David Wethe, Bloomberg News
HOUSTON
EnergiesNet.com 08 02 2022
Baker Hughes Co. has become the second of the big three oilfield service providers to plan a sale of its Russian business to local employees following international sanctions after the invasion of Ukraine.
The No. 2 global crude contractor will sell its oilfield services unit in Russia to its local management team for an undisclosed price in a deal that’s expected to close in the second half, according to a statement Monday. The Houston-based company took a $365 million charge in the second quarter for the suspension of all oil drilling and other work in Russia.
Halliburton Co. said late last month it executed a non-binding letter of intent with its Russian employee group in May and is negotiating final sale documents. Schlumberger, the world’s biggest oilfield contractor, hasn’t gone as far as rivals to disengage from the oil and natural gas powerhouse. It says its unique corporate structure gives it flexibility to work in Russia while complying with sanctions.
The global oil market is closely monitoring Russia’s crude output and is trying to gauge how it will hold up over the long term without expertise from foreign partners, including oilfield service providers.
bloomberg.com 08 01 2022
