BAKER HUGHES SDS AND MHWIRTH FORM GLOBAL OFFSHORE DRILLING EQUIPMENT COMPANY

October 04, 2021

The merger of Baker Hughes’ Subsea Drilling Systems business (SDS) and Akastor ASA’s wholly-owned subsidiary, MHWirth, has been completed to form a global offshore drilling equipment company. The new company will be known as HMH, 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.
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. MHWirth is a leading global provider of first-class drilling solutions and services
(Source: Baker Hughes – Image: crown drilling equipment/MHWirth)