Venture aims at ADNOC Drilling expansion

Abu Dhabi National Oil Co. said a strategic partnership agreement it has signed with Baker Hughes, a GE company, aims at expanding ADNOC Drilling into a “fully integrated drilling and well-construction provider.”

Baker Hughes agreed to acquire 5% of ADNOC Drilling. It will be the partnership’s sole provider of proprietary equipment and technologies.

ADNOC said the agreement represents the first time a strategic partner has acquired a direct equity stake in one of its existing services businesses.