Baker Hughes Announces February 2008 Rig Counts

HOUSTON, March 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; EBS) announced today that the international rig count for February 2008 was 1,032, down 21 from the 1,053 counted in January 2008, and up 51 from the 981 counted in February 2007. The international offshore rig count for February 2008 was 275, down 16 from the 291 counted in January 2008 and down 11 from the 286 counted in February 2007.

The US rig count for February 2008 was 1,765, up 16 from the 1,749 counted in January 2008 and up 29 from the 1,736 counted in February 2007. The Canadian rig count for February 2008 was 620, up 126 from the 494 counted in January 2008 and down 15 from the 635 counted in February 2007.

The worldwide rig count for February 2008 was 3,417, up 121 from the 3,296 counted in January 2008 and up 65 from the 3,352 counted in February 2007.

    February 2008 Rotary Rig Counts

                       February 2008           January 2008    February 2007
                     Land  OS   Total  Var.  Land  OS   Total Land  OS  Total
    =========================================================================
      Europe           46   35     81   (12)   48   45     93    27   47   74
      Middle East     243   29    272    (3)  241   34    275   223   29  252
      Africa           42   16     58   (10)   52   16     68    52   12   64
      Latin America   299   74    373     8   291   74    365   276   84  360
      Asia Pacific    127  121    248    (4)  130  122    252   117  114  231
    International     757  275   1032   (21)  762  291   1053   695  286  981

      United States  1709   56   1765    16  1690   59   1749  1651   85 1736
      Canada          619    1    620   126   492    2    494   633    2  635
    North America    2328   57   2385   142  2182   61   2243  2284   87 2371
    -------------------------------------------------------------------------
    Worldwide        3085  332   3417   121  2944  352   3296  2979  373 3352



    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.

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 is 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.

Contacts:

Gary R. Flaharty (713) 439-8039

H. Gene Shiels (713) 439-8822

SOURCE  Baker Hughes Incorporated
    -0-                             03/07/2008
    /CONTACT:  Gary R. Flaharty, +1-713-439-8039, or H. Gene Shiels,
+1-713-439-8822, both of Baker Hughes Incorporated/
    /Web site:  http://www.bakerhughes.com /
    (BHI)

CO:  Baker Hughes Incorporated
ST:  Texas
IN:  OIL
SU:

WB-EC
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7589 03/07/2008 06:00 EST http://www.prnewswire.com