Baker Hughes Acquires Nova Technology Corporation

Baker Hughes has acquired Nova Technology Corporation of Broussard, Louisiana for approximately $70 million in cash and assumed debt. Nova is a leading supplier of permanent monitoring, chemical injection systems, and multi-line services for deepwater and subsea oil and gas well applications and has contracts in the Gulf of Mexico, West Africa, Sakhalin Island and Brazil.

"The acquisition of Nova supports our focus on providing the industry's best-in-class production optimization technologies and services," said Rod Clark, Baker Hughes President and COO. "Nova's product lines are expected to complement the broad permanent monitoring capabilities of Baker Hughes's QuantX Wellbore Instrumentation products and services and the fiber optic technologies provided by our Luna Energy unit. The installation of permanent monitoring and chemical injection systems will be used to assist operators in managing their production and reservoir systems to accelerate production and increase hydrocarbon recovery."