Cactus Inc and Baker Hughes have completed a transaction to create a joint venture consisting of the latter’s surface pressure control business.
Cactus has operational control with a 65 percent stake while Baker Hughes owns 35 percent, Baker Hughes said in an online statement.
“The completion of this transaction represents an important milestone in Baker Hughes’ value-creation strategy, reinforcing the company’s commitment to disciplined portfolio management, operational execution and capital efficiency”, Baker Hughes said.
“This transaction enhances earnings and cash flow durability, enables the redeployment of capital toward higher-return opportunities and provides cash proceeds to further strengthen the balance sheet, all within a rigorous, returns-focused approach to capital allocation”.
Announcing the deal June 2, 2025, Baker Hughes said, “The joint venture will operate independently from Cactus’ existing pressure control business and will focus on maintaining its leadership position in the international market for surface wellhead and production tree systems”.
Baker Hughes’ subsea and surface pressure systems product line has been the lowest contributor in the company’s oilfield services and equipment (OFSE) segment. In 2024 this product line generated $3.47 billion in revenue, compared to $4.15 billion for well construction, the highest OFSE contributor. Completions, intervention and measurements also logged $4.15 billion in revenue for 2024. The remaining OFSE product line, production solutions, collected $3.86 billion in revenue, according to Baker Hughes’ annual report.
According to Baker Hughes’ latest quarterly results, the subsea and surface pressure systems business generated $771 million in revenue for July-September 2025, down three percent quarter-on-quarter and 16 percent year-on-year. However, orders for subsea and surface pressure systems rose 70 percent sequentially and 53 percent year-over-year to $1.19 billion.
Chart Acquisition
In a separate M&A transaction, Baker Hughes is working to complete its acquisition of Chart Industries Inc. On October 6, 2025, Chart shareholders voted up Baker Hughes’ offer of $210 per share.
“The transaction is expected to be completed by mid-year 2026, subject to customary conditions and the receipt of applicable regulatory approvals”, Chart said then.
Chart counts itself as a leading provider of technology, equipment and services related to liquefied natural gas (LNG), hydrogen, biogas and carbon dioxide capture.
The agreement gives Chart an enterprise value of $13.6 billion, the companies said in a joint statement July 29, noting Chart generated $4.2 billion in revenue and $1 billion in adjusted EBITDA for 2024.
“Baker Hughes’ core competencies in rotating equipment, flow control and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies”, the companies said.
“Baker Hughes’ expansive service footprint is expected to increase service rates for Chart’s installed base driving more profitable, recurring revenue across the combined portfolio”, they said.
To contact the author, email jov.onsat@rigzone.com
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