Baker Hughes Announces April 2002 Rig Counts

HOUSTON, May 7, 2002 --

International Rig Count Down 1% From March 2002; Down 2% From 1 Year Ago; Worldwide Rig Count Down 12% From March 2002; Down 26% From 1 Year Ago

Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for April 2002 was 726, down 8 from the 734 counted in March 2002 and down 16 from the 742 counted in April 2001. The international offshore rig count for April 2002 was 225 unchanged from the 225 counted in March 2002 and up 6 from the 219 counted in April 2001.

The US rig count for April 2002 was 750 down 13 from the 763 counted in March 2002 and down 456 from the 1,206 counted in April 2001. The Canadian rig count for April 2002 was 121 down 190 from the 311 counted in March 2002 and down 96 from the 217 counted in April 2001.

The worldwide rig count for April 2002 was 1,597 down 211 from the 1,808 counted in March 2002 and down 568 from the 2,165 counted in April 2001.

    April 2002 Rotary Rig Counts

                          April 2002           March 2002        April 2001
                       ---------------       ---------------   ---------------
                       Land  OS  Total  Var   Land  OS  Total  Land   OS Total
    --------------------------------------------------------------------------
        Europe          39   62   101    8     37   56    93     39   50    89
        Middle East    162   35   197   (2)   160   39   199    141   28   169
        Africa          35   25    60    0     36   24    60     32   28    60
        Latin America  158   42   200  (21)   177   44   221    218   52   270
        Asia Pacific   107   61   168    7     99   62   161     93   61   154
        International  501  225   726   (8)   509  225   734    523  219   742
        US             645  105   750  (13)   649  114   763  1,037  169 1,206
        Canada         115    6   121 (190)   306    5   311    211    6   217
      N. America       760  111   871 (203)   955  119 1,074  1,248  175 1,423
    --------------------------------------------------------------------------
     Worldwide       1,261  336 1,597 (211) 1,464  344 1,808  1,771  394 2,165
    ==========================================================================


    April 2002 Workover Rig Counts

                            April 2002   Var.    March 2002     April 2001
    -------------------------------------------------------------------------
      US                       992        20        972           1,216
      Canada                   121      (203)       324             413
    -------------------------------------------------------------------------
    North America            1,113      (183)     1,296           1,629
    =========================================================================
About the Baker Hughes Rig Counts

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets. Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of US and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. In 1987, Baker Oil Tools began its monthly workover rig count.

North American rig count data is scheduled to be released at noon central time on the last working day of each week. The international rig count and North American workover rig counts are scheduled to be released on the 5th working day of the month. Additional detailed information on the Baker Hughes rig counts are available from our website at http://www.bakerhughes.com/investor/rig .

Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

                     NOT INTENDED FOR BENEFICIAL HOLDERS

     Contact:
     Gary R. Flaharty (713) 439-8039
     gary.flaharty@bakerhughes.com
     Kyle J. Leak (713) 439-8042
     kyle.leak@bakerhughes.com

                    
SOURCE Baker Hughes Incorporated

CONTACT: Gary R. Flaharty, +1-713-439-8039, or gary.flaharty@bakerhughes.com , or Kyle J. Leak, +1-713-439-8042, or kyle.leak@bakerhughes.com , both of Baker Hughes Incorporated URL: http://www.bakerhughes.com/investor/rig