4 BAKER HUGHES

Baker Hughes has earned the fourth spot on our list thanks to a steady stream of contracts secured in the Middle East region. One of the company’s biggest announcements was its plan to restructure and simplify its organisational structure from four business units to two — a move, which Baker Hughes expects to deliver at least $150 million in cost savings and form the baseline for further margin improvement.

The company also secured major contracts in Iraq. In July 2022, the company’s OFS division secured a four-year contract to provide artificial lift solutions for the Missan oilfield in Iraq. In a statement announcing its results for the second quarter of 2022, the Houston-headquartered company said that the contract includes the supply of electrical submersible pumps, surface equipment and dedicated field services. In October 2022, Baker Hughes signed a contract with Iraq’s state-owned Dhi Qar Oil Co to increase the production of associated gas in the Nassiriya and Algharraf oilfields. Recently, Baker Hughes announced a new service contract for maintenance and monitoring of turbomachinery equipment operations at Coral Sul FLNG, the first deep-water floating LNG facility operating off the coast of Mozambique on the Eni-led Coral South project.

The company secured a contract from Samsung Engineering to supply 14 electric motor-driven compressors to support gas processing for Aramco’s Jafurah unconventional gas field project, the largest non-associated gas field in the Kingdom of Saudi Arabia. For this project, Baker Hughes will leverage its local compressor packaging facility in Modon, supporting the kingdom’s in-country total value add program.