Baker Hughes in Weatherford buy

Baker Hughes24 March 2014, News Wires – Baker Hughes is buying a midstream business from contractor rival Weatherford International in a deal worth $250 million.

Weatherford is selling its pipeline and specialty business to Baker Hughes as part of a programme to shed non-core assets.

The deal price comprises $241 million in cash and $9 million in retained working interest.

Baker Hughes chief executive Martin Craighead said: “The substantial demand for Baker Hughes’ process and pipeline services indicates the growing importance of midstream infrastructure in supporting the expansion and sustainability of the energy industry

“The addition of Weatherford’s pipeline and specialty services not only will augment our asset assurance and integrity capabilities, but also will help us leverage our existing technologies and global supply chain network into profitable, growing markets.”


– Upstream

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