Businesstoday
Energy technology company Baker Hughes and Akastor will partner to merge their offshore oil drilling equipment units Subsea Drilling Systems (SDS) and MHWirth AS to form a global company serving the energy industry, the firms said in a joint statement on Tuesday.
The joint venture will be owned 50% by both firms. Pete Miller will be appointed as the chairman and CEO of the venture. The company will with dual headquarters in Houston, TX, and Kristiansand, Norway.
“I strongly believe that this Company will give a solid basis for both organizations to meet the current challenges in today’s market and to continue as a leader in developing advanced and efficient drilling solutions that support the industry’s transition towards more sustainable operations,” said Karl Erik Kjelstad, CEO of Akastor.
Morgan Stanley, Paul Weiss, Thommessen, and EY are acting as advisors for Baker Hughes. Goldman Sachs, BAHR, Sidley Austin, and EY are acting as advisors for Akastor.