Baker Hughes Announces June 2002 Rig Counts

HOUSTON, Jul 9, 2002 --

International Rig Count Up 2% From May 2002; Down 4% From One Year Ago; Worldwide Rig Count Up 7% From May 2002; Down 24% From One Year Ago

Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for June 2002 was 730 up 12 from the 718 counted in May 2002 and down 30 from the 760 counted in June 2001. The international offshore rig count for June 2002 was 232 up 13 from the 219 counted in May 2002 and unchanged from the 232 counted in June 2001.

The US rig count for June 2002 was 843 up 17 from the 826 counted in May 2002 and down 428 from the 1,271 counted in June 2001. The Canadian rig count for June 2002 was 205 up 91 from the 114 counted in May 2002 and down 97 from the 302 counted in June 2001.

The worldwide rig count for June 2002 was 1,778 up 120 from the 1,658 counted in May 2002 and down 555 from the 2,333 counted in June 2001.

    June 2002 Rotary Rig Counts

                        June 2002              May 2002         June 2001
                    ----------------       -----------------  ----------------
                    Land  OS  Total  Var.  Land   OS   Total  Land  OS   Total
    --------------------------------------------------------------------------
      Europe         34   53     87   (7)    36   58     94     34   65     99
      Middle East   163   38    201    5    161   35    196    149   30    179
      Africa         30   24     54   (2)    34   22     56     33   24     57
      Latin America 170   46    216   16    158   42    200    216   49    265
      Asia Pacific  101   71    172    0    110   62    172     96   64    160
    International   498  232    730   12    499  219    718    528  232    760
      United States 734  109    843   17    720  106    826  1,108  163  1,271
      Canada        197    8    205   91    107    7    114    300    2    302
    North America   931  117  1,048  108    827  113    940  1,408  165  1,573
    --------------------------------------------------------------------------
    Worldwide     1,429  349  1,778  120  1,326  332  1,658  1,936  397  2,333
    ==========================================================================


    June 2002 Workover Rig Counts

                             June 2002    Var.     May 2002        June 2001
    --------------------------------------------------------------------------
      United States            1,006       23         983            1,197
      Canada                     209       78         131              311
    --------------------------------------------------------------------------
    North America              1,215      101       1,114            1,508
    ==========================================================================
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

CONTACT:          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

URL:              http://www.bakerhughes.com/investor/rig