On 1 October 2021, Akastor and Baker Hughes completed the establishment of a joint venture, creating a global full-service offshore and onshore drilling equipment company. The new company will be known as HMH and combines two of the best-known equipment manufactures in the industry. HMH aims to support the offshore drilling industry’s transition toward more energy-efficient solutions, as well as deploying technologies and service solutions to make the sector more competitive through increased drilling efficiency. Moreover, the Company’s service and technology portfolio will provide a solid foundation for future growth, both within drilling services and when pursuing opportunities towards adjacent industries such as renewables and mining.

De Brauw advised Akastor (listed on the Oslo Stock Exchange) and HMH on the completion of the transaction, together with BAHR.