Baker Hughes Announces March 2002 Rig Counts; International Rig Count Up 3% from February 2002; Up 2% From 1 Year Ago

HOUSTON, Apr 5, 2002 (BUSINESS WIRE) --

Worldwide Rig Count Down 8% From February 2002; Down 22% From 1 Year Ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for March 2002 was 734, up 18 from the 716 counted in February 2002 and up 12 from the 722 counted in March 2001. The international offshore rig count for March 2002 was 225, up 11 from the 214 counted in February 2002 and up 18 from the 207 counted in March 2001.

The U.S. rig count for March 2002 was 763, down 62 from the 825 counted in February 2002 and down 401 from the 1,164 counted in March 2001. The Canadian rig count for March 2002 was 311, down 122 from the 433 counted in February 2002 and down 134 from the 445 counted in March 2001.

The worldwide rig count for March 2002 was 1,808, down 166 from the 1,974 counted in February 2002 and down 523 from the 2,331 counted in March 2001.

March 2002 Rotary Rig Counts
                 March 2002           February 2002      March 2001
               --------------         --------------   ---------------
               Land  OS Total   Var   Land  OS Total   Land  OS  Total
----------------------------------------------------------------------
Europe          37   56    93    9     36   48    84    41   49    90
Middle East    160   39   199    7    155   37   192   142   22   164
Africa          36   24    60    6     31   23    54    29   23    52
Latin America  177   44   221   (2)   179   44   223   212   55   267
Asia Pacific    99   62   161   (2)   101   62   163    91   58   149
International  509  225   734   18    502  214   716   515  207   722
U.S.           649  114   763  (62)   702  123   825   997  167 1,164
Canada         306    5   311 (122)   426    7   433   440    5   445
N. America     955  119 1,074 (184) 1,128  130 1,258 1,437  172 1,609
----------------------------------------------------------------------
Worldwide    1,464  344 1,808 (166) 1,630  344 1,974 1,952  379 2,331
======================================================================
March 2002 Workover Rig Counts
                        March 2002  Var.  February 2002   March 2001
----------------------------------------------------------------------
  U.S.                    972        (3)         975          1,193
  Canada                  324       (30)         354            413
----------------------------------------------------------------------
North America           1,296       (33)       1,329          1,606
======================================================================
    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 U.S. 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

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