Baker Hughes Announces October 2003 Rig Counts

International Rig Count Down 0% From September 2003; Up 6% From One Year Ago;

Worldwide Rig Count Up 2% From September 2003; Up 26% 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 2003 was 790 down two from the 792 counted in September 2003, and up 44 from the 746 counted in October 2002. The international offshore rig count for October 2003 was 232, up three from the 229 counted in September 2003, and down three from the 235 counted in October 2002.

The US rig count for October 2003 was 1,102, up nine from the 1,093 counted in September 2003 and up 250 from the 852 counted in October 2002. The Canadian rig count for October 2003 was 394, up 46 from the 348 counted in September 2003 and up 174 from the 220 counted in October 2002.

The worldwide rig count for October 2003 was 2,286 up 53 from the 2,233 counted in September 2003 and up 468 from the 1,818 counted in October 2002.

     October 2003 Rotary Rig Counts

                      October 2003           September 2003    October 2002
                     ---------------         --------------   ---------------
                     Land   OS Total   Var.  Land  OS Total   Land   OS Total
     ------------------------------------------------------------------------
         Europe        36   44    80   (7)    40   47    87     30   53    83
         Middle East  182   27   209   (6)   186   29   215    175   39   214
         Africa        33   18    51    1     34   16    50     36   27    63
         Latin
          America     201   65   266    7    199   60   259    163   49   212
         Asia
          Pacific     106   78   184    3    104   77   181    107   67   174
     International    558  232   790   (2)   563  229   792    511  235   746
         United
          States      996  106 1,102    9    984  109 1,093    740  112   852
         Canada       391    3   394   46    343    5   348    216    4   220
     North America  1,387  109 1,496   55  1,327  114 1,441    956  116 1,072
     ------------------------------------------------------------------------
     Worldwide      1,945  341 2,286   53  1,890  343 2,233  1,467  351 1,818
     ========================================================================


     October 2003 Workover Rig Counts

                          October 2003   Var.   September 2003  October 2002
     ------------------------------------------------------------------------
         United States       1,132       (55)         1,187         1,006
         Canada                373        25            348           274
     ------------------------------------------------------------------------
     North America           1,505       (30)         1,535         1,280
     ========================================================================

    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
11/07/2003 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