Akastor ASA: CEO transition in HMH

16 Dec 2022 08:00 CET

Akastor ASA's (OSE: AKAST) 50% owned affiliate HMH Holding B.V. ("HMH") has
today announced that Chairman & Chief Executive Officer, Merrill A. ("Pete")
Miller, Jr, will step down as Chief Executive Officer at the end of 2022.  Pete
will remain Chairman of the HMH Board of Directors.  HMH's Board of Directors
has unanimously elected Mr. Eirik Bergsvik, current President of the Equipment
and System Solutions Division to succeed Pete Miller as Chief Executive Officer,
effective January 1, 2023.

Mr. Miller has been Chief Executive Officer of HMH since October 1, 2021, when
the company was established through the merger of Baker Hughes' Subsea and
Surface Drilling Systems business and Akastor ASA's wholly owned subsidiary
MHWirth AS.

Pete Miller stated, "I want to thank all the employees around the world at HMH
for their hard work and commitment.  I am confident HMH will be in great hands
with Eirik, who I have known for many years. His strategic operations foresight
will be critical to achieving our Company's ambitions through continued
innovation of products, superior customer service and technology."

Mr. Eirik Bergsvik, joined HMH as President of the Equipment and System
Solutions division at the time of the merger.  Prior to the merger Mr. Bergsvik
had been the CEO of MHWirth AS.  Eirik brings more than 35 years of experience
in the oil service industry to his new position.  Among his notable
accomplishments, Eirik served as CEO of Interwell AS, a leading supplier of down
hole products from 2011-2017 and was the Managing Director of NOV Norway AS from
2006-2011.

Mr. Bergsvik stated "I am honored to be selected by the Board to lead this great
company through its next stages of growth together with the executive management
team.  I want to thank every employee for their tireless efforts over the past
year.  I know and appreciate that everyone has worked hard to combine two
separate companies spread around the world into one single entity.  It is a big
job, and everyone has stepped up to answer the challenge.  I look forward to
working with each of you, our customers, and other stakeholders to move HMH
forward in the ever-changing world of energy and resources."

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

E-mail: oyvind.paaske@akastor.com

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About HMH

HMH is a premier drilling solutions provider, which was formed as an independent
company in October 2021 through the merger of Baker Hughes' (NYSE: BKR) Subsea
Drilling Systems business and Akastor ASA's wholly owned subsidiary, MHWirth AS.

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/

About Akastor

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.

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

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