HMH Announces Completion of ESD Acquisition

August 24, 2022 08:32 AM Eastern Daylight Time AMSTERDAM--(BUSINESS WIRE)--HMH Holdings B.V. today, August 24, 2022, announced the closing of the acquisition of Electrical Subsea & Drilling AS ('ESD') a Bergen, Norway, based company. ESD holds a portfolio of patents and technology with applications in the oil and gas industry. Among the most promising technologies within the ESD portfolio are technologies related to electronic blowout preventers and rotating control devices for riserless drilling and managed pressure operations.

Merrill A. 'Pete' Miller Jr., Chief Executive Officer and Chairman of HMH commented: 'today I am pleased to announce HMH's first acquisition. ESD is a great fit with HMH and propels us forward with the next level of technology in pressure control and drilling. ESD's technologies are beneficial on the ESG front; weight and space reductions enabled by electric BOP technology contribute to a lower overall environmental impact of drilling, an important goal for HMH. We are excited about this transaction and welcome ESD into the HMH family.'

John Dale, Chief Executive Officer of ESD stated: 'ESD has been a long-term believer and proponent of this technology. Joining with a well-known and established manufacturer like HMH is something we are extremely happy about. This will allow us to take the technology out to the market with a respected partner.'

HMH is an independent company formed in October of 2021, through the merger of Baker Hughes' (NYSE: BKR) Subsea Drilling Systems business (SDS) and Akastor ASA's (Oslo: AKAST) wholly owned subsidiary, MHWirth AS (MHWirth).

HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. HMH aims to support the 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 be utilized as a springboard for future growth, both within drilling services and when pursuing opportunities towards adjacent industries such as renewables and mining.

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