Baker Hughes’ Subsea Drilling Systems and Akastor’s MHWirth Complete Merger to Form HMH
01 Oktober 2021 - 2:03PM
Business Wire
The merger of Baker Hughes’ (NYSE: BKR) Subsea Drilling Systems
business (SDS) and Akastor ASA’s (Oslo: AKAST) wholly-owned
subsidiary, MHWirth AS (MHWirth), has been completed to form a
global offshore drilling equipment company. The new company will be
known as HMH (“the Company”), and as previously announced, Baker
Hughes and Akastor own equal equity in the Company.
HMH combines integrated delivery capabilities, capital, renowned
industry expertise and delivers the full range of offshore drilling
equipment products and packages at scale. HMH aims to support the
industry’s transition toward more energy-efficient solutions, as
well as deploying technologies and service solutions to make the
sector more competitive through increased drilling efficiency.
Moreover, the Company’s service and technology portfolio will be
utilized as a springboard for future growth, both within drilling
services and when pursuing opportunities towards adjacent
industries such as renewables and mining.
“This is a very exciting transaction for the industry, our
customers, shareholders and employees. We are combining two of the
best-known equipment manufactures in our industry to create HMH,
building on a best-in-class portfolio and unparalleled full-service
approach,” commented Merrill A. “Pete” Miller, the Chairman and CEO
of HMH. Mr. Miller went on to say that “at a time of worldwide
energy transition, HMH has the expertise to help the entire
industry move towards more energy-efficient drilling and other
sustainable energy solutions.”
The Company is headquartered in Amsterdam, Netherlands with its
two major operational centers in Houston, USA and Kristiansand,
Norway. HMH is currently a privately owned company and is effective
from October 1, 2021.
For more information on HMH, visit our website at hmhw.com.
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that
provides solutions for energy and industrial customers worldwide.
Built on a century of experience and with operations in over 120
countries, our innovative technologies and services are taking
energy forward – making it safer, cleaner and more efficient for
people and the planet. Visit us at bakerhughes.com.
About Akastor
Akastor is a Norway-based oil-services investment company with a
portfolio of industrial holdings and other investments. The company
has a flexible mandate for active ownership and long-term value
creation. Visit us at akastor.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005377/en/
For more information, please contact:
HMH Media Relations John Stout and Anita Karlsen
Marketing@hmhw.com
Baker Hughes Investor Relations Jud Bailey +1
281-809-9088 investor.relations@bakerhughes.com
Akastor Investor Relations Øyvind Paaske Chief Financial
Officer +47 917 59 705 Oyvind.paaske@akastor.com
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