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Baker Hughes began taking action to reduce costs in Latin America operations

Martin Craighead, Baker Hughes' chairman and CEO stated, "Our Q2 results reflect mixed performance across our international operating segments. Activity levels continued to rise across the Eastern Hemisphere based on strong demand in deepwater markets, particularly in Europe and Africa, as well as seasonal improvements in Russia. However, our gains in the East were more than offset by a sharp decline in Latin America resulting from reduced activity and demobilization costs in Brazil and Mexico. In response to these conditions, during Q2 we began taking actions to reduce costs in our Latin America operations. This process should be substantially complete in the third quarter leading to increased profitability in the second half of the year."