Baker Hughes wins multi-year Kuwait Oil Company contract

Baker Hughes (NASDAQ: BKR) has secured a multi-year contract with Kuwait Oil Company (KOC) to develop and deploy technology solutions in Kuwait's upstream energy sector, according to a company statement.

The agreement positions Baker Hughes as a technology collaborator within the Ahmadi Innovation Valley (AIV), KOC's initiative to establish an in-country research and innovation hub. The collaboration will focus on digital and artificial intelligence automation solutions aimed at optimizing production and flow assurance across KOC's operations.

As part of the contract, Baker Hughes will build a dedicated research and technology development center within the Ahmadi Innovation Valley. The center is intended to support evaluation of new solutions, deployment of technology at scale, and development of local expertise.

Baker Hughes Chairman and Chief Executive Officer Lorenzo Simonelli said the company is "committed to deeply understanding KOC's development aspirations and providing the solutions needed to help achieve them," adding that the collaboration aims to "deliver tailored technology solutions at scale that improve production performance and efficiency."

The technologies to be deployed include solutions designed to increase recovery from existing wells, lower operating costs, reduce water production, and minimize power consumption.

Baker Hughes said it has operated in Kuwait for more than four decades. Financial terms of the contract were not disclosed.

You May Also Be Interested In

• Meta launches Muse, a personal AI agent with secure virtual machine
• Offerpad adds data veteran Benjamin Graboske to its board
• LIV Golf files for chapter 11, seeks player-majority ownership