Baker Hughes, one of the world's largest oilfield service companies, and TMK, one of the world's largest producers of pipes for the oil and gas industry, announced today that they have signed a letter of intent to jointly develop integrated well completion solutions.

Targeted at both onshore and offshore fields, the solutions will provide turnkey well completions based on the technical and manufacturing capabilities of both companies. These include the procurement of the entire assembly of downhole equipment and tubular goods, as well as installation services and technical support - a combination that can reduce the overall costs of field development.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 59,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.