(WO) – Baker Hughes‘ Oilfield Services & Equipment (OFSE) segment signed a multi-year contract with Pakistan’s Oil & Gas Development Co. (OGDC) to optimize production and recovery across more than 120 wells in mature oil and gas fields. The work combines Baker Hughes’ subsurface expertise with surface production technologies and digital solutions.
Lorenzo Simonelli, Chairman and CEO of Baker Hughes
Offshore Cyprus, Eni awarded the company an integrated subsea systems package for the deepwater Cronos gas development, which is being fast-tracked. The scope includes four subsea tree systems, wellheads, manifolds and connections, topside controls and associated services.
In Côte d’Ivoire, Eni also gave Baker Hughes an integrated well construction award for Baleine Phase 3. The scope covers drilling services, digital solutions, drilling fluids, cementing, drill bits, liner hangers and wellbore cleanout to support full-field production.
Kuwait Oil Co. (KOC) awarded Baker Hughes a contract for hybrid Kymera drill bits, along with PDC and tricone bits. The company also received a significant award to supply subsea production systems and services for a gas field development in Azerbaijan, including Aptara trees, wellheads and associated distribution, controls and connections. In Türkiye, one of the largest geothermal power markets, Baker Hughes won multiple drill bit awards, including first-time orders from several geothermal operators.
The quarter’s OFSE bookings also included previously announced awards: 17 deepwater horizontal tree systems for the Geng North and Gehem fields offshore Indonesia for Searah North Ganal, an Eni-PETRONAS joint venture; vessel-based StimFORCE stimulation services for bp in the UK North Sea; and a multi-year KOC production, digital and AI contract that includes an in-country research and technology center.
OFSE orders reached $4.05 billion, up 19% from the second quarter. Subsea and Surface Pressure Systems orders were $1.09 billion, up 63% sequentially but 8% lower than a year earlier. Segment revenue was $3.66 billion, with international revenue up 7% sequentially to $2.71 billion and Europe/CIS/Sub-Saharan Africa up 35% to $770 million. North America revenue rose 2% to $955 million. OFSE remaining performance obligations stood at $3.4 billion.
Chairman and CEO Lorenzo Simonelli pointed to a meaningful improvement in the Middle East and said customers “increasingly prioritize maximizing recovery and extending asset life,” which the company is targeting with its Mature Assets Solutions offering.
Pictured above: The Baleine Phase 3 FPSO. Image: Eni.
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