Baker Hughes Sells Interest in Petreco

HOUSTON, March 1 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that it has completed the sale of its minority interest in Petreco International to Cooper Cameron Corporation (NYSE: CAM). The sales price was approximately $36 million. The company does not believe the transaction is material to Baker Hughes' financial condition or results of operations.

Forward Looking Statement

This news release (and oral statements made regarding the subjects of this release) contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," and similar expressions are intended to identify forward-looking statements. The Company's expectations with regard to the impact of this transaction are subject to various factors and conditions. The Company assumes no obligation to update any of the information referenced in this news release. There are many risks and uncertainties that could cause actual results to differ materially.

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
Kyle J. Leak (713) 439-8042

SOURCE Baker Hughes Incorporated

CONTACT: Gary R. Flaharty, +1-713-439-8039, or Kyle J. Leak,
+1-713-439-8042, both of Baker Hughes Incorporated
Web site: http://www.bakerhughes.com