Baker Hughes Announces February 2006 Rig Counts

HOUSTON, March 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; EBS) announced today that the international rig count for February 2006 was 885, down 20 from the 905 counted in January 2006, and up nine from the 876 counted in February 2005. The international offshore rig count for February 2006 was 267, up four from the 263 counted in January 2006 and up 14 from the 253 counted in February 2005.

Excluding Iran and Sudan, the international rig count for February 2006 was 885, down 20 from the 905 counted in January 2006, and up 70 from the 815 counted in February 2005.(1) The international offshore rig count for February 2006 was 267, up four from the 263 counted in January 2006 and up 23 from the 244 counted in February 2005.

The US rig count for February 2006 was 1,533 up 60 from the 1,473 counted in January 2006 and up 257 from the 1,276 counted in February 2005. The Canadian rig count for February 2006 was 715, up 55 from the 660 counted in January 2005 and up 122 from the 593 counted in February 2005.

The worldwide rig count for February 2006 was 3,133 up 95 from the 3,038 counted in January 2006 and up 388 from the 2,745 counted in February 2005. Excluding Iran and Sudan, the worldwide rig count for February 2006 was 3,133 up 95 from the 3,038 counted in January 2006 and up 449 from the 2,684 counted in February 2005.(1)



    February 2006 Rotary Rig Counts

                      February 2006          January 2006       February 2005
                    Land    OS Total Var.  Land   OS  Total   Land   OS  Total
    --------------------------------------------------------------------------

      Europe          29    56    85    4    27   54     81     24   30     54
      Middle East    183    29   212    2   182   28    210    204   28    232
      Africa          36    13    49    2    38    9     47     36   17     53
      Latin America  248    61   309  -14   262   61    323    249   68    317
      Asia Pacific   122   108   230  -14   133  111    244    110  110    220
                     ---   ---   ---  ---   ---  ---    ---    ---  ---    ---
    International    618   267   885  -20   642  263    905    623  253    876

      United States 1454    79  1533   60  1396   77   1473   1172  104   1276
      Canada         712     3   715   55   656    4    660    590    3    593
                     ---   ---   ---  ---   ---  ---    ---    ---  ---    ---
    North America   2166    82  2248  115  2052   81   2133   1762  107   1869
    --------------------------------------------------------------------------
    Worldwide       2784   349  3133   95  2694  344   3038   2385  360   2745



    February 2006 Totals excluding Iran and Sudan

                      February 2006          January 2006       February 2005
                    Land    OS Total  Var. Land   OS  Total   Land   OS  Total
    --------------------------------------------------------------------------
      Middle East    183    29   212    2   182   28    210    152   19    171
                     ---   ---   ---  ---   ---  ---    ---    ---  ---    ---
    International    618   267   885  -20   642  263    905    571  244    815

      US            1454    79  1533    6  1396   77   1473   1172  104   1276
      Canada         712     3   715   55   656    4    660    590    3    593
                     ---   ---   ---  ---   ---  ---    ---    ---  ---    ---
    Worldwide
     Total          2784   349  3133   95  2694  344   3038   2333  351   2684

     (1) Beginning with the January 2006 report, the company has discontinued
         its rig count for Iran and Sudan.  In the third quarter of 2005, our
         independent foreign subsidiaries initiated a process to prohibit any
         business activity that directly or indirectly involves or facilitates
         transactions in Iran, Sudan or with their governments, including
         government-controlled companies operating outside of these countries.



    February 2006 Workover Rig Counts

                      February 2006     Var.    January 2006     February 2005
    --------------------------------------------------------------------------
      United States       1535           29          1506             1261
      Canada               821            9           812              820
                           ---          ---           ---              ---
    North America         2356           38          2318             2081


    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 is 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

Contacts:
Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822

SOURCE: Baker Hughes Incorporated