OGJ - State-owned Oil & Natural Gas Corp. has let a contract for combined subsea work on its KG-DWN-98/2 (“Cluster-2”) deepwater development off eastern India to a consortium of Baker Hughes, a GE company, McDermott International Inc., and L&T Hydrocarbon Engineering, a subsidiary of Larsen & Toubro.

PLATTS - Saudi Aramco has awarded Baker Hughes a major services contract to boost crude oil production from Saudi Arabia's offshore Marjan oil field.

BAKER HUGHES A GE - Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis. Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis. GAAP operating income of $78 million for the quarter, increased $119 million sequentially and increased $223 million year-over-year on a combined business basis.

BHGE - Baker Hughes, a GE company Announces First Quarter 2018 Results Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis GAAP operating loss of $41 million for the quarter, decreased 63% sequentially and increased unfavorably year-over-year on a combined business basis Adjusted operating income (a non-GAAP measure) of $228 million for the quarter, down 20% sequentially and down 19% year-over-year on a combined business basis

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.

General Electric Co. closed its deal to combine its long-suffering energy business with Baker Hughes Inc. on Monday, creating one of the largest companies in the oil-field services industry.

Revenue for the quarter was $2.3 billion, a decrease of $148 million, or 6%, sequentially. Compared to the same quarter last year, revenue declined $408 million, or 15%. The sequential decrease in revenue was driven primarily by the deconsolidation of the North America onshore pressure pumping business, lower revenue internationally, mainly related to non-recurring year-end product sales, seasonality and price deterioration, and reduced activity in the Gulf of Mexico. This decline was partially offset by activity growth in our North America onshore business, primarily in our well construction product lines.

The worldwide rig count for January 2017 was 1,918, up 146 from the 1,772 counted in December 2016, and up 27 from the 1,891 counted in January 2016.

In the second half of 2016, we reduced annualized costs by nearly $700 million, exceeding our initial goal by almost 40%, paid down $1 billion in debt, repurchased more than $750 million in shares, accelerated innovation with nearly 70 new product introductions, and built new sales channels for our products and technology.