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HOUSTON/LONDON - Baker Hughes (NASDAQ:BKR), the $48.2 billion energy technology company currently trading near its 52-week high, announced Friday it has secured a multi-year agreement with Aramco to expand its integrated underbalanced coiled tubing drilling operations across Saudi Arabia’s natural gas fields. According to InvestingPro analysis, Baker Hughes maintains strong financial health with consistently growing revenues of $27.6 billion.
The energy technology company will increase its coiled tubing drilling fleet from four to 10 units for re-entry and greenfield drilling projects throughout the Kingdom. The order was booked in the third quarter of 2025, adding to the company’s robust operational performance that has contributed to its impressive 25.6% return over the past six months.
Under the agreement, Baker Hughes will provide integrated solutions to manage all aspects of the drilling operations, including coiled tubing drilling units, underbalanced drilling services, operational management, well construction, and geosciences.
"This project is the result of nearly two decades of successful collaboration between Baker Hughes and Aramco, which have set the standard for UBCTD," said Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes.
The company’s approach includes the CoilTrak bottomhole assembly system and reservoir analysis driven by GaffneyCline energy advisory, which allows operators to navigate the subsurface environment during horizontal drilling and re-entry operations.
Baker Hughes has operated in Saudi Arabia’s underbalanced coiled tubing drilling market since 2008. The company claims its technology enhances production efficiency, speed and safety while reducing reservoir damage compared to traditional methods.
Work under the expanded agreement is scheduled to begin in 2026, according to the press release statement. For investors seeking deeper insights into Baker Hughes’ financial outlook and growth potential, InvestingPro offers comprehensive analysis with 8 additional ProTips and detailed metrics in its Pro Research Report, available exclusively to subscribers.
In other recent news, Baker Hughes Company reported third-quarter earnings that exceeded analyst expectations. The company achieved an adjusted earnings per share of $0.68, surpassing the consensus estimate of $0.62. Revenue for the quarter reached $7 billion, outpacing the analyst forecast of $6.82 billion and marking a 1% increase year-over-year. The company’s strong performance was driven by its Industrial & Energy Technology (IET) segment, which secured over $4 billion in orders during the quarter. This is only the third time in the company’s history that IET orders have reached such a level. Baker Hughes’ revenue performance was bolstered by positive trends in Gas Technology and robust U.S. land operations. The company’s focus on production-related activity has provided a competitive advantage in these areas. These recent developments highlight the company’s ongoing strength in its key operational segments.
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