USA: Baker Hughes to Sell Certain Gulf of Mexico Assets to Superior Energy

Baker Hughes Incorporated (“Baker Hughes”) announced today that its subsidiaries have signed an agreement to sell a package of assets including two stimulation vessels (the HR Hughes and Blue Ray) and certain other assets used to perform sand control and stimulation services in the US Gulf of Mexico to a subsidiary of Superior Energy Services, Inc. (“Superior Energy”).

The agreement, which is subject to approval of the US Department of Justice (DOJ) and other customary conditions, is expected to be completed by the end of July 2010. Once the transaction is completed the Hold Separate Stipulation and Order will terminate and the company will be free to complete the integration of BJ Services US operations with Baker Hughes’ US operations.

Baker Hughes BHI is the world’s third-largest oilfield services company behind Schlumberger and Halliburton, its main competitors. Baker Hughes provides the world’s oil & gas industry with products and services for drilling, formation evaluation, completion, production and reservoir consulting. Baker Hughes operates in over 90 countries worldwide mainly based in countries with a mature petroleum industry as is the case with most oil & gas service companies. Baker Hughes has its headquarters in the America Tower in the American General Center in Neartown, Houston.

Baker Hughes Incorporated was formed when Baker International and Hughes Tool Company merged in 1987. Baker Hughes operates worldwide with major offices in Liverpool, United Kingdom, Singapore, Dubai, Research & Maintenance Facility in Celle, Germany, Lafayette, Louisiana, Houston, Texas Pescara, Italy, Kuala Lumpur, Malaysia and Liverpool, United Kingdom. The company is administered broadly in two Hemispheres; Eastern Hemisphere with five Regions (Europe, Africa, Middle East, Asia Pacific & Russia/Caspian) and Western Hemisphere with four Regions (Canada, US Land, US Gulf & Latin America); each of these Regions is subdivided into Geo Markets.

Source: bakerhughes,July 6, 2010;

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