Joint venture between Baker Hughes and Akastor for offshore drilling solutions
Joint venture between Baker Hughes and Akastor for offshore drilling solutions

Baker Hughes and Norway’s Akastor have signed an agreement to start a joint venture company to provide full-service offshore drilling equipment.
The new joint venture company will combine Baker Hughes’ Subsea Drilling Systems (SDS) business and Akastor’s subsidiary, MHWirth, to provide a broad portfolio of products and services. Akastor’s share to the new company will be of 50% stake and $120m in consideration, while Baker Hughes will contribute for a 50% interest and $200m in consideration. The new joint venture company’s operations will be managed from existing offices in Houston, Texas, and Kristiansand in Norway.