HOUSTON, July 18 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI) announced today that Ray A. Ballantyne, President of INTEQ, has decided to retire after 30 years of service with the company. Martin S. Craighead, President of Baker Atlas, will succeed Mr. Ballantyne as President of INTEQ. David H. Barr, Group President, Drilling and Evaluation will assume the additional responsibilities for Baker Atlas until we conclude a search for Mr. Craighead's successor. The management changes will be effective August 1, 2005.
James R. "Rod" Clark, Baker Hughes President and Chief Operating Officer, said, "Under Ray Ballantyne's leadership, INTEQ has introduced new products and technologies and significantly improved its financial performance, positioning INTEQ as a leader in the directional drilling, measurement-while- drilling, and logging-while-drilling businesses. Ray has built a strong management team at INTEQ which will continue to guide it in its future growth. We wish Ray all the best in his retirement."
Mr. Clark continued, "Martin Craighead brings a strong technical background to INTEQ along with a strong and growth oriented leadership style. His experience in wireline formation evaluation will help INTEQ continue to deliver best-in-class solutions for drilling and evaluation."
Ray A. Ballantyne, 55, will retire from the company on August 1, 2005. Mr. Balantyne has served as president of INTEQ since 1999. Prior to his service at INTEQ he was vice president of marketing, technology and business development, Baker Hughes Incorporated. He had been vice president-worldwide marketing for Baker Oil Tools and served as vice president-international operations for Baker Service Tools. He joined Baker Hughes in 1989 when it acquired Edeco, where he was chief executive officer. Mr. Ballantyne studied at Dundee College of Technology and Strathclyde University in Scotland.
Martin S. Craighead, 45, will become the President of INTEQ on August 1, 2005. Mr. Craighead joined the company in 1986 and has served Western Atlas and Baker Atlas in a number of operational positions, including assignments in Canada, Latin America, and Asia; as vice president of worldwide operations from 2003 to 2005; and as president of Baker Atlas since February 2005. Before he joined Baker Hughes, he was employed as a Research Engineer at BJ Services. He earned a Bachelor of Science degree from Pennsylvania State University in Petroleum and Natural Gas Engineering and a Master of Business Administration from Vanderbilt University.
Forward Looking Statements
This news release (and any oral statements) may contain forward-looking statements with in the meaning of Section 27A or the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Additional information and risk factors are contained in our Form 10-K for the fiscal year ended December 31, 2004 and other filings with the SEC about the risks and uncertainties that could cause actual results to be different. The company's SEC filings can be viewed at http://www.Bakerhughes.com . The company assumes no responsibility to update any of the information referenced in this news release.
Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.
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Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822