Baker Hughes Announces May 2002 Rig Counts

International Rig Count Down 1% From April 2002; Down 5% From One Year Ago

Worldwide Rig Count Up 4% From April 2002; Down 25% From One Year Ago

HOUSTON, June 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for May 2002 was 718, down 8 from the 726 counted in April 2002 and down 34 from the 752 counted in May 2001. The international offshore rig count for May 2002 was 219 down 6 from the 225 counted in April 2002 and down 11 from the 230 counted in May 2001.

The US rig count for May 2002 was 826 up 76 from the 750 counted in April 2002 and down 408 from the 1,234 counted in May 2001. The Canadian rig count for May 2002 was 114 down 7 from the 121 counted in April 2002 and down 124 from the 238 counted in May 2001.

The worldwide rig count for May 2002 was 1,658 up 61 from the 1,597 counted in April 2002 and down 566 from the 2,224 counted in May 2001.

     May 2002 Rotary Rig Counts
                        May 2002               April 2002        May 2001
                     ---------------         --------------   ---------------
                     Land   OS Total   Var.  Land  OS Total   Land   OS Total
    -------------------------------------------------------------------------
      Europe           36   58    94   (7)    39   62   101     37   61    98
      Middle East     161   35   196   (1)   162   35   197    145   29   174
      Africa           34   22    56   (4)    35   25    60     31   24    55
      Latin America   158   42   200    0    158   42   200    219   49   268
      Asia Pacific    110   62   172    4    107   61   168     90   67   157
    International     499  219   718   (8)   501  225   726    522  230   752
      United States   720  106   826   76    645  105   750  1,064  170 1,234
      Canada          107    7   114   (7)   115    6   121    235    3   238
    North America     827  113   940   69    760  111   871  1,299  173 1,472
    --------------------------------------------------------------------------
    Worldwide       1,326  332 1,658   61  1,261  336 1,597  1,821  403 2,224

==========================================================================

     May 2002 Workover Rig Counts
                         May 2002     Var.    April 2002     May 2001
    --------------------------------------------------------------------------
      US                    983        (9)         991          1,216
      Canada                131        10          121            413
    --------------------------------------------------------------------------
    North America         1,114         1        1,113          1,629

==========================================================================

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
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SOURCE Baker Hughes Incorporated

-0- 06/07/2002

/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/investor/rig