Baker Hughes Announces April 2003 Rig Counts

International Rig Count Up 3% From March 2003; Up 6% From One Year Ago;

Worldwide Rig Count Down 11% From March 2003; Up 19% From One Year Ago

HOUSTON, May 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for April 2003 was 770, up 23 from the 747 counted in March 2003, and up 44 from the 726 counted in April 2002. The international offshore rig count for April 2003 was 224, up 16 from the 208 counted in March 2003, and down one from the 225 counted in April 2002.

The US rig count for April 2003 was 983, up 42 from the 941 counted in March 2003 and up 233 from the 750 counted in April 2002. The Canadian rig count for April 2003 was 151, down 298 from the 449 counted in March 2003 and up 30 from the 121 counted in April 2002.

The worldwide rig count for April 2003 was 1,904, down 233 from the 2,137 counted in March 2003 and up 307 from the 1,597 counted in April 2002.

 April 2003 Rotary Rig Counts

                        April 2003 March 2003 April 2002
                     ---------------         --------------   ---------------
                     Land   OS Total  Var.  Land   OS Total   Land   OS Total
    -------------------------------------------------------------------------
      Europe           33   50    83    4     36   43    79     39   62   101
      Middle East     176   31   207   (3)   180   30   210    162   35   197
      Africa           39   21    60    5     37   18    55     35   25    60
      Latin America   187   51   238   12    179   47   226    158   42   200
      Asia Pacific    111   71   182    5    107   70   177    107   61   168
    International     546  224   770   23    539  208   747    501  225   726
      United States   878  105   983   42    836  105   941    645  105   750
      Canada          149    2   151 (298)   446    3   449    115    6   121
    North America   1,027  107 1,134 (256) 1,282  108 1,390    760  111   871
    -------------------------------------------------------------------------
    Worldwide       1,573  331 1,904 (233) 1,821  316 2,137  1,261  336 1,597
    =========================================================================


     April 2003 Workover Rig Counts

                         April 2003    Var.   March 2003 April 2002
    -------------------------------------------------------------------------
      United States         1,145        37       1,108           992
      Canada                  123      (309)        432           121
    -------------------------------------------------------------------------
    North America           1,268      (272)      1,540         1,113
    =========================================================================

    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
    -0-                             05/07/2003
    /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/
    /Web site:  http://www.bakerhughes.com/investor/rig http://www.bakerhughes.com /
    (BHI)

CO:  Baker Hughes Incorporated
ST:  Texas
IN:  OIL
SU: