HOUSTON, Sept. 2, 2014 /PRNewswire/ -- Baker Hughes
Incorporated (NYSE: BHI) and Weatherford International plc (NYSE:
WFT) today announced that they have closed the previously announced
purchase and sale of Weatherford's
pipeline and specialty services business.
The acquisition provides Baker Hughes with an expanded range of
pre-commissioning, deepwater and in-line inspection services
worldwide. The addition of over 700 process and pipeline
specialists to Baker Hughes' Process and Pipeline Services further
enhances the company's ability to provide innovative solutions for
oil and gas asset owners and operators, upstream, midstream and
downstream.
"This acquisition adds sophisticated subsea pipeline
commissioning services and new ultrasonic in-line inspection
technologies to the Baker Hughes portfolio," said Martin Craighead, Chairman and Chief Executive
Officer of Baker Hughes. "Expanding our services will allow us to
more effectively address our customers' process and pipeline
challenges."
Commenting on the closing of this transaction, Bernard J. Duroc-Danner, Chairman, President and
Chief Executive Officer of Weatherford, stated, "We are pleased with the
closing of this transaction with Baker Hughes. This combination
enhances the focus and service delivery to our pipeline and
specialty services customers worldwide and allows for growth
opportunities for the employees. This transaction also demonstrates
the execution capabilities of the Weatherford team and is another important step
in our restructuring efforts this year. All proceeds will be used
to pay down outstanding debt."
About Weatherford
Weatherford is one of the
largest multinational oilfield service companies. Weatherford's product and service portfolio
spans the lifecycle of the well, and includes formation evaluation,
well construction, completion and production. The company provides
innovative solutions, technology and services to the oil and gas
industry, and operates in over 100 countries, currently employing
more than 50,000 people worldwide.
About Baker Hughes
Baker Hughes is a leading supplier of oilfield services,
products, technology and systems to the worldwide oil and natural
gas industry. The company's 59,000-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, visit www.bakerhughes.com.
Weatherford
Contacts
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Krishna
Shivram
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+1.713.836.4610
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Executive Vice
President and Chief Financial Officer
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Karen
David-Green
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+1.713.836.7430
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Vice President –
Investor Relations
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Baker Hughes
Contacts
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Media
Relations:
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Melanie Kania,
+1.713.439.8303, melanie.kania@bakerhughes.com
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Investor
Relations:
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Trey Clark,
+1.713.439.8039, trey.clark@bakerhughes.com
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Alondra Oteyza,
+1.713.439.8822, alondra.oteyza@bakerhughes.com
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Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally identified by
the words "believe," "expect," "anticipate," "estimate," "intend,"
"plan," "may," "should," "could," "will," "would," and "will be,"
and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
subject to significant risks, assumptions and uncertainties and
specifically include statements regarding Baker Hughes'
expectations regarding the acquisition of Weatherford's pipeline and specialty services
business. Forward-looking statements also are affected by the risk
factors described in Baker Hughes' Annual Report on Form 10-K for
the year ended December 31, 2013;
Baker Hughes' subsequent quarterly reports on Form 10-Q for the
quarterly periods ended March 31,
2014 and June 30, 2014, and
those set forth from time-to-time in other filings with the
Securities and Exchange Commission ("SEC"). Neither party
undertakes any obligation to correct or update any forward-looking
statement, whether as a result of new information, future events,
or otherwise, except to the extent required under federal
securities laws.
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SOURCE Weatherford International plc; Baker Hughes
Incorporated