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The ~25% excess in pressure pumping equipment will continue to drag on Baker Hughes' (BHI +0.8%)...

The ~25% excess in pressure pumping equipment will continue to drag on Baker Hughes' (BHI +0.8%) North American margins through 2013, CEO Martin Craighead says; another 300 drilling rigs would need to go back to work to eliminate the overhang, and BHI predicts an increase of only 125 by year's end. But analysts say earnings should pick up as North American activity climbs out of its trough.
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