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