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Baker Hughes Awarded Integrated Coiled-Tubing Drilling Contract for Dubai Petroleum Establishment's Margham Gas Storage Project

1. Baker Hughes secures multi-year contract for integrated coiled-tubing drilling services. 2. Contract enhances Dubai's energy supply stability, combining gas and solar power. 3. The CoilTrak system maximizes reservoir connectivity via efficient drilling. 4. Baker Hughes is recognized for its leadership in mature asset solutions. 5. This project underscores Baker Hughes' commitment to lower-carbon energy technology.

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FAQ

Why Bullish?

The significant contract with Dubai Petroleum may boost BKR's revenue and market position. Historically, new contracts in energy sectors have often led to positive price movements for firms like Baker Hughes.

How important is it?

This development aligns with Baker Hughes' strategic goals in lowering carbon emissions and enhancing infrastructure, increasing its market relevance and appeal to investors.

Why Long Term?

The collaboration with Dubai aims to develop energy reliability sustainably, indicating long-term benefits. Similar past contracts have maintained positive growth trajectories over several years.

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SLBHALNOV
CoilTrak™ system allows for increased reservoir connectivity through efficient slim-hole multilateral drillingProject strengthens Dubai’s low-carbon energy capabilitiesAward follows major order for Baker Hughes’ Integrated Compressor Line (ICL) units HOUSTON and LONDON, March 26, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday a multi-year contract with Dubai Petroleum Establishment (DPE), for and on behalf of Dubai Supply Authority (DUSUP), to provide integrated coiled-tubing drilling services for the company’s Margham Gas storage project. The project will provide stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power. Providing the coiled-tubing drilling increases Baker Hughes’ overall support of the Margham Gas project, which draws upon the mature field of the same name. Already set to supply the company’s Integrated Compressor Line (ICL) units for gas storage, injection and export, Baker Hughes’ broad portfolio is helping to create a reliable power system with reduced emissions. “Baker Hughes has built a reputation as a leader in coiled-tubing drilling and mature assets solutions, and we bring a track record of success across the region to this important project,” said Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes. “Our integrated solutions approach combines industry-leading technology and expertise across the energy value chain to help DPE scale-up and develop reliable, secure and lower-carbon power solutions for their country.” The project brings together Baker Hughes’ expertise in integration of coiled-tubing drilling, under-balanced drilling and the company’s industry-leading CoilTrak™ coiled-tubing bottomhole assembly (BHA) system. CoilTrak allows operators to more effectively navigate the subsurface environment during horizontal drilling to maximize reservoir contact, which is crucial for underground gas storage.  About Baker HughesBaker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com. For more information, please contact: Media Relations Brian Reynolds+1 346-315-6663brian.reynolds@bakerhughes.com Investor Relations: Chase Mulvehill+1 346-297-2561investor.relations@bakerhughes.com

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