By Houston Business Journal

Baker Hughes Inc. has jumped the last hurdle in regard to its merger with BJ Services Co.

The Houston-based oilfield services firm has agreed to sell two of its vessels to New Orleans-based Superior Energy Services Inc. (NYSE: SPN) for an undisclosed figure.

The sale was one of the contingencies the Houston-based company agreed on in order to finish the merger with Houston-based BJ Services Co.

Included in the sale are the HR Hughes and Blue Ray stimulation vessels as well as other equipment used for sand control and stimulation services in the Gulf of Mexico.

Baker Hughes (NYSE: BHI) expects to close on the deal by the end of the month.

Following the sale, the company said will have fulfilled its court-ordered obligation and will be free to complete the merger.

By late morning Tuesday, shares of Baker Hughes were up 6.2 percent to $44.94. They ended up closing up 3.9 percent at $43.93.

Copyright 2010 American City Business Journals
Copyright 2010