Baker Hughes Announces February 2001 Rig Counts

HOUSTON--(BUSINESS WIRE)--March 7, 2001--

           International Rig Count Up 2% from January 2001;
                        Up 30% from 1 year ago

             Worldwide Rig Count Up 2% from January 2001;
                        Up 30% from 1 year ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for February 2001 was 732, up 15 from the 717 counted in January 2001 and up 170 from the 562 counted in February 2000. The international offshore rig count for February 2001 was 207, up 1 from the 206 counted in January 2001, and up 53 from the 154 counted in February 2000.

The US rig count for February 2001 was 1,136 up 18 from the 1,118 counted in January 2001, and up 373 from the 763 counted in February 2000. The Canadian rig count for February 2001 was 562, up 23 from the 539 counted in January 2001 and up 18 from the 544 counted in February 2000.

The Worldwide rig count for February 2001 was 2,430 up 56 from the 2,374 counted in January 2001 and up 561 from the 1,869 counted in February 2000.

February 2001 Rotary Rig Counts

                February 2001          January 2001     February 2000
               ----------------      ----------------  ---------------
               Land   OS  Total Var  Land   OS  Total  Land   OS Total
----------------------------------------------------------------------
 Europe          34   56    90   3     34   53    87     36   36    72
 Middle East    149   25   174  (6)   150   30   180    122   19   141
 Africa          31   21    52   0     29   23    52     25   13    38
 Latin America  215   49   264  11    208   45   253    150   33   183
 Asia Pacific    96   56   152   7     90   55   145     75   53   128
International   525  207   732  15    511  206   717    408  154   562
 US             973  163 1,136  18    945  173 1,118    641  122   763
 Canada         556    6   562  23    533    6   539    539    5   544
N. America    1,529  169 1,698  41  1,478  179 1,657  1,180  127 1,307
----------------------------------------------------------------------
Worldwide     2,054  376 2,430  56  1,989  385 2,374  1,588  281 1,869
======================================================================


February 2001 Workover Rig Counts

                  February 2001   Var.   January 2001   February 2000
----------------------------------------------------------------------
  US                  1,208        35        1,173          1,037
  Canada                415         4          411            401
----------------------------------------------------------------------
North America         1,623        39        1,584          1,438
======================================================================

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 the 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 Web site 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

--30--BMD/ho*

CONTACT: Baker Hughes Incorporated, Houston
Gary R. Flaharty, 713/439-8039
gary.flaharty@bakerhughes.com
or
Kyle J. Leak, 713/439-8042
Kyle.leak@bakerhughes.com