GE to Sell Portion of Stake in Baker Hughes

Tuesday, November 13, 2018

General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.

GE, which bought Baker Hughes in July 2017, has made organizational and financial changes to lower its debt and focus on its core businesses of jet engines, power plants and renewable energy.

On Monday, GE Chief Executive Officer Larry Culp said the company will sell assets with "urgency" to reduce its high debt, as GE shares tumbled as much as 10 percent and the cost of insuring its debt hit a six-year high.

GE said in June it would sell its stake in Baker Hughes over the next two to three years.

As part of the deal, Baker Hughes will buy back another part of GE's stake. GE currently owns 62.2 percent of the company.

The transactions are expected to maintain GE's stake in Baker Hughes above 50 percent, the companies said in a statement.


(Reporting by John Benny; Editing by Saumyadeb Chakrabarty and Sai Sachin Ravikumar)

Categories: Technology Finance People Mergers & Acquisitions Drilling Engineering Industry News

Related Stories

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

CNOOC Puts Into Production New Oil Field in South China Sea

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Eneos Scoops Jack-Up Drilling Contract Offshore Vietnam

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Shell Hires Noble’s Drillship for Work in Southeast Asia

ADNOC Secures LNG Supply Deal with India's BPCL

Japan's Mitsui Eyes Alaska LNG Project

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

Current News

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com