Baker Hughes' Industrial and Energy Technology (IET) segment achieved a record backlog of $32.4 billion by the end of 2025, driven by strong contract awards throughout the year.

IET Segment Performance and Outlook

The IET segment's full-year 2025 orders reached a record $14.9 billion, exceeding company guidance, with fourth-quarter bookings alone at $4 billion. This performance was supported by awards in liquefied natural gas, floating production, storage and offloading facilities, and gas infrastructure. For the fourth quarter, IET orders grew 7% year-on-year to $4.024 billion, while revenues increased 9% to $3.14 billion. This revenue growth was primarily driven by an 11% increase in both gas technology equipment and gas technology services. The company forecasts robust IET order levels will continue into 2026, with the segment expected to expand its margins to a target of 20%.

Oilfield Services and Equipment (OFSE) Awards

The OFSE segment also secured significant production solutions contracts in the fourth quarter, including nearly $1 billion in awards from the Middle East. Key contracts include:

• A multi-year contract from Kuwait Oil Company for advanced artificial lift systems.
• An award from Petroleum Development Oman to supply electrical submersible pumps and services for approximately 1,400 wells.
• A contract from Abu Dhabi National Oil Company (Adnoc) to deliver retrievable electrical submersible pumping systems for the offshore Umm Shaif field.

These workscopes incorporate the Leucipa automated field production solution to enhance reliability and reduce non-productive time.

International Contract Awards

Baker Hughes secured several other major international awards:

• Multiple well construction awards from Pluspetrol in Argentina for rotary steerable systems to develop the Vaca Muerta shale formation.
• A significant contract extension from ExxonMobil to supply advanced completions technologies for offshore development in Guyana.
• A multi-year frame agreement from Eni for subsea production systems and services for the Coral North LNG project offshore Mozambique. This scope includes subsea trees, controls, manifolds, and distribution systems.

These contracts support the development of long-cycle offshore gas infrastructure and help maximize energy resources in their respective regions.