Baker Hughes Announces August 2002 Rig Counts

HOUSTON, Sep 9, 2002 --

International Rig Count Up 2% From July 2002; Down 4% From One Year Ago Worldwide Rig Count Down 2% From July 2002; Down 23% From One Year Ago

Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for August 2002 was 722, up 17 from the 705 counted in July 2002, and down 33 from the 755 counted in August 2001. The international offshore rig count for August 2002 was 222, up eight from the 214 counted in July 2002, and up three from the 219 counted in August 2001.

The US rig count for August 2002 was 848, down three from the 851 counted in July 2002, and down 404 from the 1,252 counted in August 2001. The Canadian rig count for August 2002 was 235, down 31 from the 266 counted in July 2002, and down 90 from the 325 counted in August 2001.

The worldwide rig count for August 2002 was 1,805, down 17 from the 1,822 counted in July 2002 and down 527 from the 2,332 counted in August 2001.

     August 2002 Rotary Rig Counts
                         August 2002            July 2002        August 2001
                       ---------------        --------------   ---------------
                     Land  OS   Total  Var. Land  OS   Total  Land   OS  Total
    --------------------------------------------------------------------------

      Europe          31   48     79    1    34   44     78     34   56     90
      Middle East    169   34    203    2   165   36    201    151   37    188
      Africa          33   27     60    5    30   25     55     28   24     52
      Latin America  161   45    206    7   154   45    199    221   44    265
      Asia Pacific   106   68    174    2   108   64    172    102   58    160
    International    500  222    722   17   491  214    705    536  219    755
      United States  736  112    848   (3)  740  111    851  1,105  147  1,252
      Canada         227    8    235  (31)  257    9    266    319    6    325
    North America    963  120  1,083  (34)  997  120  1,117  1,424  153  1,577
    --------------------------------------------------------------------------

    Worldwide      1,463  342  1,805  (17) 1,488 334  1,822  1,960  372  2,332

    ==========================================================================


     August 2002 Workover Rig Counts
                        August 2002    Var.   July 2002   August 2001
    --------------------------------------------------------------------------
      United States        1,050       14       1,036        1,303
      Canada                 243        0         243          355
    --------------------------------------------------------------------------
    North America          1,293       14       1,279        1,658

    ==========================================================================

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

URL: http://www.bakerhughes.com/investor/rig
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