Baker Hughes Announces March 2003 Rig Counts

International Rig Count Down 1% From February 2003; Up 2% From One Year Ago;

Worldwide Rig Count Down 3% From February 2003; Up 18% From One Year Ago

HOUSTON, April 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for March 2003 was 747, down five from the 752 counted in February 2003, and up 13 from the 734 counted in March 2002. The international offshore rig count for March 2003 was 208, down 10 from the 218 counted in February 2003, and down 17 from the 225 counted in March 2002.

The US rig count for March 2003 was 941, up 34 from the 907 counted in February 2003 and up 178 from the 763 counted in March 2002. The Canadian rig count for March 2003 was 449, down 105 from the 554 counted in February 2003 and up 138 from the 311 counted in March 2002.

The worldwide rig count for March 2003 was 2,137, down 76 from the 2,213 counted in February 2003 and up 329 from the 1,808 counted in March 2002.

 March 2003 Rotary Rig Counts

                      March 2003 February 2003 March 2002
                    ---------------         --------------   ---------------
                    Land   OS Total   Var.  Land  OS Total   Land   OS Total
    ------------------------------------------------------------------------
      Europe          36   43    79   (4)    36   47    83     37   56    93
      Middle East    180   30   210   (9)   182   37   219    160   39   199
      Africa          37   18    55    0     38   17    55     36   24    60
      Latin America  179   47   226   11    173   42   215    177   44   221
      Asia Pacific   107   70   177   (3)   105   75   180     99   62   161
    International    539  208   747   (5)   534  218   752    509  225   734
      United States  836  105   941   34    798  109   907    649  114   763
      Canada         446    3   449 (105)   550    4   554    306    5   311
    North America  1,282  108 1,390  (71) 1,348  113 1,461    955  119 1,074
    ------------------------------------------------------------------------
    Worldwide      1,821  316 2,137  (76) 1,882  331 2,213  1,464  344 1,808
    ========================================================================


     March 2003 Workover Rig Counts

                        March 2003    Var.   February 2003 March 2002
    -------------------------------------------------------------------------
    United States         1,108        58        1,050          972
    Canada                  432       (69)        501           324
    -------------------------------------------------------------------------
    North America         1,540       (11)      1,551         1,296
    =========================================================================


    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
    -0-                             04/07/2003
    /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/
    /Web site:  http://www.bakerhughes.com /
    (BHI)

CO:  Baker Hughes Incorporated
ST:  Texas
IN:  OIL
SU:


AH-AP 
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1679 04/07/2003 01:00 EDT http://www.prnewswire.com