Baker Hughes has reported a record $32.1 billion backlog in the third quarter of 2025, driven by strong orders in its Industrial & Energy Technology (IET) segment and rising demand from the liquefied natural gas (LNG), power generation, and offshore markets.
The company said it secured over US$4 billion in IET orders, marking only the third time in its history that it has reached that milestone. “We also continue to benefit from strong market tailwinds in LNG, power generation, and offshore,” Baker Hughes Chairman and Chief Executive Officer, Lorenzo Simonelli said in an announcement today. “IET backlog grew 3% sequentially, reaching a new record of US$32.1 billion, further reinforcing the durability and visibility of our growth outlook in IET.”
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While margins for the Oilfield Services & Equipment (OFSE) segment softened amid global market pressures, Simonelli said IET’s strong results helped drive consolidated adjusted earnings higher year-over-year. “This positive margin progression highlights the resilience of our portfolio and the foundation we’ve built through disciplined execution,” he added.
Baker Hughes also advanced its portfolio strategy during the quarter, announcing plans to acquire Chart Industries Inc. for approximately US$13.6 billion, and completing its acquisition of Continental Disc Corporation, expanding its reach in flow and pressure control markets.
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“As we close Horizon One and turn to our new Horizon Two targets, we have fundamentally changed the way we operate,” Simonelli said. “Today Baker Hughes is in the strongest position since the merger nearly a decade ago.”
Baker Hughes has been one of ExxonMobil’s prime contractors for its operations in Guyana’s Stabroek Block. The company operates out of a supercentre facility at Land of Canaan, East Bank Demerara.
