Baker Hughes Announces October 2001 Rig Counts

HOUSTON, Nov 9, 2001 (BUSINESS WIRE) --

International Rig Count down 2% from September 2001; Up 3% from 1 Year Ago; Worldwide Rig Count Down 5% from September 2001; Up 1% from 1 Year Ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for October 2001 was 750, down 16 from the 766 counted in September 2001 and up 23 from the 727 counted in October 2000. The international offshore rig count for October 2001 was 230 up 4 from the 226 counted in September 2001 and up 11 from the 219 counted in October 2000.

The U.S. rig count for October 2001 was 1,111 down 82 from the 1,193 counted in September 2001 and up 56 from the 1,055 counted in October 2000. The Canadian rig count for October 2001 was 304 down 13 from the 317 counted in September 2001 and down 49 from the 353 counted in October 2000.

The worldwide rig count for October 2001 was 2,165 down 111 from the 2,276 counted in September 2001 and up 30 from the 2,135 counted in October 2000.

    October 2001 Rotary Rig Counts
                October 2001          September 2001     October 2000
               --------------         --------------   ---------------
               Land  OS Total  Var   Land   OS Total   Land   OS Total
----------------------------------------------------------------------
 Europe         41   60   101    1     40   60   100     39   57    96
 Middle East   137   41   178   (9)   149   38   187    143   19   162
 Africa         28   24    52    0     28   24    52     25   25    50
 Latin America 210   42   252  (14)   225   41   266    210   55   265
 Asia Pacific  104   63   167    6     98   63   161     91   63   154
International  520  230   750  (16)   540  226   766    508  219   727
 U.S.          979  132 1,111  (82) 1,050  143 1,193    907  148 1,055
 Canada        297    7   304  (13)   311    6   317    348    5   353
N. America   1,276  139 1,415  (95) 1,361  149 1,510  1,255  153 1,408
----------------------------------------------------------------------
Worldwide    1,796  369 2,165 (111) 1,901  375 2,276  1,763  372 2,135
======================================================================
October 2001 Workover Rig Counts
               October 2001    Var.  September 2001    October 2000
----------------------------------------------------------------------
 U.S.             1,190        (56)      1,246             1,087
 Canada             322        (23)        345               354
----------------------------------------------------------------------
North America     1,512        (79)      1,591             1,441
======================================================================

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 Incorporated, Houston Gary R. Flaharty, 713/439-8039 gary.flaharty@bakerhughes.com or Kyle J. Leak, 713/439-8042 kyle.leak@bakerhughes.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.