Oilfield services firm Baker Hughes announced on Monday that it has signed an agreement to sell its unit in Russia to local investors. The decision comes just months after new investment in the country was halted as a result of Russia’s invasion of Ukraine.
The oil services provider did not provide details on the financial side of the deal, which it estimates will close in the second half of 2022.
Baker Hughes added that the new business will operate independently and take over all oilfield assets in Russia as well as the commercial and other obligations of its Russian unit.
It is recalled that last month, Baker Hughes announced a non-operating loss of 426 million euros for the second quarter of the year, related to its oil services unit in Russia. That unit’s revenue was also down 51% to $60 million.
Source: Capital
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