Baker Hughes Announces November 2002 Rig Counts

International Rig Count Up 2% From October 2002; Up 3% From One Year Ago;

Worldwide Rig Count Up 3% From October 2002; Down 7% From One Year Ago

HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for November 2002 was 760, up 14 from the 746 counted in October 2002, and up 19 from the 741 counted in November 2001. The international offshore rig count for November 2002 was 237, up two from the 235 counted in October 2002, and up 17 from the 220 counted in November 2001.

The US rig count for November 2002 was 834, down 18 from the 852 counted in October 2002 and down 166 from the 1,000 counted in November 2001. The Canadian rig count for November 2002 was 281, up 61 from the 220 counted in October 2002 and up 15 from the 266 counted in November 2001.

The worldwide rig count for November 2002 was 1,875, up 57 from the 1,818 counted in October 2002 and down 132 from the 2,007 counted in November 2001.

November 2002 Rotary Rig Counts

                      November 2002           October 2002     November 2001
                     ---------------         --------------   ---------------
                     Land   OS Total   Var.  Land  OS Total   Land   OS Total
    -------------------------------------------------------------------------
      Europe           30   58    88    5     30   53    83     40   59    99
      Middle East     178   32   210   (4)   175   39   214    148   34   182
      Africa           37   22    59   (4)    36   27    63     28   21    49
      Latin America   173   57   230   18    163   49   212    208   45   253
      Asia Pacific    105   68   173   (1)   107   67   174     97   61   158
    International     523  237   760   14    511  235   746    521  220   741
      United States   724  110   834  (18)   740  112   852    866  134 1,000
      Canada          276    5   281   61    216    4   220    262    4   266
    North America   1,000  115 1,115   43    956  116 1,072  1,128  138 1,266
    -------------------------------------------------------------------------
    Worldwide       1,523  352 1,875   57  1,467  351 1,818  1,649  358 2,007

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

November 2002 Workover Rig Counts

                      November 2002    Var.  October 2002    November 2001
    ------------------------------------------------------------------------
      United States       1,054        48       1,006           1,144
      Canada                287        13         274             316
    ------------------------------------------------------------------------
    North America         1,341        61       1,280           1,460

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

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- 12/06/2002

/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