Baker Hughes and Akastor ASA form global offshore drilling joint venture
3/2/2021
HOUSTON & FORNEBU, NORWAY - Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughesâ Subsea Drilling Systems business with Akastorâs wholly owned subsidiary, MHWirth AS. The JV will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.
The transaction will result in a leading equipment provider with integrated delivery capabilities, financial strength, and flexibility to address a full range of customer priorities. The Company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the Companyâs operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. Merrill A. âPeteâ Miller will serve as chairman and chief executive officer. Miller has been in the oil and gas industry over 40 years holding various leadership roles including chairman, president and chief executive officer of National Oilwell Varco.