
Some 75% of HMH’s business is offshore. It has field operations in 16 countries that serve operations in more than 60 countries, according to the S-1 filed. (Source: Shutterstock)
Baker Hughes and Akastor ASA are planning to IPO their onshore and offshore oilfield services 50-50 joint venture (JV), HMH Holding, which reports it plans to be active in the M&A market.
The number of shares and an anticipated price have not yet been determined, Akastor reported in an Aug. 13 press release.
The stock is expected to trade on NASDAQ as HMHW, according to the S-1 filed Aug. 12 with the Securities Exchange Commission.
Proceeds will be used to buy out some of Houston-based Baker Hughes’ and Norway-based Akastor’s equity in the company. Any additional balance will go to general corporate purposes, HMH reported.
The company, which includes the brands Hydril Pressure Control, Vetco Gray, Wirth and Maritime Hydraulics, was formed in 2021 in a merger of Baker Hughes’ subsea and surface drilling unit with Akastor’s unit MHWirth AS.
Publicly held Akastor is a direct investor in oilfield service (OFS) firms.
Some 75% of HMH’s business is offshore. It has field operations in 16 countries that serve operations in more than 60 countries, according to the S-1 filed.

M&A active
The company intends to be acquisitive in the OFS M&A market, it reported in the filing: “We believe there is a substantial opportunity set of potential acquisition candidates that will be available over the next several years.”
It added that its management team “has extensive M&A and integration experience in prior roles at other companies. Given management’s experience and prior track record, we are well positioned to recognize and capitalize on trends in the industry.”
Most recently, its Hydril PCP Ltd. sold 30% interest in Hydril Pressure Controlling Arabia Ltd. to Tanajib Holding Co. for $9.2 million upfront and $6.9 million deferred, HMH reported. The JV is expected to grow HMH’s operations in Saudi Arabia.
In July, HMH bought Drillform Technical Services Ltd. and affiliated assets in Canada, Oklahoma and Abu Dhabi for $21 million plus a potential earned kicker of $12 million.
HMH’s CEO is Eirik Bergsvik, who was with predecessor firms as well as with Hunter Group, Interwell AS and National Oilwell Norway.
CFO Thomas McGee was previously with private equity investor Warburg Pincus and NOV.
Eugene Chauviere III, COO, was previously with Baker Hughes, Hydril and Cooper Cameron Corp.
Joint book-running managers for the IPO are J.P. Morgan, Piper Sandler, Evercore ISI, Citigroup and DNB Markets. Stifel is co-manager.
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