Baker Hughes Announces October 2006 Rig Counts

HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; EBS) announced today that the international rig count for October 2006 was 965, up 16 from the 949 counted in September 2006, and up 62 from the 903 counted in October 2005. The international offshore rig count for October 2006 was 274, up 10 from the 264 counted in September 2006 and up 10 from the 264 counted in October 2005.

(1) Excluding Iran and Sudan, the international rig count for October 2006 was 965, up 16 from the 949 counted in September 2006, and up 119 from the 846 counted in October 2005. The international offshore rig count for October 2006 was 274, up 10 from the 264 counted in September 2006 and up 16 from the 258 counted in October 2005.

The US rig count for October 2006 was 1,734 down 5 from the 1,739 counted in September 2006 and up 255 from the 1,479 counted in October 2005. The Canadian rig count for October 2006 was 431, down 15 from the 446 counted in September 2006 and down 110 from the 541 counted in October 2005.

The worldwide rig count for October 2006 was 3,130, down 4 from the 3,134 counted in September 2006 and up 207 from the 2,923 counted in October 2005. (1) Excluding Iran and Sudan, the worldwide rig count for October 2006 was 3,130, down 4 from the 3,134 counted in September 2006 and up 264 from the 2,866 counted in October 2005.



     October 2006 Rotary Rig Counts

                          October 2006         September 2006    October 2005
                        Land  OS  Total Var.  Land  OS   Total Land  OS  Total
    --------------------------------------------------------------------------
     Europe              28   52    80   4     28   48    76    23   47    70
     Middle East        230   27   257   4    226   27   253   223   36   259
     Africa              50   18    68   4     47   17    64    34   12    46
     Latin America      265   65   330  (2)   268   64   332   235   60   295
     Asia Pacific       118  112   230   6    116  108   224   124  109   233
                        ---  ---   ---  --    ---  ---   ---   ---  ---   ---
    International       691  274   965  16    685  264   949   639  264   903

     United States     1644   90  1734  (5)  1647   92  1739  1392   87  1479
     Canada             427    4   431 (15)   441    5   446   536    5   541
                        ---  ---   ---  --    ---  ---   ---   ---  ---   ---
    North America      2071   94  2165 (20)  2088   97  2185  1928   92  2020
    --------------------------------------------------------------------------
    Worldwide          2762  368  3130  (4)  2773  361  3134  2567  356  2923

(1) Beginning with the January 2006 report, the company has discontinued its rig count for Iran and Sudan. In the third quarter of 2005, our independent foreign subsidiaries initiated a process to prohibit any business activity that directly or indirectly involves or facilitates transactions in

Iran, Sudan or with their governments, including government-controlled companies operating outside of these countries.



    (1)  October 2006 Totals excluding Iran and Sudan

                       October 2006         September 2006      October 2005
                  Land    OS   Total Var. Land   OS   Total  Land    OS  Total
    --------------------------------------------------------------------------
      Middle East  230    27    257   4   226    27    253    172    30   202
    International  691   274    965  16   685   264    949    588   258   846
    --------------------------------------------------------------------------

    Worldwide
     Total        2762   368   3130  20  2773   361   3134   2516   350  2866


    October 2006 Workover Rig Counts

                         October 2006   Var.   September 2006    October 2005
    --------------------------------------------------------------------------
      United States          1562        -8        1570             1431
      Canada                  627        51        576               750
    North America            2189        43        2146             2181

    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 is 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

Contacts:
Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822

SOURCE: Baker Hughes Incorporated

CONTACT: Gary R. Flaharty, +1-713-439-8039, or H. Gene Shiels,
+1-713-439-8822, both of Baker Hughes Incorporated
Web site: http://www.bakerhughes.com
http://www.bakerhughes.com/investor/rig