The merger of Baker Hughes’ Subsea Drilling Systems business (SDS) and Akastor’s wholly-owned subsidiary, MHWirth, has been completed to form a global offshore drilling equipment company.
The new company, known as HMH, combines integrated delivery capabilities, capital, 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, said Baker Hughes.
As announced in March this year, Baker Hughes and Akastor own equal equity in the new company which is effective from 1 October 2021.
HMH is headquartered in Amsterdam, Netherlands with its two major operational centers in Houston, USA and Kristiansand, Norway.
“This is a very exciting transaction for the industry, our customers, shareholders and employees. We are combining two of the best-known equipment manufacturers in our industry to create HMH, building on a best-in-class portfolio and unparalleled full-service approach” , said Merrill A. “Pete” Miller , the chairman and CEO of HMH.
“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”.