Baker Hughes Extends Exchange Offer for Senior Notes Due 2021

HOUSTON, May 3, 2012 /PRNewswire/ -- Baker Hughes Incorporated (NYSE: BHI) announced today that it has extended the expiration date of its offer to exchange up to $750 million aggregate principal amount of its 3.20% Senior Notes due 2021 (the "New Notes") that have been registered under the Securities Act of 1933, as amended, for an equal amount of its outstanding 3.20% Senior Notes due 2021 or that have not been registered under the Act (the "Old Notes").

As a result of the extension, the exchange offer is now scheduled to expire at 5 p.m., Eastern time, on May 10, 2012, unless further extended. The exchange offer was originally set to expire at 5 p.m., Eastern time, on May 3, 2012. As of this date, tenders of approximately $747,190,000 aggregate principal amount, or 99.63%, of the Old Notes have been received pursuant to the exchange offer. Except for the extension of the expiration date, all of the other terms of the exchange offer remain as set forth in the exchange offer prospectus, dated April 5, 2012.

This news release is not an offer to exchange the New Notes for the Old Notes or the solicitation of an offer to exchange, which we are making only through the exchange offer prospectus.

Copies of the prospectus and letter of transmittal may be obtained from the following:

By Registered or Certified Mail
The Bank of New York Mellon Trust Company, N.A.
c/o The Bank of New York Mellon Trust Corporation
Corporate Trust Options -- Reorganization Unit
101 Barclay Street, Floor 7 East
New York, NY 10286
Attention: Diane Amoroso

By Overnight Delivery
The Bank of New York Mellon Trust Company, N.A.
c/o The Bank of New York Mellon Trust Corporation
Corporate Trust Options -- Reorganization Unit
101 Barclay Street, Floor 7 East
New York, NY 10286
Attention: Diane Amoroso

By Hand Delivery
The Bank of New York Mellon Trust Company, N.A.
c/o The Bank of New York Mellon Trust Corporation
Corporate Trust Options -- Reorganization Unit
101 Barclay Street, Floor 7 East
New York, NY 10286
Attention: Diane Amoroso

Eligible institutions may make requests by facsimile at (212) 298-1915 and may confirm facsimile delivery by calling (212) 815-2742.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 58,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes' century-long history, visit www.bakerhughes.com.

This news release contains forward-looking statements as defined under federal securities laws. These forward-looking statements involve certain risks and uncertainties and actual results could differ materially. Baker Hughes undertakes no obligation to publicly update or revise any forward-looking statement.

SOURCE Baker Hughes Incorporated

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Baker Hughes Releases JewelSuite 2012 Reservoir Modeling Software

HOUSTON, TEXAS (Apr. 30, 2012) – Baker Hughes announces the release of JewelSuite™ 2012, the latest version of the global oilfield service company’s reservoir modeling software that makes it simple for operators to evaluate potential sweet spots and analyze thousands of wells.

JewelSuite 2012 reservoir modeling software now offers enhanced functionality with a complete workflow for unconventional plays. An ongoing dialogue with current Baker Hughes customers assisted in the development of the newest version of JewelSuite. The 2012 software improves the understanding of unconventional plays with integrated 3-D models that enable visualization of all relevant datasets.

The software now includes Blue Marble Geographics’ GeoCalc™ coordinate transformation library ensuring correct well placement and offers a workflow for unconventional plays that enables sweet spotting from regional models to detailed reservoir or well models. Users can easily analyze sector models and run different production scenarios. The ability to study a smaller subsection without recreating the model allows for the comparison of different sweet spots quickly, as well as a juxtaposition of the impact different fracture plans may have.

JewelSuite 2012 also offers improved performance and usability. It can handle very large data sets and allows customers to view and analyze thousands of wells at once. Additionally, JewelSuite provides improved efficiency through enhanced connectivity to Computer Modelling Group’s IMEX™ and GEM™ reservoir simulators, also using Tartan and LGR gridding. This allows for the analysis and optimization of detailed flow behavior around the wellbore and its fracture stages.

The latest version of JewelSuite also incorporates enhanced Multi Point Statistics through a more intuitive interface with faster run times, and enables batch processing of property modeling. The latest software offers a significant step to helping operators develop the tailored plans they need in today’s unconventional plays.

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Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company’s 58,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.

Please note: All trademarks are the property of their respective owners.

Quickly build and update complex reservoir models accurately. With our geomechanic and hydraulic fracturing software, we build targeted workflows for unconventional plays.

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Manage the most complex reservoir modeling, geomechanics, and hydraulic fracturing simulation tasks. Now, you can improve project performance with optimally integrated workflows.

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Baker Hughes Introduces Rigless Intervention System

HOUSTON, TEXAS (May 2, 2012) – Baker Hughes’ new mechanized, self-pinning rigless intervention system, Mastiff™, provides operators an alternative method for carrying out pipe installation and retrieval operations, which typically require a costly offshore rig. By eliminating the need for a rig, the Mastiff Rigless Intervention System (RIS) can reduce the cost of abandonment, workover and drive pipe pre-installation operations.

The Mastiff RIS’ modular design and light weight make it ideal for operations on platforms with limited load capacity and is easily deployed worldwide. With a maximum weight of 24,000 pounds (10886 kg), each RIS module can be transported in a standard 40-foot (12-meter) open-top container.

The Mastiff RIS has a self-pinning mast erection system that improves safety and enables the unit to be rigged up or rigged down in 24 to 48 hours. Hydraulics built into the system enable the modular components to be assembled and disassembled using a hydraulic, self-pinning design, eliminating the need for riding belt operations, and dramatically reducing risks associated with working at height and manual handling of components. The system’s sturdy mast enables safe operation at wind speeds of up to 50 mph (43.5 knots).

The system has a 352-ton pulling capacity. While performing conductor pipe removal, the Mastiff RIS can support cutting and pulling lifts of 50-foot sections of 36-inch conductor pipe, inner casing and cement, a significant improvement over casing jack systems, which work with 5-foot sections.

As an alternative to well abandonment, the Mastiff RIS can be used to initiate a slot recovery program for continued field development prior to the arrival of the drilling rig. Once the pipe is removed, the well slot can be prepared for a new, full-sized wellbore using a full-range of equipment from drive-pipe whipstocks to hammer services, saving valuable rig time and offering the operator the option to further redevelop assets.

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Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company’s 58,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.

Unsurpassed reliability and the industry’s best value, including casing and tubing running, hammer services, and completion assembly services.

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Lower your risks with our systems and services for hydraulic fracturing, matrix stimulation treatments, and other remedial operations.

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Our general remedial equipment consists of many types of casing cleanup tools, rod-pumping tools, and other tools like cementing manifolds, swivels, and locators.

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Make informed, just-in-time decisions that optimize operations with our SMART intervention service.

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JewelSuite 2012 Article

The Baker Hughes JewelSuite™ 2012 software puts the power of advanced 3-D reservoir modeling into the hands of land operators who need an economic reservoir modeling platform that looks at various aspects of the life cycle of an unconventional reservoir.

Reservoir modeling—the ability to create an interactive digital model that accurately represents subsurface hydrocarbon reservoirs—is usually the domain of a very few highly skilled geoscientists and engineers. Baker Hughes aims to change that by providing an economic, easy and efficient 3-D reservoir modeling software platform to operators looking to better understand their unconventional plays in order to plan effective drilling and fracturing campaigns to optimize operational costs and production.

The JewelSuite 2012 reservoir modeling package visualizes and uses various data from an unconventional asset to reduce operational overhead and improve productivity. It delivers faster results and leverages efficient workflows to produce unmatched reservoir model accuracy that allows geoscientists and engineers to look at the entire reservoir at once, or to zoom in to the scale of a single well.

Download the PDF to read more.

DOWNLOAD PDF (4.3 MB)

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Baker Hughes Expands Line of Advanced Metal Milling Structures

HOUSTON, TEXAS (May 3, 2012) – Baker Hughes recently introduced METAL MUNCHER™ AMT (advanced milling technology) cutters to achieve greater efficiency and longer runs with cutting and milling systems used for casing exits and wellbore intervention. Clean and efficient milling operations help operators reduce risks and prevent nonproductive time.

The new cutting structures, featuring insert shapes and metallurgies customized for specific applications, provide more efficient cutting and enhanced durability and impact resistance, resulting in longer runs and fewer trips.

Engineered using pressed sintered tungsten carbide, the AMT cutters are available in a variety of shapes and metallurgies. Depending on the application, a milling tool may include several types of AMT cutters to optimize various aspects of the milling operations. The cutters are designed to mill even the toughest steels, including high chrome and nickel-content materials. The durable technology increases milling penetration rates, extends effective time on bottom in high volume milling applications, and enables greater flexibility during the milling process.

METAL MUNCHER™ AMT cutters feature sharp profiles with chip breaking features to control cutting size and shape, enabling efficient cutting removal and debris management.

Field operators have reported as much as a 300 percent improvement in wear resistance and longevity with Baker Hughes’ inserts. The cutting structures are enabling operations that previously were not feasible due to milling inefficiencies. In the North Sea, METAL MUNCHER™ AMT inserts are driving success in slot recovery and plug and abandonment operations where high volume milling applications are commonplace. In North Dakota, a METAL MUNCHER AMT mill was used to successfully mill out 79 composite plugs in two horizontal wells, in one trip per well, achieving a new record for fracturing plug removal.

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Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company’s 58,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.

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Former IADC president to join panel on US-Cuba cooperation on offshore E&P, spill prevention

Posted on 08 May 2012

By Joanne Liou, editorial coordinator

Dr Lee Hunt, IADC President

IADC’s former president, Dr Lee Hunt, will join a panel of industry leaders and experts in a discussion about the status of US-Cuba engagement and cooperation on oil exploration and development in the Gulf of Mexico and what measures have been adopted to prevent and respond to spills. “There is a serious concern in Washington about Cuba’s ability to prevent and respond to a major oil spill and the US government’s readiness to step up,” Dr Hunt said.

The Center for International Policy is hosting the discussion as six countries plan to drill test wells offshore Cuba in the next 18 months. Since February, Repsol has been exploring about 16 miles offshore Cuba, about 70 miles south of Key West.

Other panelists include William K. Reilly, co-chairman of the National Commission on the BP Deepwater Horizon Spill and Offshore Drilling and former administrator of the Environmental Protection Agency; Dan Whittle, director of the Environmental Defense Fund’s Cuba Program; Robert L. Muse, attorney, expert on laws and regulations governing the US embargo against Cuba; and Jonathan Benjamin-Alvarado, specialist in Cuban energy development.

“Oil Drilling Off Cuba’s North Coast: Must the US do more to forestall the impact of a major spill?” will take place at the Carnegie Endowment for International Peace in Washington, DC, at 9am on 10 May. Click here to register.

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OTC event raises industry awareness for high school students

Posted on 08 May 2012

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Approximately 200 high school math and science students from across Texas arrived at the 2012 OTC on 3 May to participate in Energy Education Institute: High School STEM. The BP-sponsored event began with hands-on activities provided by the US National Energy Education Development (NEED) Project, giving students the opportunity to apply their knowledge to science- and math-based lessons.

Students were then led by BP representatives to explore the OTC exhibit floor. Exhibitors answered technical questions asked by students while providing valuable insight into careers in the energy industry.

To conclude the event, energy professionals sat down with the students for lunch to discuss the importance of energy and the career opportunities available. Students also received take-home educational and career handouts, as well as items provided by OTC sponsoring societies.

DC editorial coordinator Katherine Scott provides video coverage of the event’s full-day program.

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