HOUSTON & FORNEBU, Norway — Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth. The joint company will provide a global full-service offshore drilling equipment offering.
The company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the company’s operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. Merrill A. “Pete” Miller—former CEO of National Oilwell Varco—will serve as chairman and chief executive officer.
The company’s broader scope of services will also provide a more solid foundation for future growth, including the capability to participate in the oil and gas industry’s transition toward more energy-efficient solutions.
“I would like to express sincere gratitude to the good work and dedication shown by the respective teams of Baker Hughes and Akastor for making this happen despite the current challenges caused by the global COVID-19 pandemic,” said Karl Erik Kjelstad, CEO of Akastor. “I strongly believe that this company will give a solid basis for both organizations to meet the current challenges in today’s market."
The closing of the transaction is subject to customary conditions, including regulatory approvals and is expected to occur in the second half of 2021.
More information is available on Baker Hughes' website.