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.