GE set to offload remaining oil field services stake in Baker Hughes by 2023
30 July, 2020
Baker Hughes is set to gain a 36.6% stake of General Electric's (GE) oil field services programme within a period of three years.
Taking up the programme will allow the company to offload a substantial non-core asset, redeploy capital, improve financial flexibility, and boost its balance sheet.
The proceeds from the potential transactions related to the sale will be utilised for further debt relief in the wake of a challenging second quarter of 2020 in which the US conglomerate was hit by a net loss of US$2.13bn.