Baker Hughes said on Monday it signed a deal to sell its oilfield services (OFS) business in Russia to the local management team, months after stopping new investments in the country following its invasion of Ukraine.
The oilfield services provider did not provide financial details on the deal, which, the company said, was expected to close in the second half of 2022.
Baker said the new business will operate independently and assume all OFS Russia assets, liabilities and commercial obligations.
Last month, Baker reported a non-operating loss of $426 million related to its oilfield services unit in Russia at the end of the second quarter.
Revenue from the unit also declined 51% sequentially to $60 million, leading to meaningful cost under-absorption, the company said in July.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)