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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): MAY 31, 2000
BAKER HUGHES INCORPORATED
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 1-9397 76-0207995
(State or other jurisdiction (Commission File No.) (I.R.S. Employer Identification No.)
of incorporation)
3900 ESSEX LANE
HOUSTON, TEXAS 77027-5177
(Address of principal executive offices) (Zip Code)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 439-8600
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ITEM 5. OTHER EVENTS.
On May 31, 2000, Baker Hughes Incorporated, a Delaware corporation (the
"Company"), announced the signing of a Memorandum of Understanding ("MOU") with
Schlumberger Limited, a Netherlands Antilles corporation ("Schlumberger"), for
the purpose of creating a seismic venture to be called Western GECO. The
transaction is expected to be completed before the end of the year and is
subject to signing a definitive agreement and to regulatory and board approvals.
Under the terms of the MOU, the Company will negotiate a transaction
with Schlumberger whereby they would create a venture that would own the seismic
acquisition assets, data processing assets, multi-client seismic libraries, and
other assets of Western Geophysical and Geco-Prakla, respectively. In addition,
the Company would receive from Schlumberger approximately $500 million in cash.
The transaction would also allow the Company to make certain working capital
reductions valued at approximately $100 million. The Company and Schlumberger
would respectively own 30% and 70% of the venture, which would operate under the
name Western GECO.
A copy of the press release announcing the signing of the MOU is filed
as Exhibit 99.1 hereto and is hereby incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 - Press release of the Company dated May 31, 2000,
announcing the signing of the Memorandum of Understanding
with Schlumberger for the purpose of creating a seismic
venture to be called Western GECO.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BAKER HUGHES INCORPORATED
Dated: June 12, 2000 /s/ Daniel J. Churay
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Daniel J. Churay
Assistant Secretary
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INDEX TO EXHIBITS
Number Exhibit
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99.1 Press release of the Company dated May 31, 2000,
announcing the signing of the Memorandum of
Understanding with Schlumberger for the purpose of
creating a seismic venture to be called Western GECO.
