Baker Hughes Announces February 2002 Rig Counts

HOUSTON, Mar 8, 2002 (BUSINESS WIRE) --

International Rig Count down 4% from January 2002; Down 2% from 1 year ago; Worldwide Rig Count down 2% from January 2002; Down 19% from 1 year ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for February 2002 was 716, down 28 from the 744 counted in January 2002 and down 16 from the 732 counted in February 2001. The decrease in the February 2002 rig count compared to the January 2002 rig count was primarily due to weather-related declines in the North Sea where UK offshore rigs were down 12 and Norway offshore rigs were down 7. The international offshore rig count for February 2002 was 214 down 21 from the 235 counted in January 2002 and up 7 from the 207 counted in February 2001.

The US rig count for February 2002 was 825 down 42 from the 867 counted in January 2002 and down 311 from the 1,136 counted in February 2001. The Canadian rig count for February 2002 was 433 up 28 from the 405 counted in January 2002 and down 129 from the 562 counted in February 2001.

The worldwide rig count for February 2002 was 1,974 down 42 from the 2,016 counted in January 2002 and down 456 from the 2,430 counted in February 2001.

February 2002 Rotary Rig Counts
                 February 2002          January 2002     February 2001
                --------------         --------------   --------------
                Land  OS Total   Var   Land  OS Total   Land  OS Total
----------------------------------------------------------------------
 Europe          36   48    84  (22)    35   71   106    34   56    90
 Middle East    155   37   192    5    150   37   187   149   25   174
 Africa          31   23    54    4     30   20    50    31   21    52
 Latin America  179   44   223   (7)   184   46   230   215   49   264
 Asia Pacific   101   62   163   (8)   110   61   171    96   56   152
 International  502  214   716  (28)   509  235   744   525  207   732
 US             702  123   825  (42)   741  126   867   974  162 1,136
 Canada         426    7   433   28    398    7   405   556    6   562
N. America    1,128  130 1,258  (14) 1,139  133 1,272 1,530  168 1,698
----------------------------------------------------------------------
Worldwide     1,630  344 1,974  (42) 1,648  368 2,016 2,055  375 2,430
======================================================================
February 2002 Workover Rig Counts
                    February 2002   Var.  January 2002   February 2001
----------------------------------------------------------------------
  US                      975       (52)     1,027            1,208
  Canada                  354         3        351              415
----------------------------------------------------------------------
North America           1,329       (49)     1,378            1,623
======================================================================
    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 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
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

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