Baker Hughes Announces February 2003 Rig Counts

HOUSTON, Mar 7, 2003 /PRNewswire-FirstCall via COMTEX/ --

International Rig Count Up 2% From January 2003; Up 5% From One Year Ago; Worldwide Rig Count Up 7% From January 2003; Up 12% From One Year Ago

Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for February 2003 was 752, up 18 from the 734 counted in January 2003, and up 36 from the 716 counted in February 2002. The international offshore rig count for February 2003 was 218, up five from the 213 counted in January 2003, and up four from the 214 counted in February 2002.

The US rig count for February 2003 was 907, up 53 from the 854 counted in January 2003 and up 82 from the 825 counted in February 2002. The Canadian rig count for February 2003 was 554, up 76 from the 478 counted in January 2003 and up 121 from the 433 counted in February 2002.

The worldwide rig count for February 2003 was 2,213, up 147 from the 2,066 counted in January 2003 and up 239 from the 1,974 counted in February 2002.

    February 2003 Rotary Rig Counts

                     February 2003           January 2003     February 2002
                    ---------------         --------------   ---------------
                    Land   OS Total   Var.  Land  OS Total   Land   OS Total
    ------------------------------------------------------------------------
      Europe          36   47    83   (1)    37   47    84     36   48    84
      Middle East    182   37   219    9    175   35   210    155   37   192
      Africa          38   17    55    2     37   16    53     31   23    54
      Latin America  173   42   215    4    166   45   211    179   44   223
      Asia Pacific   105   75   180    4    106   70   176    101   62   163
    International    534  218   752   18    521  213   734    502  214   716
      United States  798  109   907   53    743  111   854    702  123   825
      Canada         550    4   554   76    475    3   478    426    7   433
    North America  1,348  113 1,461  129  1,218  114 1,332  1,128  130 1,258
    ------------------------------------------------------------------------
    Worldwide      1,882  331 2,213  147  1,739  327 2,066  1,630  344 1,974
    ========================================================================


    February 2003 Workover Rig Counts

                        February 2003    Var.  January 2003   February 2002
    -------------------------------------------------------------------------
      United States         1,050        61    989           975
      Canada                  501        12         489           354
    --------------------------------------------------------------------------
    North America           1,551        73       1,478         1,329
    ==========================================================================
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
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