Baker Hughes Announces October 2002 Rig Counts

International Rig Count Up 3% From September 2002; Down 1% From One Year Ago;

Worldwide Rig Count Down 1% From September 2002; Down 16% From One Year Ago

HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for October 2002 was 746, up 19 from the 727 counted in September 2002, and down four from the 750 counted in October 2001. The international offshore rig count for October 2002 was 235, up two from the 233 counted in September 2002, and up five from the 230 counted in October 2001.

The US rig count for October 2002 was 852, down eight from the 860 counted in September 2002 and down 259 from the 1,111 counted in October 2001. The Canadian rig count for October 2002 was 220, down 30 from the 250 counted in September 2002 and down 84 from the 304 counted in October 2001.

The worldwide rig count for October 2002 was 1,818, down 19 from the 1,837 counted in September 2002 and down 347 from the 2,165 counted in October 2001.

October 2002 Rotary Rig Counts

                     October 2002           September 2002      October 2001
                  -----------------        ----------------   ----------------
                  Land  OS    Total  Var.  Land  OS   Total   Land  OS   Total
    --------------------------------------------------------------------------
     Europe         30   53     83    2      30   51     81     41   60    101
     Middle East   175   39    214    8     165   41    206    137   41    178
     Africa         36   27     63    0      35   28     63     28   24     52
     Latin America 163   49    212    5     162   45    207    210   42    252
     Asia Pacific  107   67    174    4     102   68    170    104   63    167
    International  511  235    746   19     494  233    727    520  230    750
     United States 740  112    852   (8)    746  114    860    979  132  1,111
     Canada        216    4    220  (30)    246    4    250    297    7    304
    North America  956  116  1,072  (38)    992  118  1,110  1,276  139  1,415
    --------------------------------------------------------------------------
    Worldwide    1,467  351  1,818  (19)  1,486  351  1,837  1,796  369  2,165

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

October 2002 Workover Rig Counts

                      October 2002    Var.    September 2002    October 2001
    --------------------------------------------------------------------------
     United States       1,006        (21)        1,027             1,190
     Canada                274         21           253               233
    --------------------------------------------------------------------------
    North America        1,280          0         1,280             1,423

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

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- 11/07/2002

/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