UPDATE 1-BJ Services posts loss as Baker Hughes deal looms

Mon Feb 8, 2010 5:57pm EST

* Q1 loss 3 cents per share vs expected profit

* Revs down 34 pct at $931.5 mln, above Wall St estimates

* Baker Hughes takeover expected to close this quarter

SAN FRANCISCO, Feb 8 (Reuters) - BJ Services Co BJS.N posted an unexpected quarterly loss as revenue fell 34 percent, but reported generally stable to slightly improved pricing in North America for its key oilfield pressure-pumping operation.

The company is in the process of being taken over by Baker Hughes Inc (BHI.N), which still expects to close the $6 billion deal this quarter.

For its fiscal first quarter ending in December, Houston-based BJ Services reported a loss from continuing operations of $8.4 million, or 3 cents per share, as revenue fell 34 percent to $931.5 million.

Analysts on average had been looking for a profit of 4 cents per share on revenue of $898 million, according to Thomson Reuters I/B/E/S.

The takeover of BJ Services will mark a return to its previous owner. Founded by Byron Jackson in California in the 1870s, BJ ended up as part of Baker Hughes through a series of deals a century later, before being spun out in 1990. (Reporting by Braden Reddall; Editing by Gary Hill)

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