US-based oilfield service provider Baker Hughes and its Norwegian counterpart Akastor have entered into an agreement to create a joint venture company to offer offshore drilling solutions.
The 50/50 joint venture will bring together Baker Hughes’ subsea drilling systems (SDS) business with Akastor’s wholly owned subsidiary MHWirth.
The JV company will deliver a global full-service offshore drilling equipment offering, with its broader scope of services including the capability to participate in the oil and gas industry’s transition towards more energy-efficient solutions.
“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.
“The oil and gas industry is rapidly evolving, and we are constantly looking at new and innovative ways of delivering value to our customers. This company is the perfect fit between our respective portfolios and further transforms our core operations for long-term success, bringing complementary solutions to market and offering our customers a full offshore drilling equipment package,” said Neil Saunders, executive vice president of oilfield equipment at Baker Hughes.