HMH Awarded Pressure Control System for GMGS Drillship

Rhea-AI Summary

HMH has secured a contract valued at approximately USD 77 million from the Guangzhou Marine Geological Survey for a pressure control system. This includes a blowout preventer stack, the SeaONYX V.2 control system, and an 8,202 ft. riser package. The contract follows a prior USD 83 million engagement awarded to HMH's subsidiary, MHWirth AS, for topside drilling equipment. Expected delivery of these systems is set for December 2023, marking a significant milestone for HMH after its formation through merger in October 2021.

Positive

• Contract awarded worth approximately USD 77 million.
• Significant milestone marking the first major contract post-merger.
• Previous contract with MHWirth AS valued at USD 83 million demonstrates ongoing business development.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- HMH, a premier drilling solutions provider, has been awarded the contract to deliver a pressure control system to Guangzhou Marine Geological Survey (GMGS). The system will comprise of a blowout preventer (BOP) stack, including the new SeaONYX V.2 control system, a SeaPrime Pod control system, PR2 H4 Connectors, as well as an 8,202 ft. (2,500 meter) riser package.

(Photo: Business Wire)

The total contract value is worth approximately USD $77 million and follows up on the contract awarded by GMGS to HMH’s subsidiary entity MHWirth AS on September 2, 2021 for the delivery of a topside drilling equipment package worth approximately USD $83 million.

Pete Miller, Chairman and CEO of HMH stated, “This project is the first major contract awarded to HMH since the creation of the new company in October and marks an important milestone for HMH. We were awarded these contracts through the combined efforts of employees across the company. This confirms the strategic nature of the merger and shows what our dedicated employees can accomplish together. We would also like to thank GMGS for putting their trust in us and look forward to working with them in the years ahead."

The combined scope of these contracts will be installed onboard a drillship operated by GMGS with an expected delivery date around December 2023.

About HMH

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.

For further information, please visit homepage: https://hmhw.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005998/en/

HMH Media Relations

John Stout

Marketing@hmhw.com

Source: HMH

FAQ

What is the contract value awarded to HMH by GMGS?

The contract value awarded to HMH by GMGS is approximately USD 77 million.

When is the expected delivery date for the pressure control system?

The expected delivery date for the pressure control system is December 2023.

What does the contract with GMGS include?

The contract includes a blowout preventer stack, the SeaONYX V.2 control system, and an 8,202 ft. riser package.

What is the relevance of the previous contract awarded to MHWirth AS?

The previous contract awarded to MHWirth AS was valued at approximately USD 83 million and indicates ongoing business relationships.

What milestone does this contract represent for HMH?

This contract represents the first major award for HMH since its formation through merger in October 2021.