Baker Hughes Announces January 2005 Rig Counts

International Rig Count Down 1% From December 2004; Up 7% From One Year Ago; Worldwide Rig Count Up 4% From December 2004; Up 8% From One Year Ago

HOUSTON, Feb 07, 2005 /PRNewswire-FirstCall via COMTEX/ -- Baker Hughes Incorporated (NYSE: BHI) announced today that the international rig count for January 2005 was 860, down nine from the 869 counted in December 2004, and up 58 from the 802 counted in January 2004. The international offshore rig count for January 2005 was 234, down 14 from the 248 counted in December 2004, and unchanged from the 234 counted in January 2004.

The US rig count for January 2005 was 1,255, up nine from the 1,246 counted in December 2004 and up 154 from the 1,101 counted in January 2004. The Canadian rig count for January 2005 was 550, up 110 from the 440 counted in December 2004 and down four from the 554 counted in January 2004.

The worldwide rig count for January 2005 was 2,665, up 110 from the 2,555 counted in December 2004 and up 208 from the 2,457 counted in January 2004.

January 2005 Rotary Rig Counts

                      January 2005           December 2004     January 2004
                    ---------------         --------------   ---------------
                    Land   OS Total   Var.  Land  OS Total   Land   OS Total
    ------------------------------------------------------------------------
     Europe           24   33    57   (6)    27   36    63     33   36    69
     Middle East     210   32   242   (5)   210   37   247    187   35   222
     Africa           37   13    50   (3)    37   16    53     36   12    48
     Latin America   246   61   307    1    243   63   306    204   69   273
     Asia Pacific    109   95   204    4    104   96   200    108   82   190
    International    626  234   860   (9)   621  248   869    568  234   802
     United States 1,152  103 1,255    9  1,140  106 1,246  1,001  100 1,101
     Canada          547    3   550  110    436    4   440    549    5   554
    North America  1,699  106 1,805  119  1,576  110 1,686  1,550  105 1,655
    ------------------------------------------------------------------------
    Worldwide      2,325  340 2,665  110  2,197  358 2,555  2,118  339 2,457
    ========================================================================



     January 2005 Workover Rig Counts

                     January 2005      Var.     December 2004    January 2003
    -------------------------------------------------------------------------
      United States      1,264         (16)         1,280             1,182
      Canada               770          18            752               767
    -------------------------------------------------------------------------
    North America        2,034           2          2,032             1,949
    =========================================================================

    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

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

SOURCE Baker Hughes Incorporated