Baker Hughes Announces August 2001 Rig Counts.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--Sept. 11, 2001

International Rig Count up 1% from July 2001; Up 7% from 1 year ago;

Worldwide Rig Count down 1% from July 2001; Up 16% from 1 year ago

Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the international rig count for August 2001 was 756, up 8 from the 748 counted in July 2001 and up 51 from the 705 counted in August 2000. The international offshore rig count for August 2001 was 219 up 2 from the 217 counted in July 2001 and up 11 from the 208 counted in August 2000.

The U.S. rig count for August 2001 was 1,252 down 26 from the 1,278 counted in July 2001 and up 265 from the 987 counted in August 2000. The Canadian rig count for August 2001 was 325 up 6 from the 319 counted in July 2001 and up 5 from the 320 counted in August 2000.

The worldwide rig count for August 2001 was 2,333 down 12 from the 2,345 counted in July 2001 and up 321 from the 2,012 counted in August 2000.

    August 2001 Rotary Rig Counts

                  August 2001             July 2001        August 2000
              ---------------         --------------   ---------------
              Land   OS Total  Var   Land   OS Total   Land   OS Total
----------------------------------------------------------------------
Europe          34   56    90   (8)    35   63    98     37   53    90
Middle East    152   37   189    8    151   30   181    140   24   164
Africa          28   24    52   (3)    32   23    55     26   24    50
Latin America  221   44   265    3    218   44   262    203   46   249
Asia Pacific   102   58   160    8     95   57   152     91   61   152
International  537  219   756    8    531  217   748    497  208   705
 U.S.        1,105  147 1,252  (26) 1,122  156 1,278    828  159   987
 Canada        319    6   325    6    315    4   319    315    5   320
N. America   1,424  153 1,577  (20) 1,437  160 1,597  1,143  164 1,307
----------------------------------------------------------------------
Worldwide    1,961  372 2,333  (12) 1,968  377 2,345  1,640  372 2,012
======================================================================

    August 2001 Workover Rig Counts

                  August 2001       Var    July 2001      August 2000
----------------------------------------------------------------------
  U.S.                  1,303         8        1,295            1,032
  Canada                  355         9          346              327
----------------------------------------------------------------------
North America           1,658        17        1,641            1,359
======================================================================

About the Baker Hughes Rig Counts

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets. Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. In 1987, Baker Oil Tools began its monthly workover rig count.

North American rig count data is scheduled to be released at noon central time on the last working day of each week. The international rig count and North American workover rig counts are scheduled to be released on the 5th working day of the month. Additional detailed information on the Baker Hughes rig counts are available from our Web site at http://www.bakerhughes.com/investor/rig.

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