Baker Hughes and Aker Solutions Form Subsea Production Alliance

       Baker Hughes and Aker Solutions Form Subsea Production Alliance

PR Newswire

HOUSTON and OSLO, Norway, April 22, 2014

HOUSTON and OSLO, Norway, April 22, 2014 /PRNewswire/ --Baker Hughes
Incorporated (NYSE:BHI) and Aker Solutions ASA (OSE:AKSO) have agreed to form
an alliance to develop technology for production solutions that will boost
output, increase recovery rates and reduce costs for subsea fields.

The non-incorporated alliance will combine Aker Solutions' strengths in subsea
production and processing systems with Baker Hughes' expertise in well
completions and artificial-lift technology to deliver reliable, integrated
in-well and subsea production solutions that will help mitigate risk,
accelerate output and extend the life of subsea fields. The alliance team also
will focus on advancing the industry's well-intervention capabilities to
further optimize efficiency and reduce risks in subsea developments.

The structure of the alliance provides the flexibility for each company to
offer any products and services to design the best solution for customers'
production challenges.

"Deepwater subsea fields have so far been characterized by low recovery rates,
and new discoveries in deeper and more hostile environments are making these
fields even more costly to develop," said Martin Craighead, Baker Hughes'
chairman and chief executive officer. "The single-digit recovery rates
currently being achieved at many of these fields don't support a sustainable
business model. By joining forces, Baker Hughes and Aker Solutions will
identify and integrate the most effective combinations of in-well and subsea
technologies, enabling greater production rates—efficiently and
economically—from subsea fields."

"Our joint commitment will strengthen the business of each company and help
our customers unlock the vast values that come from subsea production," said
Oyvind Eriksen, Aker Solutions' executive chairman. "Subsea factory
development is a key focus for Aker Solutions and the partnership with Baker
Hughes will provide critical capabilities that will help us develop
technologies to create a fully-functioning subsea production system which will
improve recovery rates and lower costs for oil producers."

Baker Hughes' Brage Johannessen and Aker Solutions' Svenn Ivar Fure will lead
the alliance for their respective companies as general managers. The alliance
core team will be co-located and based in Houston.

Implementation of the alliance is subject to obtaining any required antitrust
or other regulatory approvals.

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 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.

Aker Solutions is a global provider of products, systems and services to the
oil and gas industry. Our engineering, design and technology bring discoveries
into production and maximize recovery from each petroleum field. We employ
about 28,000 people in approximately 30 countries. Go to www.akersolutions.com
for more information on our business, people and values.

BAKER HUGHES CONTACTS

Media Relations:
Melanie Kania, +1.713.439.8303, melanie.kania@bakerhuhges.com

Investor Relations:
Trey Clark, +1.713.439.8039, trey.clark@bakerhughes.com
Eric Holcomb, +1.713.439.8822, eric.s.holcomb@bakerhughes.com

AKER SOLUTIONS CONTACTS

Media:

Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59
42 71, Mob: +47 480 27 575, E-mail: bunny.nooryani@akersolutions.com

Investor Relations:

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30
39, Mob: +47 911 37 194, E-mail: lasse.torkildsen@akersolutions.com

SOURCE Baker Hughes Incorporated

Website: http://www.bakerhughes.com
 
Press spacebar to pause and continue. Press esc to stop.