Akastor ASA and Baker Hughes complete merger between MHWirth and SDS

Reference is made to the joint press announcement dated 2 March 2021 from Baker Hughes (NYSE:BKR) and Akastor ASA (Oslo:AKAST). The parties have today completed the transaction that combines the operations of Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth AS (MHWirth) in line with the terms and conditions described in the earlier announcement.

The company, which is owned 50/50 by Baker Hughes and Akastor, will be named HMH. The operations and services of SDS and MHWirth will continue to be offered under the current branding during an integration and transition period.

As part of the transaction, Akastor has today received a net cash consideration of approximately USD 78 million constituting the agreed consideration to Akastor of USD 100 million less specific transaction adjustment factors.

The transaction will be recognised in Akastor’s Q4 financials.

For more information on HMH, please visit their website www.hmhw.com

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
Oyvind.paaske@akastor.com

This information is subject to the disclosure requirements in section 5.12 of the Norwegian Securities Trading Act.

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.