| Schedule of Related Party Transactions |
The following tables set forth a summary of transactions and balances with significant related parties:
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| (in thousands) |
|
Baker Hughes Holdings LLC |
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|
Akastor AS |
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|
Other Baker Hughes companies |
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|
Other Akastor companies |
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|
Tanajib Holding Company |
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|
Total |
|
Condensed Consolidated Statements of Income |
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|
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|
Three Months Ended June 30, 2026 |
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|
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|
|
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|
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|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47 |
|
|
$ |
513 |
|
|
$ |
— |
|
|
$ |
560 |
|
Interest expense, net |
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|
(49 |
) |
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|
(13 |
) |
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|
— |
|
|
|
— |
|
|
|
— |
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|
(62 |
) |
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|
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|
Six Months Ended June 30, 2026 |
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|
|
|
|
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|
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|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
175 |
|
|
$ |
712 |
|
|
$ |
— |
|
|
$ |
887 |
|
Interest expense, net |
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|
(2,182 |
) |
|
|
(538 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
(2,720 |
) |
Condensed Consolidated Balance Sheets |
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As of June 30, 2026 |
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|
|
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Related party accounts receivable |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,305 |
|
|
$ |
300 |
|
|
$ |
— |
|
|
$ |
1,605 |
|
Related party notes receivable—current |
|
|
— |
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|
|
1,544 |
|
|
|
— |
|
|
|
— |
|
|
|
2,813 |
|
|
|
4,357 |
|
Related party notes receivable |
|
|
— |
|
|
|
19,056 |
|
|
|
— |
|
|
|
— |
|
|
|
3,600 |
|
|
|
22,656 |
|
Accounts payable—related party |
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|
— |
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|
|
— |
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|
|
— |
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|
13 |
|
|
|
— |
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|
13 |
|
Tax receivable agreement liability |
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|
1,880 |
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|
|
— |
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|
— |
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|
1,880 |
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|
|
— |
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|
3,760 |
|
Other liabilities |
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|
384 |
|
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|
7,907 |
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|
|
— |
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|
— |
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|
|
— |
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|
8,291 |
|
|
|
|
|
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|
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| |
|
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|
(in thousands) |
|
Baker Hughes Holdings LLC |
|
|
Akastor AS |
|
|
Other Baker Hughes companies |
|
|
Other Akastor companies |
|
|
Tanajib Holding Company |
|
|
Total |
|
Condensed Consolidated Statements of Income |
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
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|
|
|
|
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|
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Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
49 |
|
|
$ |
113 |
|
|
$ |
— |
|
|
$ |
162 |
|
Interest expense, net |
|
|
(2,031 |
) |
|
|
(486 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
(2,517 |
) |
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|
|
|
|
|
|
Six Months Ended June 30, 2025 |
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|
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|
|
|
|
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Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
74 |
|
|
$ |
178 |
|
|
$ |
— |
|
|
$ |
252 |
|
Interest expense, net |
|
|
(4,001 |
) |
|
|
(956 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,957 |
) |
|
Condensed Consolidated Balance Sheets |
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|
|
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|
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|
As of December 31, 2025 |
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|
|
|
|
|
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|
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|
Related party accounts receivable |
|
$ |
— |
|
|
$ |
424 |
|
|
$ |
942 |
|
|
$ |
133 |
|
|
$ |
— |
|
|
$ |
1,499 |
|
Related party notes receivable—current |
|
|
— |
|
|
|
1,544 |
|
|
|
— |
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|
|
— |
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|
2,109 |
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|
3,653 |
|
Related party notes receivable |
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|
4,654 |
|
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|
24,545 |
|
|
|
— |
|
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|
— |
|
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|
4,405 |
|
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|
33,604 |
|
Accounts payable—related party |
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|
— |
|
|
|
— |
|
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|
102 |
|
|
|
5 |
|
|
|
— |
|
|
|
107 |
|
Long-term debt, net—related party |
|
|
112,471 |
|
|
|
31,261 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
143,732 |
|
Other liabilities |
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|
384 |
|
|
|
7,907 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
8,291 |
|
|
|
|
|
| Schedule of Related Party Transactions |
|
The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2025 and 2024:
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| |
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|
| |
|
Baker Hughes Holdings LLC |
|
|
Akastor AS |
|
|
Other Baker Hughes companies |
|
|
Other Akastor companies |
|
|
Tanajib Holding Company |
|
|
Total |
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|
For the year ended December 31, 2025 |
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|
Consolidated statement of income |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
130 |
|
|
$ |
315 |
|
|
$ |
— |
|
|
$ |
445 |
|
Interest expense, net |
|
|
(8,232 |
) |
|
|
(1,986 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,218 |
) |
|
|
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|
As of December 31, 2025 |
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|
Consolidated balance sheet |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Related party accounts receivable |
|
|
— |
|
|
|
424 |
|
|
|
942 |
|
|
|
133 |
|
|
|
— |
|
|
|
1,499 |
|
Related party notes receivable—current |
|
|
— |
|
|
|
1,544 |
|
|
|
— |
|
|
|
— |
|
|
|
2,109 |
|
|
|
3,653 |
|
Related party notes receivable |
|
|
4,654 |
|
|
|
24,545 |
|
|
|
— |
|
|
|
— |
|
|
|
4,405 |
|
|
|
33,604 |
|
Accounts payable—related party |
|
|
— |
|
|
|
— |
|
|
|
102 |
|
|
|
5 |
|
|
|
— |
|
|
|
107 |
|
Long-term debt, net—related party |
|
|
112,471 |
|
|
|
31,261 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
143,732 |
|
Other liabilities |
|
|
384 |
|
|
|
7,907 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Baker Hughes Holdings LLC |
|
|
Akastor AS |
|
|
Other Baker Hughes companies |
|
|
Other Akastor companies |
|
|
Tanajib Holding Company |
|
|
Total |
|
|
|
|
|
|
|
|
For the year ended December 31, 2024 |
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement of income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
3,406 |
|
|
$ |
132 |
|
|
$ |
77 |
|
|
$ |
— |
|
|
$ |
3,615 |
|
Interest expense, net |
|
|
(7,616 |
) |
|
|
(1,686 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,302 |
) |
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party accounts receivable |
|
|
— |
|
|
|
1,136 |
|
|
|
974 |
|
|
|
— |
|
|
|
222 |
|
|
|
2,332 |
|
Related party notes receivable—current |
|
|
— |
|
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
|
2,179 |
|
|
|
3,679 |
|
Related party notes receivable |
|
|
4,299 |
|
|
|
22,694 |
|
|
|
— |
|
|
|
— |
|
|
|
4,754 |
|
|
|
31,747 |
|
Accounts payable—related party |
|
|
— |
|
|
|
— |
|
|
|
69 |
|
|
|
124 |
|
|
|
358 |
|
|
|
551 |
|
Long-term debt, net—related party |
|
|
103,767 |
|
|
|
28,143 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
131,910 |
|
Other liabilities |
|
|
514 |
|
|
|
8,162 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,676 |
|
|
|
|