Baker Hughes Announces January 2002 Rig Counts

HOUSTON, Feb 7, 2002 (BUSINESS WIRE) --

International Rig Count down 1% from December 2001; Up 4% from 1 year ago; Worldwide Rig Count up 5% from December 2001; Down 15% from 1 year ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for January 2002 was 744, down 8 from the 752 counted in December 2001 and up 27 from the 717 counted in January 2001. The international offshore rig count for January 2002 was 235 up 13 from the 222 counted in December 2001 and up 29 from the 206 counted in January 2001.

The U.S. rig count for January 2002 was 867 down 34 from the 901 counted in December 2001 and down 251 from the 1,118 counted in January 2001. The Canadian rig count for January 2002 was 405 up 141 from the 264 counted in December 2001 and down 134 from the 539 counted in January 2001.

The worldwide rig count for January 2002 was 2,016 up 99 from the 1,917 counted in December 2001 and down 358 from the 2,374 counted in January 2001.

January 2002 Rotary Rig Counts
                 January 2002          December 2001     January 2001
               ----------------       ---------------   --------------
                Land   OS Total  Var  Land   OS Total   Land  OS Total
----------------------------------------------------------------------
 Europe           35   71   106    7    38   61    99     34  53    87
 Middle East     150   37   187   (1)  151   37   188    150  30   180
 Africa           30   20    50    5    27   18    45     29  23    52
 Latin America   184   46   230  (25)  208   47   255    208  45   253
 Asia Pacific    110   61   171    6   106   59   165     90  55   145
International    509  235   744   (8)  530  222   752    511 206   717
 US              741  126   867  (34)  780  121   901    945 173 1,118
 Canada          398    7   405  141   257    7   264    533   6   539
 N. America    1,139  133 1,272  107 1,037  128 1,165  1,478 179 1,657
----------------------------------------------------------------------
Worldwide      1,648  368 2,016   99 1,567  350 1,917  1,989 385 2,374
======================================================================
January 2002 Workover Rig Counts
                January 2002       Var.  December 2001   January 2001
---------------------------------------------------------------------
 US                    1,027       (72)          1,099          1,173
 Canada                  351        33             318            411
---------------------------------------------------------------------
North America          1,378       (39)          1,417          1,584
=====================================================================

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, Houston Gary R. Flaharty, 713/439-8039 gary.flaharty@bakerhughes.com or Kyle J. Leak, 713/439-8042 kyle.leak@bakerhughes.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.