Baker Hughes Announces September 2002 Rig Counts

HOUSTON, Oct 7, 2002 --

International Rig Count Up 1% From August 2002; Down 5% From One Year Ago; Worldwide Rig Count Up 2% From August 2002; Down 19% From One Year Ago

Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that the international rig count for September 2002 was 727, up five from the 722 counted in August 2002, and down 39 from the 766 counted in September 2001. The international offshore rig count for September 2002 was 233, up 11 from the 222 counted in August 2002 and up seven from the 226 counted in September 2001.

The US rig count for September 2002 was 860, up 12 from the 848 counted in August 2002 and down 333 from the 1,193 counted in September 2001. The Canadian rig count for September 2002 was 250, up 15 from the 235 counted in August 2002 and down 67 from the 317 counted in September 2001.

The worldwide rig count for September 2002 was 1,837, up 32 from the 1,805 counted in August 2002 and down 439 from the 2,276 counted in September 2001.

     September 2002 Rotary Rig Counts

                     September 2002           August 2002      September 2001
                    ----------------       ----------------   ----------------
                    Land   OS  Total  Var. Land   OS  Total   Land   OS  Total
     -------------------------------------------------------------------------
       Europe         30   51     81   2     31   48     79     40   60    100
       Middle East   165   41    206   3    169   34    203    149   38    187
       Africa         35   28     63   3     33   27     60     28   24     52
       Latin America 162   45    207   1    161   45    206    225   41    266
       Asia Pacific  102   68    170  (4)   106   68    174     98   63    161
     International   494  233    727   5    500  222    722    540  226    766
       United States 746  114    860  12    736  112    848  1,050  143  1,193
       Canada        246    4    250  15    227    8    235    311    6    317
     North America   992  118  1,110  27    963  120  1,083  1,361  149  1,510
     -------------------------------------------------------------------------
     Worldwide     1,486  351  1,837  32  1,463  342  1,805  1,901  375  2,276
     =========================================================================


     September 2002 Workover Rig Counts

                        September 2002   Var.   August 2002   September 2001
     -------------------------------------------------------------------------
       United States       1,027          20     1,007-Rev         1,246
       Canada                253          10       243               345
     -------------------------------------------------------------------------
     North America         1,280          30     1,250-Rev         1,591
     =========================================================================

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

URL: http://www.bakerhughes.com/investor/rig