Cactus–Baker Hughes Deal Sharpens Focus in Pressure Control

Cactus finalizes control of Baker Hughes’ SPC business, underscoring a broader shift toward tighter focus and selective ownership in upstream equipment

5 Jan 2026

Cactus has completed the acquisition of a 65 per cent controlling stake in Baker Hughes’ Surface Pressure Control business, closing a transaction that highlights how oilfield equipment groups are reshaping portfolios and capital allocation.

The deal, completed in January, places the pressure-control unit into a joint venture structure, with Baker Hughes retaining the remaining 35 per cent interest. Cactus gains operational control of the business, while the US-based energy technology group keeps a minority exposure.

Surface pressure control equipment plays a central role in drilling and completion operations, helping to manage wellhead pressures and maintain safety and reliability. The portfolio includes wellheads and production tree equipment and has a strong international footprint, serving customers in a range of operating environments.

For Cactus, the acquisition expands its scale in pressure-control equipment and services and adds a business with established customer relationships and an existing order backlog. Operational control allows the company to set execution standards and align manufacturing and service operations more closely with its core focus.

Baker Hughes has described the structure as consistent with its broader portfolio strategy. By retaining a minority stake, it remains exposed to the pressure-control market while releasing capital and management capacity for other priorities. The group has previously signalled an emphasis on disciplined portfolio management and capital efficiency.

The transaction reflects a wider shift across the oilfield equipment sector. Specialised manufacturers are pursuing targeted acquisitions to deepen product focus and gain operating leverage, while larger and more diversified groups increasingly rely on joint ventures and partial ownership to sharpen portfolios without committing full balance-sheet resources.

Attention will now turn to execution, particularly as customers continue to prioritise reliability, service quality and operational continuity across drilling programmes. The Cactus–Baker Hughes joint venture offers a clear example of how ownership structures in upstream equipment are evolving towards more selective control and more flexible partnerships.