Baker Hughes to sell Russia oilfield services business to local team
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Baker Hughes (NASDAQ:BKR) said on Monday it agreed to sell its oilfield services business in Russia to its local management team for an undisclosed sum.
The company previously had announced the suspension of new investments for its Russia operations.
Baker Hughes (BKR) says the new business will operate independently, including with an independent brand, and it will assume all current OFS Russia assets, liabilities and commercial obligations.
Baker Hughes (BKR) recently reported Q2 results that fell far short of Wall Street expectations, including a net loss that ballooned to $839M from a $68M loss a year earlier.