Baker Hughes’ subsea drilling systems and Akastor’s MHWirth merge
The new company, HMH, aims to support the industry’s transition toward more energy-efficient solutions, as well as deploy technologies and service solutions to make the sector more competitive through increased drilling efficiency.
Baker Hughes’ Subsea Drilling Systems and Akastor ASA’s MHWirth, have merged to form a global offshore drilling equipment company. The new company will be known as HMH, and Baker Hughes and Akastor own equal equity in the company.
HMH is said to combine integrated delivery capabilities, capital, industry expertise and offshore drilling equipment products and packages at scale. HMH aims to support the industry’s transition toward more energy-efficient solutions, as well as deploy technologies and service solutions to make the sector more competitive through increased drilling efficiency. Moreover, the company’s service and technology portfolio will be used 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,” comments Merrill A. Miller, the chairman and CEO of HMH. Miller adds, “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.”
HMH is headquartered in Amsterdam, Netherlands with two major operational centers in Houston, Texas, U.S. and Kristiansand, Norway. HMH is currently a privately owned company.
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