Baker Hughes announced that it would sell its oilfield services business in Russia to the local management team, Reuters reported.
Financial details of the deal were not provided by the oilfield services provider. The move comes months after Baker Hughes announced it was suspending new investments in its Russia operations.
According to Baker Hughes, the new business will operate independently from Baker Hughes and assume all OFS Russia assets and liabilities.
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.