Baker Hughes Awarded Eight-Year ESP Contract in Ecuador

Repsol selects Baker Hughes based on 12 years of strong performance in Ecuador

HOUSTON, TX – October 14, 2010 – Baker Hughes (NYSE: BHI) announced today it was awarded a $137-million, eight-year contract extension from Repsol for the exclusive supply and maintenance of electrical submersible pumping (ESP) systems in Ecuador’s Block 16 and Tivacuna production areas. The award covers 200 wells in which Repsol requires ESP systems to maximize production.

Baker Hughes has supplied ESP systems for Repsol’s Block 16 and Tivacuna wells since 1998. The recent contract was awarded to Baker Hughes based on 12 years of successful new technology introduction, operational excellence and continuous reliability improvement. As part of its ongoing efforts to extend run times, Baker Hughes will deploy its latest Centrilift SP™ Superior Performance ESP system, featuring an extreme-duty pump design.

“We are pleased to continue our strong relationship with Repsol in Ecuador,” comments Andy O’Donnell, president of the Western Hemisphere for Baker Hughes. “Artificial lift production projects require a long-term commitment to constantly improve equipment performance, and this contract means we can continue building on the gains we’ve achieved over our 12-year partnership with Repsol.”

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Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

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