Baker Hughes and BJ merge

October 1, 2009

Baker Hughes and BJ Services, a pumping services specialist, have agreed to a proposed merger valued at $5.5 billion, anticipated to be concluded by the end of the year.

Baker Hughes, through integration of BJ Services, expects to realise annual cost savings of $75 million in 2010 and $150 million in 2011 as it eliminates redundant overheads, consolidates facilities and further rationalises field costs.

Although pressure pumping accounted for less than 1% of Baker Hughes' revenues in 2008, it is expected to generate approximately 20% of the company's combined revenues.



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