Baker Hughes Selected for Multi-Year Integrated P&A Services Agreement with Equinor in North Sea

Baker Hughes secures P&A agreement with Equinor for efficient well abandonment services in Norway's Oseberg East field.

Quiver AI Summary

Baker Hughes has signed a plug and abandonment (P&A) agreement with Equinor for the Oseberg East field on Norway's continental shelf, marking the first project under a multi-year framework for integrated well services. The deal will utilize Baker Hughes’ Mature Assets Solutions portfolio to improve efficiency and streamline P&A operations through end-to-end integration. Baker Hughes will manage all phases of the P&A process, including planning and execution across multiple North Sea wells, leveraging advanced technologies and establishing a P&A Center of Excellence in Bergen and Stavanger. Planning is currently underway, with execution scheduled to begin in 2026.

Potential Positives

Baker Hughes has been awarded a significant plug and abandonment (P&A) agreement with Equinor, marking a key partnership in the North Sea operations.
The project will be managed by the Mature Assets Solutions team, leveraging Baker Hughes' expertise to enhance efficiency and reduce costs in well abandonment processes.
This agreement signifies the first project under a multi-year frame agreement for integrated well services, indicating long-term collaboration and business stability.
The establishment of a P&A Center of Excellence in Bergen and Stavanger underscores Baker Hughes' commitment to optimizing operations and delivering reliable, cost-effective solutions in the region.

Potential Negatives

The use of "plug and abandonment" suggests Baker Hughes is engaging in potentially less profitable activities compared to exploration or production, which may raise concerns about revenue growth.
The establishment of a P&A Center of Excellence highlights a specific focus, potentially indicating the company is reallocating resources away from other areas of its operations, which could affect overall business diversification.
The execution of the project is scheduled to begin in 2026, suggesting a lengthy timeline before any potential revenue is realized from this agreement, which may concern investors looking for more immediate returns.

FAQ

What is the Baker Hughes and Equinor agreement about?

Baker Hughes will provide integrated plug and abandonment (P&A) services for Equinor in the Oseberg East field.

How does Baker Hughes improve P&A operations?

Baker Hughes utilizes its Mature Assets Solutions portfolio to enhance efficiency and reduce costs in P&A operations.

When will the P&A project for Oseberg East begin?

Planning for the Oseberg East project is underway, with execution scheduled to begin in 2026.

What technologies are included in Baker Hughes' well abandonment portfolio?

The portfolio features technologies like PRIME Powered Mechanical Applications and MASTODON™ casing retrieval system.

Where will Baker Hughes establish its P&A Center of Excellence?

The P&A Center of Excellence will be located in Bergen and Stavanger, Norway.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$BKR Congressional Stock Trading

Members of Congress have traded $BKR stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $BKR stock by members of Congress over the last 6 months:

REPRESENTATIVE TIM MOORE purchased up to $50,000 on 03/04.

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$BKR Insider Trading Activity

$BKR insiders have traded $BKR stock on the open market 6 times in the past 6 months. Of those trades, 0 have been purchases and 6 have been sales.

Here’s a breakdown of recent trading of $BKR stock by insiders over the last 6 months:

NANCY BUESE (EVP & Chief Financial Officer) sold 80,000 shares for an estimated $3,709,600
MARIA C BORRAS (EVP, Oilfield Services & Equip) has made 0 purchases and 2 sales selling 75,250 shares for an estimated $3,282,190.
JAMES E APOSTOLIDES (SVP, Enterprise Op Excellence) has made 0 purchases and 3 sales selling 16,141 shares for an estimated $693,679.

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$BKR Hedge Fund Activity

We have seen 536 institutional investors add shares of $BKR stock to their portfolio, and 406 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

ARTISAN PARTNERS LIMITED PARTNERSHIP added 16,510,623 shares (+inf%) to their portfolio in Q1 2025, for an estimated $725,641,880
JPMORGAN CHASE & CO added 14,981,627 shares (+18.1%) to their portfolio in Q1 2025, for an estimated $658,442,506
D. E. SHAW & CO., INC. removed 4,712,097 shares (-95.3%) from their portfolio in Q1 2025, for an estimated $207,096,663
FMR LLC added 4,212,391 shares (+26.8%) to their portfolio in Q1 2025, for an estimated $185,134,584
AMUNDI removed 4,209,093 shares (-29.8%) from their portfolio in Q1 2025, for an estimated $184,989,637
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC removed 4,096,795 shares (-44.4%) from their portfolio in Q1 2025, for an estimated $180,054,140
PACER ADVISORS, INC. added 3,713,301 shares (+2585.6%) to their portfolio in Q1 2025, for an estimated $163,199,578

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$BKR Analyst Ratings

Wall Street analysts have issued reports on $BKR in the last several months. We have seen 8 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Morgan Stanley issued a "Overweight" rating on 05/16/2025
Barclays issued a "Overweight" rating on 02/04/2025
RBC Capital issued a "Outperform" rating on 02/03/2025
Susquehanna issued a "Positive" rating on 02/03/2025
Cowen & Co. issued a "Buy" rating on 02/03/2025
Piper Sandler issued a "Overweight" rating on 02/03/2025
Goldman Sachs issued a "Buy" rating on 01/22/2025

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$BKR Price Targets

Multiple analysts have issued price targets for $BKR recently. We have seen 3 analysts offer price targets for $BKR in the last 6 months, with a median target of $50.0.

Here are some recent targets:

Stephen Gengaro from Stifel Nicolaus set a target price of $50.0 on 04/24/2025
Neil Mehta from Goldman Sachs set a target price of $52.0 on 01/22/2025
Lloyd Byrne from Jefferies set a target price of $50.0 on 01/03/2025

Full Release

Baker Hughes awarded P&A agreement based on Mature Assets Solutions portfolio
Agreement will enable Equinor to drive efficiencies, industrialize P&A operations through end-to-end integration
Award marks first project as part of multi-year frame agreement for integrated well services

HOUSTON and LONDON, June 11, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, will provide Equinor plug and abandonment (P&A) services in the Oseberg East field on Norway’s continental shelf. Baker Hughes’ Mature Assets Solutions team will lead the integrated P&A campaign planning phase, as well as delivering integrated P&A services in execution across several wells in the North Sea.

Baker Hughes has a history of successful integrated P&A projects, as well as its innovative portfolio of Mature Assets Solutions with a proven track record of increasing efficiency, accelerating timelines and reducing total operating costs. Through this integrated P&A program, Baker Hughes will plug and abandon wells and provide project management services on behalf of Equinor.

“Our Mature Assets Solutions experts are well equipped to manage every phase of P&A and optimize operations to meet Equinor’s well abandonment goals,” said Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes. “As this project unfolds, we will collectively unlock new efficiencies that set new standards for well abandonment solutions, providing cost-effective solutions to Equinor through collaboration, technology, optimization and integration.”

This project follows the March 2025 signing of a multi-year framework agreement between Baker Hughes and Equinor to provide integrated plug and abandonment services. To manage the project, Baker Hughes will establish a P&A Center of Excellence in Bergen and Stavanger. This hub of expertise will bring together project managers and subject matter experts to centralize P&A activities in the North Sea, ensuring the most economical and reliable solutions are implemented to responsibly abandon each well while maximizing operational efficiencies.

Baker Hughes’ differentiating well abandonment portfolio include cutting-edge technologies, such as PRIME Powered Mechanical Applications, CICM (Casing Integrity & Cement Mapping), MASTODON™ casing retrieval system, and the Xtreme SJI mechanical slotting tool. Planning for Oseberg East is now underway, and the execution is scheduled to begin in 2026.

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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