Drilling Equipment JV Formed by Akastor and Baker Hughes

By Tim Shea

Acquisition or Partnership

Baker Hughes and Akastor ASA have agreed to create a 50/50 joint venture company that is expected to deliver a global full-service offshore drilling equipment offering.  The company will bring together Baker Hughes’ Drilling EquipmentSubsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary MHWirth AS.

The SDS business is a division of the Oilfield Equipment segment of Baker Hughes.  It provides integrated drilling products and services worldwide, with service and manufacturing facilities in 11 countries.

MHWirth is a drilling solutions and services provider that has a global span covering five continents with offices in 13 countries.

The joint venture company will have dual operational headquarters in Houston, Texas, and Kristiansand, Norway.  Merrill A. “Pete” Miller will serve as chairman and CEO.

The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the second half of 2021.

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