Baker Hughes has signed an agreement to sell its Oilfield Service business in Russia (OFS Russia) to its local management team.
The agreement follows on from the company’s decision to suspend new investments for its Russia operation, and commitment to comply with applicable laws and sanctions.
The new business will operate independently of Baker Hughes, including taking on an independent brand, and will assume all current OFS Russia assets, liabilities and sanctions.
The transaction is expected to close in the second half of 2022, subject to the approval of local authorities.
The company is committed to supporting its employees throughout this process and ensuring an orderly transfer for its customers and relevant parties.
For more information visit www.bakerhughes.com