• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

Baker Hughes to sell Russian oilfield services unit

August 1, 20228:15 AM Reuters

Russian oil well
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)

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Oil output in Permian to rise to record high in September
  • U.S. natural gas futures down 1% on rising output, lower demand
  • Pembina Pipeline Corporation announces closing of transaction and creation of Pembina Gas Infrastructure
  • Oil prices fall as China data disappoints
  • Column: OPEC, IEA oil demand views converging, optimistic over risks

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.