Baker Hughes has signed an agreement to sell its oilfield services business in Russia (OFS Russia) to its local management team, following its previously announced suspension of new investments for its Russia operations.
The new business will operate independently of Baker Hughes – including an independent brand – and it will assume all current OFS Russia assets, liabilities and commercial obligations.
The transaction is expected to close in the second half of 2022, subject to the approval of local authorities.
Baker Hughes is committed to supporting its employees throughout this process and ensuring an orderly transfer for its customers and relevant parties, a company statement said. – TradeArabia News Service