Baker Hughes announced strong first-quarter results, driven by “record orders and major contract wins.
The company released its 2025 quarter report on April 22, revealing that it has secured a significant award from ExxonMobil Guyana. It will supply specialty chemicals and related services for the Uaru and Whiptail offshore projects in the Stabroek Block.
“This multi-year contract covers topsides, subsea, water injection and utility chemicals to help ExxonMobil Guyana achieve optimal production,” the company stated.
Lorenzo Simonelli, Chairman and Chief Executive Officer, said, “Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records.” He added, “Our continued transformation initiatives and strong execution continue to drive structural margin improvement across both segments.”
Simonelli said the company booked US$3.2 billion in orders in its Industrial & Energy Technology (IET) segment. That includes its first data center awards totaling over 350 MW of power solutions. He confirmed, “We have a strong pipeline of LNG, FPSO and gas infrastructure projects that support our order outlook for this year.”
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In Oilfield Services & Equipment (OFSE), EBITDA improved despite lower revenue. “This is a testament to the team’s hard work in changing the way the business operates,” Simonelli said. He acknowledged global uncertainty but noted, “We remain confident in our strategy and the resilience of our portfolio.”
Baker Hughes expanded its leadership in LNG with a liquefaction train award from Bechtel in North America. It signed strategic agreements to supply turbines and services to NextDecade’s Rio Grande LNG and Argent LNG in Louisiana.
The company also won a contract to provide compression stations and equipment for a North American pipeline project. It advanced data center energy solutions and partnered with Frontier Infrastructure to develop large-scale CCS projects.
Gas Technology Services secured upgrades and new equipment awards in Algeria and the Middle East. Cordant™ APM solution was selected by ADNOC Offshore and other customers across the Americas and Australia. OFSE also won a Petrobras contract for completions systems across Brazil’s offshore fields.
It signed a multi-year drilling services deal for Dubai Petroleum’s gas storage project. In Norway, it partnered with Equinor on a Plug & Abandonment Center of Excellence.
OFSE’s Leucipa™ digital platform was adopted by SOCAR in Azerbaijan and by NNPC/FIRST E&P in Nigeria. Simonelli noted, “We remain committed to our customers, shareholders and employees.”
Baker Hughes has a strong history of localization in Guyana. In 2022, it celebrated the opening of a multimodal supercenter in Georgetown. The company also provides a variety of services and equipment to operators in the country, including turbomachinery for ExxonMobil Guyana’s FPSO fleet and production chemicals for the Liza Unity vessel.
