Proposed Western GECO Venture Clears U.S. Antitrust Review

HOUSTON--(BUSINESS WIRE)--Oct. 30, 2000--Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the company's formation of its Western GECO venture with Schlumberger Limited was terminated. The formation of the venture is expected to be completed prior to the end of the year.

Forward Looking Statements

This press release contains 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 word "expected" is intended to identify a forward-looking statement. Baker Hughes' expectation regarding the date of the closing of the formation of its Western GECO venture with Schlumberger Limited is only its forecast regarding this matter. This forecasted date may be different from the actual date of closing, which is dependent on the following events: the attainment of all requisite regulatory approvals under applicable foreign law for the transaction to be completed, the lapse of all regulatory waiting periods under applicable foreign law for the transaction to close, execution by both parties of a definitive agreement with respect to certain employee matters and the satisfaction or waiver of all conditions to closing contained in the Master Formation Agreement dated September 6, 2000, between the parties and certain of their affiliates.

Baker Hughes is a leading supplier of reservoir-centered products, services and systems to the worldwide oil and gas industry.

NOT INTENDED FOR BENEFICIAL HOLDERS

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Contact: Baker Hughes Incorporated, Houston
Gary R. Flaharty, 713/439-8039
gary.flaharty@bakerhughes.com
or
Kyle J. Leak, 713/439-8042
Kyle.leak@bakerhughes.com