Baker Hughes’ Subsea Drilling Systems and Akastor’s MHWirth Complete Merger to Form HMH
10/01/2021 - 08:03 AM
HOUSTON & FORNEBU, Norway --(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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For more information, please contact:
H MH 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
Source: Baker Hughes
Baker Hughes Co
NASDAQ:BKR
BKR Rankings
#746 Ranked by Stock Gains
BKR Stock Data
Industry
Oil and Gas Field Machinery and Equipment Manufacturing
Sector
Manufacturing
Tags
Industrial Services, Oilfield Services/Equipment, Manufacturing, Oil and Gas Field Machinery and Equipment Manufacturing
Country
US
City
Houston
About BKR
baker hughes incorporated (nyse: bhi) provides reliable, practical solutions when and where our customers need them to lower costs, reduce risk and improve productivity. from the reservoir to the refinery we create value with high-performance products and services to analyze, drill, evaluate, complete and produce oil and gas reserves and then transport and refine the hydrocarbons. for over a century, innovation has been part of our dna. baker hughes was formed in 1986 with the merger of baker international and hughes tool company—both founded over 100 years ago when r.c. baker and howard hughes conceived ground-breaking inventions that revolutionized the fledgling petroleum era. since those earliest advancements, we’ve never stopped searching for solutions to conquer the next frontier. collaboration is at the heart of our business. with 49,000 employees in more than 80 countries, our local geomarket teams work side by side with customers to engineer reliable, practical solutions—wh