Core Insights - Baker Hughes has received a significant order from Petrobras for workover and plug and abandonment services in Brazil's offshore pre-salt and post-salt fields, marking a multi-year project set to commence in the first half of 2025 [3][4] - The project will utilize Baker Hughes' integrated solutions portfolio, which includes a variety of services such as wireline, coiled tubing, cementing, and geosciences, aimed at optimizing performance for Petrobras [4][5] - The expansion of Baker Hughes' facilities in Macaé, Rio de Janeiro, will enhance coiled tubing and tubular running services, contributing to the growth of the Brazilian energy industry and workforce [1] Company Overview - Baker Hughes is an energy technology company listed on NASDAQ (BKR), providing solutions to energy and industrial customers globally, with operations in over 120 countries [2] - The company emphasizes innovative technologies and services that aim to make energy safer, cleaner, and more efficient [2] Project Details - The multi-year project will involve a comprehensive approach to operational excellence and localization, leveraging Baker Hughes' extensive technology portfolio and experience in Brazil [5] - The agreement includes the provision of remedial tools, completion fluids, and production chemicals, indicating a broad scope of services to be delivered [4]

Core Insights - Baker Hughes has secured a significant multi-year project with Petrobras for workover and plug and abandonment (P&A) services in pre-salt and post-salt fields offshore Brazil, set to commence in the first half of 2025 [3][2] - The project will utilize Baker Hughes' integrated solutions portfolio, which includes a variety of services such as wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences [2][4] - The company plans to expand its facilities in Macaé, Rio de Janeiro, to enhance coiled tubing and tubular running services, thereby contributing to the growth of the Brazilian industry and workforce [4] Company Overview - Baker Hughes is an energy technology company with a century of experience, operating in over 120 countries, and focuses on making energy safer, cleaner, and more efficient [1][3] - The company emphasizes its comprehensive technology portfolio and deep understanding of localization as key factors for the project's success [1]

In its weekly release, Baker Hughes Company (BKR) stated that the U.S. rig count was in line with the prior week's figure. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications. Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company's oilf ...

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Core Viewpoint - HMH Holding Inc., a subsidiary of HMH, has submitted a confidential first draft registration statement for a proposed initial public offering (IPO) with the U.S. SEC, marking a potential step towards a U.S. listing [1][2]. Company Overview - HMH is a premier drilling solutions provider formed in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor ASA's subsidiary, MHWirth AS [4]. - The company offers integrated delivery capabilities and a full range of offshore drilling equipment products and packages, aiming to enhance energy efficiency and competitiveness in the sector [4]. - HMH plans to leverage its service and technology portfolio for future growth opportunities in drilling services and adjacent industries such as renewables and mining [4]. IPO Details - The size and price range for the proposed IPO have not yet been determined, and the offering is expected to commence after the SEC review process, likely in the second half of 2024, subject to market conditions [2]. - There is no assurance that the IPO will be completed [2].

Core Insights - The U.S. rig count has decreased, indicating a slowdown in drilling activities within the oil and gas industry [1][3][4] Rig Count Overview - The total U.S. rig count was 600 for the week ended May 24, down from 604 the previous week and significantly lower than 711 a year ago, suggesting reduced drilling activity [3] - Onshore rigs totaled 579, down from 584, while offshore rigs increased slightly to 21 from 20 [4] - The oil rig count remained flat at 497, but is down from 570 a year ago, far below the peak of 1,609 in October 2014 [4] - The natural gas rig count fell to 99 from 103, and is also down from 137 a year ago, representing a 93.8% decrease from the all-time high of 1,606 in 2008 [5] Rig Count by Type - Vertical drilling rigs increased to 20 from 18, while horizontal/directional rigs decreased to 580 from 586 [6] Basin Performance - The Permian Basin, the most prolific in the U.S., maintained a rig count of 312, which is below the prior year's level of 350 [7] Market Outlook - West Texas Intermediate crude prices are above $75 per barrel, but drilling activities are slowing as upstream players focus on shareholder returns rather than increasing output [8] - Energy stocks such as Diamondback Energy, Inc. and Matador Resources Company are highlighted as potential investment opportunities for medium to long-term gains [9] Company Performance - Diamondback Energy reported improvements in average productivity per well in the Midland Basin and anticipates growth in production volumes due to favorable commodity pricing [10] - Matador Resources, with a strong presence in the Delaware Basin, expects a 23% increase in oil production this year, supported by promising oil prices [11][12]

Group 1: Contract and Project Overview - Baker Hughes Company has been awarded a significant contract by Algeria's state-owned oil company Sonatrach for a gas-boosting project at the Hassi R'Mel field, which is the largest gas field in Algeria and one of the largest in the world [1][4] - The project involves the installation of 20 compression trains across three gas-boosting stations, aimed at boosting and stabilizing natural gas pressure to increase production [2][3] - Although the contract's value was not disclosed, it is part of a broader order awarded to a consortium including Baker Hughes and Tecnimont, highlighting Baker Hughes' technology solutions in energy infrastructure [3] Group 2: Strategic Importance and Economic Impact - The new gas-boosting stations are crucial for Algeria's strategy to enhance its position in the global energy market, with Algeria becoming the second-largest gas supplier to Europe in 2023 [4][5] - The project is aligned with Algeria's socio-economic development goals, emphasizing natural gas as a key energy source [4] - The collaboration between Algeria and Italy under the Mattei Plan aims to foster bilateral cooperation in various sectors, including energy [5] Group 3: Operational Aspects - Baker Hughes' facilities in Italy will manage the packaging, manufacturing, and testing of the compressor trains, addressing the challenges of sustainable energy development amid rising energy demand [6] - The project is expected to significantly enhance production at the Hassi R'Mel field, reinforcing Algeria's role in the global energy landscape [6]

Core Viewpoint - Baker Hughes has been awarded a significant contract by SONATRACH for a gas-boosting project at the Hassi R'Mel gas field in Algeria, which is crucial for enhancing Algeria's energy supply and supporting Europe's energy security [1][2][3]. Group 1: Project Details - The contract involves the supply of 20 compression trains utilizing Frame 5 gas turbine and BCL compressor technology, to be installed at three gas boosting stations within the Hassi R'Mel gas field [2][7]. - Hassi R'Mel is the largest gas field in Algeria, located 550 km south of Algiers, and is a key energy source for both Algeria and Europe [2][3]. Group 2: Strategic Importance - This project is part of Algeria's broader strategy to strengthen its position in the global energy market and emphasizes natural gas as a vital energy source for socio-economic development [3][7]. - Algeria became the second-largest gas supplier to Europe in 2023, enhancing its role in the continent's energy security, particularly for Italy, which is the largest importer of Algerian gas [3][7]. Group 3: Collaboration and Manufacturing - The project represents a collaboration between Baker Hughes and Tecnimont, leveraging their industrial expertise to deliver the gas-boosting stations [3][7]. - Manufacturing and testing of the compressor trains will occur at Baker Hughes' facilities in Italy [4].

ALGIERS, Algeria, May 23, 2024 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday it was awarded a major contract from SONATRACH for a gas- boosting project for the Hassi R'Mel gas field in Algeria. The contract is part of a broader order awarded to a consortium between Baker Hughes and Tecnimont, part of technology and engineering group MAIRE. The signing ceremony took place in Algiers in the presence of the three company CEOs: Rachid Hachichi of SONATRACH, Lor ...

In its weekly release, Baker Hughes Company (BKR) stated that the U.S. rig count was higher than the prior week's figure. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications. Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company's oilfi ...