Baker Hughes Announces November 2003 Rig Counts

International Rig Count Down 1% From October 2003; Up 3% From One Year Ago;

Worldwide Rig Count Up 1% From October 2003; Up 23% From One Year Ago

HOUSTON, Dec. 5 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for November 2003 was 780, down 10 from the 790 counted in October 2003, and up 20 from the 760 counted in November 2002. The international offshore rig count for November 2003 was 230, down two from the 232 counted in October 2003, and down seven from the 237 counted in November 2002.

The US rig count for November 2003 was 1,112, up 10 from the 1,102 counted in October 2003 and up 278 from the 834 counted in November 2002. The Canadian rig count for November 2003 was 412, up 18 from the 394 counted in October 2003 and up 131 from the 281 counted in November 2002.

The worldwide rig count for November 2003 was 2,304 up 18 from the 2,286 counted in October 2003 and up 429 from the 1,875 counted in November 2002.

     November 2003 Rotary Rig Counts

                      November 2003           October 2003     November 2002
                     ---------------         --------------   ----------------
                     Land   OS Total   Var.  Land  OS Total   Land   OS Total
     -------------------------------------------------------------------------
       Europe          36   41    77   (3)    36   44    80     30   58    88
       Middle East    178   34   212    3    182   27   209    178   32   210
       Africa          32   19    51    0     33   18    51     37   22    59
       Latin America  204   65   269    3    201   65   266    173   57   230
       Asia Pacific   100   71   171  (13)   106   78   184    105   68   173
     International    550  230   780  (10)   558  232   790    523  237   760
       United
        States      1,006  106 1,112   10    996  106 1,102    724  110   834
       Canada         409    3   412   18    391    3   394    276    5   281
     North America  1,415  109 1,524   28  1,387  109 1,496  1,000  115 1,115
     -------------------------------------------------------------------------
     Worldwide      1,965  339 2,304   18  1,945  341 2,286  1,523  352 1,875
     =========================================================================


     November 2003 Workover Rig Counts

                          November 2003  Var.  October 2003  November 2002
     -------------------------------------------------------------------------
       United States         1,179        47       1,132         1,054
       Canada                  358       (15)        373           287
     -------------------------------------------------------------------------
     North America           1,537        32       1,505         1,341
     =========================================================================

    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
Web site: http://www.bakerhughes.com
http://www.bakerhughes.com/investor/rig