Baker Hughes acquires 5% of ADNOC Drilling for $550 mln

General Electric Co's unit Baker Hughes has acquired five percent stake in Abu Dhabi National Oil Company's (ADNOC) drilling subsidiary for $550 million, the UAE oil major said in a tweet on Monday.

The agreement strengthens ADNOC's position to drill in the market and supports its endeavors to take advantage of new opportunities, it said.

The transaction values ADNOC Drilling at nearly $11 billion with Baker Hughes receiving a seat on ADNOC Drilling's board of directors.