Exhibit 99.1
News Release
| Contact: | Baker Hughes Incorporated | |
| Gary R. Flaharty (713) 439-8039 | P.O. Box 4740 | |
| H. Gene Shiels (713) 439-8822 | Houston, Texas 77210-4740 |
Baker Hughes Completes Sale of Interest in WesternGeco
HOUSTON, April 28, 2006. Baker Hughes Incorporated (NYSE: BHI; EBS) today announced that it
has completed the sale of its 30% minority interest in WesternGeco, a seismic venture created
November 30, 2000 with Schlumberger Limited, to Schlumberger for $2.4 billion in cash. Baker
Hughes expects to record a pre-tax gain of approximately $1.74 billion (approximately $1.05
billion, net of tax). Cash proceeds, net of tax, were approximately $1.8 billion.
Baker Hughes is a leading provider of
drilling, formation evaluation, completion and production
products and services to the worldwide oil and gas industry.
drilling, formation evaluation, completion and production
products and services to the worldwide oil and gas industry.
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NOT INTENDED FOR BENEFICIAL HOLDERS
NOT INTENDED FOR BENEFICIAL HOLDERS