Baker Hughes, a GE Company Signs Agreement with Twinza to Provide Fullstream Support for Offshore Project in the Gulf of Papua

• Baker Hughes, a GE company (BHGE) to provide a groundbreaking
  fullstream offering to include drilling services for the appraisal and
  development phases of the project and an agreement to supply gas
  processing, compression, turbomachinery, controls subsea equipment and
  installation services
• The Pasca A gas-condensate field is located offshore Papua New
  Guinea (PNG) and is the first offshore oil and gas development in PNG
  with a resource currently assessed at 93 million barrels of oil
  equivalent (mmboe)

LONDON & HOUSTON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE:BHGE) announced one of the first
agreements of its kind with Twinza Oil Limited to provide fullstream
support on the Pasca A gas condensate field, which is located off Papua
New Guinea in the Gulf of Papua.

The Twinza-BHGE fullstream agreement – an industry first – covers
services and equipment during Phase I of the Pasca A field Development,
including drilling services, wellheads and pressure control equipment
for the fourth and final appraisal well. The appraisal well will be
drilled in 3Q 2017, which will be suspended as a future development
well, and the final investment decision (FID) to proceed to development
is expected in 2018. Post FID, BHGE expects to provide an integrated gas
processing solution from the wells through to point of export. The
fullstream offering includes a wide range of capabilities in drilling
services, subsea equipment, gas processing topsides, gas compression and
turbomachinery as well as installation and commissioning services. As
part of the fullstream package, BHGE was also able to bring its
expertise to offer a financial solution to enable Twinza to complete
appraisal drilling and proceed to FID.

The deal leverages the fullstream capabilities of the newly combined
BHGE that provides customers with a “wing to wing” partner in complex
projects – from reservoir evaluation to production and end use. The
enhanced portfolio positions BHGE to create new sources of value by
improving productivity and economics through integrated equipment and
service offerings and meet customer needs through a fullstream lens.

Lorenzo Simonelli, president and CEO of BHGE said: “BHGE’s competitive
advantage is its ability to serve customers across the entire oil and
gas value chain, providing cutting-edge technology and proven expertise
to maximize customers’ business profitability. This project with Twinza
is one of the first times we can truly show the value of combining our
legacy strength into one unique fullstream offering.”

“Having a single point of contact and a complete offering for a complex
project was one of the key reasons why we partnered with BHGE,” said Huw
Evans, CEO of Twinza. “With its fullstream capabilities, BHGE was able
to propose a fully integrated services and equipment offering using a
modular state of the art approach, high tech solutions and systems that
‘talk to each other’ for optimization. This greatly synergizes the
execution of the project while reducing the integration risk if we had
engaged several vendors for similar services and equipment.”

Pasca is the first offshore oil and gas development in PNG that will
produce natural gas liquids (NGLs) in the form of condensate (a light
crude oil) and LPG, and will also produce natural gas. The project is
expected to spur development of relevant offshore skills and services in
PNG and will prove a significant boost to the PNG economy, providing
government revenues, utilizing local services and providing local
employment. Additionally, the LPG produced from Pasca will be available
to reduce imports, and will offer a competitive alternative to imported
diesel fuel for power generation.

Twinza holds 100% of the Pasca A License and has submitted a development
plan for the field that will produce the resource across two phases.
Phase I consists of the initial production of natural gas liquids
(NGLs), including condensate and LPG, with reinjection of dry gas ahead
of Phase II. During Phase II, dry gas will be exported.

About Baker Hughes, a GE company

Baker Hughes, a GE company (NYSE:BHGE) is the world’s first and only
fullstream provider of integrated oilfield products, services and
digital solutions. We deploy minds and machines to enhance customer
productivity, safety and environmental stewardship, while minimizing
costs and risks at every step of the energy value chain. With operations
in over 120 countries, we infuse over a century of experience with the
spirit of a startup – inventing smarter ways to bring energy to the
world.

Visit us at BHGE.com.

Caution Concerning Forward-Looking Statements:

This communication contains “forward-looking” statements as that term is
defined in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended by the
Private Securities Litigation Reform Act of 1995, including statements
regarding the proposed arrangement between BHGE and Twinza Oil Limited
and the Pasca A gas-condensate field located offshore Papua New Guinea
(PNG). All statements, other than historical facts, including statements
regarding the expected timing and structure of the proposed transaction;
any activities that may take place post final investment decision; and
the scope of the fullstream offering, are forward-looking statements.
Forward-looking statements concern future circumstances and results and
other statements that are not historical facts and are sometimes
identified by the words “may,” “will,” “should,” “intend,” “expect,”
“anticipate,” “estimate,” “believe,” “could” or other similar words or
expressions. Forward-looking statements are based upon current plans,
estimates and expectations that are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those indicated or anticipated by such
forward-looking statements. The inclusion of such statements should not
be regarded as a representation that such plans, estimates or
expectations will be achieved. Important factors that could cause actual
results to differ materially from such plans, estimates or expectations
include, among others, (1) the Pasca A gas-condensate field is still
being developed and there is no assurance that Twinza Oil Limited will
make a final investment decision to proceed with the project and (2)
there is no guarantee that this fullstream project will be successful or
profitable or that BHGE will be awarded future fullstream projects from
Twinza or other customers. The foregoing list of important factors is
not exclusive.

Any forward-looking statements speak only as of the date of this
communication. BHGE does not undertake any obligation to update any
forward-looking statements, whether as a result of new information or
development, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements.

Contacts

Baker Hughes, a GE company
Media Relations:
Christopher Lim,
+65 9820 7445
[email protected]
or
Investor
Relations:
Philipp Mueller, +1 281-809-9088
[email protected]