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According to Sinochem New Network, recently Baker Hughes and oilfield equipment manufacturer Cactus Corporation announced that they have officially established the joint venture agreed upon earlier; this joint venture will integrate and manage Baker Hughes’ range of surface pressure control products. Under the final agreement, Cactus holds 65% of the shares in the joint venture, while Baker Hughes retains 35%. Baker Hughes contributed its related business assets, and received approximately $344.5 million in cash upon the completion of the transaction. This partnership combines Baker Hughes’ product portfolio in pressure control with Cactus’ manufacturing and service expertise in drilling, completion, and production equipment, aiming to improve capital efficiency and market competitiveness. Baker Hughes stated that this transaction is in line with its strategy to optimize its asset portfolio, and the funds generated will enhance the company’s financial flexibility. As the holding party, Cactus will be responsible for operating this joint venture, marking a further expansion of its presence in the field of pressure control technology. The establishment of this joint venture aims to meet the global oil and gas industry’s demand for efficient and reliable surface equipment by leveraging resource integration and specialized expertise; it also reflects the industry trend whereby energy technology suppliers enhance the competitiveness of their respective fields through strategic cooperation.