HOUSTON, Mar 31, 2003 /PRNewswire-FirstCall via COMTEX/ -- Baker Hughes Incorporated (NYSE: BHI, PCX; EBS) announced today that it is forming a venture with Expro International Group PLC to be named QuantX Wellbore Instrumentation, which will serve the rapidly growing permanent in-well monitoring market.
QuantX, which will be owned equally by Baker Hughes and Expro, will be formed by combining Expro's existing permanent monitoring business with Baker Hughes' In-Form product line and Expro will receive $30 million from Baker Hughes. The venture, which will combine leaders in well completion technology and permanent well-data acquisition systems, will be headquartered in Houston, Texas and have a major operating facility in Aberdeen, Scotland.
"The QuantX venture will be a leader in advancing permanent in-well monitoring technology. Integrating Expro's capability to measure real-time reservoir performance with Baker Hughes intelligent well completions presents an important enhancement to our clients project economics, particularly in the deepwater," said Michael E. Wiley, Chairman, President and Chief Executive Officer of Baker Hughes Incorporated.
John Dawson, Chief Executive of Expro, said today: "We are delighted with this deal, which we believe will be an exciting opportunity for both Expro and Baker Hughes. The venture will enable Expro and Baker Hughes to provide a more extensive product range to their clients in a rapidly developing market through an enhanced global distribution and sales network."
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 firstname.lastname@example.org Kyle J. Leak (713) 439-8042 email@example.com
SOURCE Baker Hughes Incorporated
Gary R. Flaharty, +1-713-439-8039, or firstname.lastname@example.org , or Kyle J. Leak, +1-713-439-8042, or email@example.com , both of Baker Hughes Incorporated