American Baker Hughes, one of the world’s largest oilfield services companies has announced its complete exit from the Russian market on August 1, following Russia’s invasion of Ukraine.
According to the statement, Baker Hughes is selling its business in Russia. The buyer – Russian managers of the company’s local representative office.
The financial terms of the arrangement are not disclosed, but it is known that not only all assets, but also liabilities and commercial obligations of the American company in Russia will be transferred to the new owner of the business.
As of the end of the second quarter of 2022, the non-operating loss of the Russian division of Baker Hughes amounted to $426 million. The company announced this in July this year.
Uaposition memo: The American company Baker Hughes was founded in 1907. It is engaged in the assessment of reserves, drilling and development of oil fields. The company has 54,000 employees in more than 120 countries. In the list of the largest American companies, Fortune 500, Baker Hughes took 170th place for this year. The total turnover of Baker Hughes last year exceeded more than $20 billion, and the operating profit reached almost $1.5 billion.
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