US firm reportedly in talks over Adnoc drilling stake

23 May 2018
Energy services company eyeing minority share in Abu Dhabi oil giant’s drilling unit

US energy services firm Baker Hughes, a GE Company (BHGE), is reportedly in talks with Abu Dhabi National Oil Company (Adnoc) over a partnership that could lead to BHGE taking a minority stake in Adnoc’s drilling unit, according to a Bloomberg report.

Adnoc is said to be working with US financial advisory firm Moelis & Co and is also in discussions with other companies about potential alliances, Bloomberg reports. No final decisions have been made and the discussions may not result in an agreement.

Adnoc’s drilling unit, established in 1972, is the largest in the Middle East and operates a fleet of rigs that includes 63 land rigs, 21 jackup rigs and 11 island rigs, according to its website. It also provides drilling and various other services to Adnoc’s other divisions.

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