Baker Hughes to Acquire AccessESP to Reduce Oilfield Customers’ Costs and Downtime

• AccessESP provides novel technology used to alternatively deploy and operate electrical submersible pumps (ESPs)
• AccessESP complements Baker Hughes' production solutions portfolio and helps customers cut intervention costs, maximize well productivity and enhance reservoir recovery rates
• Acquisition highlights Baker Hughes' disciplined approach to long-term, sustainable growth

HOUSTON - July 27, 2022 -Baker Hughes has announced it is acquiring AccessESP, a leading provider of advanced technology for artificial lift solutions, to further transform core oil and gas operations by reducing costs and downtime for operators.

AccessESP's "GoRigless ESP System" provides proprietary solutions that enable an electrical submersible pump (ESP) to be deployed and retrieved with conventional, light-duty intervention equipment (e.g., wireline, coiled tubing or well tractor) without the need for a rig or requiring the well production tubing to be pulled. These technologies significantly reduce the cost of, and downtime between, workovers used in the replacement of ESPs, which is of increasing importance in offshore and remote areas.

"Combining AccessESP's alternative deployment technology with Baker Hughes' world-class ESP capabilities creates a truly differentiated solution for our customers," said Maria Claudia Borras, executive vice president of Oilfield Services at Baker Hughes. "This transaction reinforces Baker Hughes' commitment to transforming our core business by focusing on leading, future-proof technologies that support growth opportunities and enhance our portfolio."

AccessESP's innovative deployment system provides more efficient solutions compared with traditional methods. By reducing heavy intervention, operators can increase oil recovery, efficiency and profitability while reducing costs and managing resources more efficiently. Lightweight intervention systems also reduce HSE risks, while light workover techniques enable ESP maintenance to be completed more quickly and at a lower cost than existing methods.

Headquartered in Houston, AccessESP has approximately 55 employees with facilities in North America and the Middle East. The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes' Oilfield Services segment. The acquisition agreement includes all intellectual property, personnel and commercial agreements.

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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