Baker Hughes Completes Sale of Interest in WesternGeco

HOUSTON, April 28 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; EBS) today announced that it has completed the sale of its 30% minority interest in WesternGeco, a seismic venture created November 30, 2000 with Schlumberger Limited, to Schlumberger for $2.4 billion in cash. Baker Hughes expects to record a pre-tax gain of approximately $1.74 billion (approximately $1.05 billion, net of tax). Cash proceeds, net of tax, were approximately $1.8 billion.

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
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