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American oil and gas field service company left the Russian Federation

One of the world’s largest oil field services companies is an American Baker Hughes announced a complete exit from the Russian market, Reuters reports.

According to message Baker Hughes sells its business in Russia. The buyer is the Russian managers of the local representative office of the company.

The financial terms of the deal were 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, non-operating damage to the Russian division of Baker Hughes amounted to $426 million. This was announced by the company in July this year.

American company Baker Hughes founded in 1907. It is engaged in the evaluation of reserves, drilling and development of oil fields. The company has 54 thousand employees in more than 120 countries around the world. In this year’s Fortune 500 list of America’s largest companies, Baker Hughes was ranked 170th. Baker Hughes’ total turnover exceeded more than $20 billion last year, and operating income reached nearly $1.5 billion.

Read also: A large German chain of construction supermarkets finally leaves the Russian Federation

Recall that earlier Finnish manufacturer of equipment for the energy market has completed its exit from the Russian market.

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