Baker Hughes Announces January 2004 Rig Counts

International Rig Count Down One Rig From December 2003; Up 9% From One Year Ago Worldwide Rig Count Up 5% From December 2003; Up 19% From One Year Ago

HOUSTON, Feb 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for January 2004 was 802, down one from the 803 counted in December 2003, and up 68 from the 734 counted in January 2003. The international offshore rig count for January 2004 was 227, down 20 from the 247 counted in December 2003, and up 14 from the 213 counted in January 2003.

The US rig count for January 2004 was 1,101, down 13 from the 1,114 counted in December 2003 and up 247 from the 854 counted in January 2003. The Canadian rig count for January 2004 was 554, up 137 from the 417 counted in December 2003 and up 76 from the 478 counted in January 2003.

The worldwide rig count for January 2004 was 2,457 up 123 from the 2,334 counted in December 2003 and up 391 from the 2,066 counted in January 2003.

     January 2004 Rotary Rig Counts

                      January 2004           December 2003     January 2003
                     ---------------         --------------   ---------------
                     Land   OS Total   Var.  Land  OS Total   Land   OS Total
    -------------------------------------------------------------------------
     Europe            33   36    69  (14)    36   47    83     37   47    84
     Middle East      187   35   222    5    183   34   217    175   35   210
     Africa            36   12    48  (14)    38   24    62     37   16    53
     Latin America    211   62   273    9    197   67   264    166   45   211
     Asia Pacific     108   82   190   13    102   75   177    106   70   176
    International     575  227   802   (1)   556  247   803    521  213   734
     United States  1,001  100 1,101  (13) 1,009  105 1,114    743  111   854
     Canada           549    5   554  137    412    5   417    475    3   478
    North America   1,550  105 1,655  124  1,421  110 1,531  1,218  114 1,332
    -------------------------------------------------------------------------
    Worldwide       2,125  332 2,457  123  1,977  357 2,334  1,739  327 2,066
    =========================================================================

     January 2004 Workover Rig Counts

                        January 2004   Var.   December 2003  January 2002
    -------------------------------------------------------------------------
     United States         1,182        20         1,162           989
     Canada                  767       463           304           489
    -------------------------------------------------------------------------
    North America          1,949       483         1,466         1,478
    =========================================================================

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

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
http://www.bakerhughes.com