas a day.

Baker Hughes is headquartered in Houston, while GE is based in Boston.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
A subsidiary of General Electric Co. has agreed to purchase a 5-percent stake in the drilling arm of Abu Dhabi's state oil company for $550 million.The deal announced on Monday with Baker Hughes values the drilling subsidiary of Abu Dhabi National Oil Co. at around $11...
ML,Abu Dhabi,Oil
128
2018-38-08
Monday, 08 October 2018 03:38 AM
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