Baker Hughes : Awarded Multi-year Contract to Help Azerbaijan Maximize Well…

• Project will see Baker Hughes' electric submersible pumps and Leucipa™ automated field production solution enhance efficiency of the State Oil Company of Azerbaijan Republic's mature oil and gas assets
• Localization efforts will increase in-country manufacturing and training

BAKU, Azerbaijan - June 13, 2024 - Baker Hughes, an energy technology company, announced Thursday an award from the State Oil Company of Azerbaijan Republic (SOCAR) to employ its electric submersible pump (ESP) technology and automated field production software solution, Leucipa, in the nation's oilfields. The signing ceremony for the joint cooperation agreement took place in Baku in the presence of Baker Hughes CEO and Chairman Lorenzo Simonelli and SOCAR President Rovshan Najaf.

The first 50 of more than 150 ESPs are expected to arrive this year. The combined offering will provide increased optimization across SOCAR's oilfield operations with expected efficiencies significantly reducing the number of workovers.

"Baker Hughes and SOCAR have long worked together to employ innovative approaches to the oil and gas industry in the Caspian," Simonelli said. "Technology remains essential to achieve sustainable energy development, and our proven production solutions generate shorter-cycle, lower-cost and lower-carbon barrels for our customer."

The project will also have a significant local impact. The two companies will establish a joint center of excellence that will have the capability to manufacture, assemble, repair and maintain the ESPs. Baker Hughes will also invest in local workforce training initiatives.

About Baker Hughes

Baker 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.

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