Baker Hughes Announces Completion of Seismic Venture With Schlumberger.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 30, 2000 Baker Hughes Incorporated (NYSE NYSE See: New York Stock Exchange :BHI BHI Baker Hughes Incorporated BHI Brain Heart Infusion (agar) BHI Better Hearing Institute BHI British Horological Institute (UK) BHI Boots Healthcare International BHI Branch If Higher )(PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :BHI)(EBS See Swiss Electronic Bourse. EBS See electronic blue sheet (EBS). :BHI) announced today the formation of its Western GECO GECO Groupe d'Étude en Chirurgie Osseuse GECO Gustave Genschow Co. (German cartridge headstamp) seismic venture with Schlumberger Limited. Western GECO is comprised of the seismic fleets, data processing assets, exclusive and nonexclusive multi-client surveys, and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of the Western Geophysical division of Baker Hughes and Schlumberger's Geco-Prakla. The former president of Western Geophysical, Gary Jones, has been named president of Western GECO. Under the terms of the transaction, Baker Hughes received approximately $500 million, including approximately $493 million in cash and the balance in certain working capital credits. In the transaction Baker Hughes retained certain working capital and other assets of its Western Geophysical division, valued at approximately $100 million. The company disposed of a portion of these assets prior to closing and expects to liquidate the balance to further reduce the company's outstanding debt. Baker Hughes' cash proceeds from the transaction were used to reduce debt. Western GECO is owned 70% by Schlumberger and 30% by Baker Hughes. Although the venture was formed today, regulatory approval is pending in certain jurisdictions including the United Kingdom. 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 |
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