Exhibit 99.1
| 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 Acquires Nova Technology Corporation
HOUSTON, Texas — January 31, 2006. Baker Hughes Incorporated (BHI — NYSE; EBS) announced
today that it has acquired Nova Technology Corporation (“Nova”) of Broussard, Louisiana for
approximately $70 million in cash and assumed debt. Nova is a leading supplier of permanent
monitoring, chemical injection systems, and multi-line services for deepwater and subsea oil and
gas well applications and has contracts in the Gulf of Mexico, West Africa, Sakhalin Island and
Brazil.
“The acquisition of Nova supports our focus on providing the industry’s best-in-class production
optimization technologies and services,” said Rod Clark, Baker Hughes President and COO. “Nova’s
product lines are expected to complement the broad permanent monitoring capabilities of Baker
Hughes’s QuantX Wellbore Instrumentation products and services and the fiber optic technologies
provided by our Luna Energy unit. The installation of permanent monitoring and chemical injection
systems will be used to assist operators in managing their production and reservoir systems to
accelerate production and increase hydrocarbon recovery.”
Forward Looking Statements
This news release (and any oral statements) may contain forward-looking statements within the
meaning of Section 27A or the Securities Act of 1933, as amended, and Section 21E of the Securities
and Exchange Act of 1934, as amended. Additional information and risk factors are contained in our
Form 10-K for the fiscal year ended December 31, 2004 and other filings with the SEC about the
risks and uncertainties that could cause actual results to be different. The company’s SEC filings
can be viewed at http://www.bakerhughes.com. The company assumes no responsibility to update any of
the information referenced in this news release.
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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