The new Baker Hughes is expected to generate a revenue of some US$34 billion, have approximately 70,000 employees, and operate in more than 120 companies, according to GE Oil & Gas CEO Lorenzo Simonelli. Image of Simonelli…
GE and Baker Hughes are teaming up to form the “new” Baker Hughes, a company that will be led by current GE Oil & Gas CEO Lorenzo Simonelli and have dual headquarters in Houston and London. Image of Simonelli…
Baker Hughes says it expects to make some US$500 million annual savings by the end of 2016, as part of measures it is taking following the collapse of its proposed $34.6 billion merger with Halliburton. The initial phase of the cost reduction…
Halliburton and Baker Hughes have terminated their proposed US$34.6 billion merger, both companies announced late Sunday, 1 May 2016. According to the terms of the merger proposal, Baker Hughes will receive $3.5 billion for the termination of the agreement…
The US Department of Justice (DOJ) is taking action and suing to block Halliburton’s US$34.6 billion takeover of Baker Hughes, claiming that the merger threatens to eliminate competition, raise prices and reduce innovation in the oilfield services industry…
The European Union (EU) is delaying Halliburton’s US$34.6 billion pending takeover of Baker Hughes once again, after not receiving key data about the deal, the European Commission (EC) said in a statement. Image from Halliburton…
The European Union (EU) suspended the deadline for its review of Halliburton’s US$34.6 billion pending acquisition of Baker Hughes last week, about a month after the EU opened an in-depth investigation to find out if the merger would impede effective competition…
Baker Hughes suffered a net loss of US$1 billion in Q4, in addition to a 36% dip in its revenue year-on-year that the company said is from global pricing pressures, and the steep decline in activity. Image from Baker Hughes…
Halliburton and Baker Hughes’ efforts to complete their US$34.6 billion mega merger hit a new snag with the Antitrust Division of the US Department of Justice (DOJ). Image from Baker Hughes. The…
US services giant Halliburton is offering five tranches of senior notes for a total of US$7.5 billion, to use the cash to fund a portion of the pending $34.6 billion Baker Hughes mega merger. Image from Baker Hughes…
Image from Baker Hughes. Baker Hughes announced the commercial release of FATHOM XT SUBSEA525 inhibitor that helps control asphaltene deposition in deepwater wells. The…
The pending Halliburton and Baker Hughes mega merger will result in additional divestures of businesses for the approval of the US$34.6 billion deal, which is also under a three-week delay with the Antitrust Division of the US Department of Justice (DOJ)…
Baker Hughes released its DeepShield deepwater safety valve, the industry’s first V1-validated subsurface safety valve tested to help ensure fail-safe operations as defined in the new API Spec 14A. DeepShield…
The US Department of Justice (DOJ) and the European Commission are digging deeper into Halliburton’s US$34 billion proposed acquisition of Baker Hughes by requesting additional information in discrete areas. Image from Baker Hughes…
Baker Hughes’ revenue of US$4 billion in 2Q 2015 marked a 33% drop year-over-year, and the company says it sees no relief in 2H 2015 as unfavorable market dynamics are expected to continue. Image from Baker Hughes Facebook…
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