Baker Hughes sees $25 mln hit from Venezuela devaluation

Wed Feb 13, 2013 6:44pm EST

Feb 13 (Reuters) - Baker Hughes Inc believes Venezuela's devaluation of its currency will result in a loss of about $25 million this quarter, according to the oilfield services company's annual report filed on Wednesday.

Last week, Venezuela devalued its bolivar currency by 32 percent, in a widely expected move to shore up government finances.

The $25 million represents 9 percent of the average net income estimate for Baker Hughes in the first quarter, according to Thomson Reuters I/B/E/S.

On Monday, larger rival Halliburton Co said the devaluation in Venezuela would lead to a foreign currency loss of about $30 million - about 6 percent of what analysts expect it to make in the first quarter.