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8-K - FORM 8-K - Baker Hughes Holdings LLC | h75723e8vk.htm |
Exhibit 99.1
Baker Hughes Receives DOJ Approval of Gulf of Mexico Asset Sale
HOUSTON, Texas August 25, 2010. Baker Hughes Incorporated (BHI NYSE) announced that it
has received notice today that the Antitrust Division of the US Department of Justice (DOJ) has
approved Superior Energy Services as the purchaser of the two stimulation vessels (the HR Hughes
and the Blue Ray) and certain other assets used to perform sand control services in the US Gulf of
Mexico. These assets are being divested in connection with the acquisition of BJ Services Company.
The parties expect to close the sale early next week. Upon closing, the Hold Separate Stipulation
and Order requiring the BJ Services and Baker Hughes business in the United States to be operated
separately will terminate and the company will be free to fully integrate BJ Services into Baker
Hughes globally.
Forward Looking Statements
This news release (and oral statements made regarding the subjects of this release) contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a
Forward-Looking Statement). The word will, expect, and similar expressions, are intended to
identify forward-looking statements. Such forward-looking statements include, but are not limited
to, whether the sale of the assets will be consummated, the ability to integrate the businesses of
BJ Services and other statements that are not historical facts. There can be no assurance that all
of the conditions to complete the sale of the assets will be satisfied. There are many risks and
uncertainties that could cause actual results to differ materially from our forward-looking
statements including the successful closing. These forward-looking-statements are also affected by
the risk factors described in the companys Annual Report on Form 10-K for the year ended December
31, 2009; the companys subsequent quarterly reports on Form 10-Q for the quarterly periods ended
March 31, 2010 and June 30, 2010; and those set forth from time to time in our other filings with
the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any
forward-looking statement.
Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation,
completion and production products and services to the worldwide oil and gas industry.
completion and production products and services to the worldwide oil and gas industry.