Akastor ASA: HMH announces pricing of initial public offering (IPO)

31 Mar 2026 22:30 CEST

Reference is made to Akastor ASA's (together with its subsidiaries, "Akastor")
(OSE: AKAST) announcement dated 23 March 2026 concerning the launch of the
initial public offering (the "IPO") of its indirect 50% owned affiliate HMH
Holding Inc. (including its subsidiaries at closing of the IPO, "HMH"). HMH
has today announced that it has priced the IPO of 10,520,000 shares of its
Class A common stock at USD 20 per share.

At completion of the IPO, Akastor will reduce its ownership in HMH to
approximately 37% (prior to any exercise of the underwriters' option mentioned
below) by exchanging a portion of its ownership interests in HMH for payment
of approximately USD 19.7 million in net cash proceeds.

Additionally, the underwriters will have a 30-day option to purchase up to an
additional 1,578,000 shares of Class A common stock at the IPO price, less
underwriting discounts and commissions, and which, if exercised in full, will
further reduce Akastor's ownership in HMH down to approximately 35% in return
for net cash proceeds of about USD 14.8 million.

The shares of Class A common stock are expected to begin trading on The Nasdaq
Global Select Market on 1 April 2026 under the ticker symbol "HMH," and the
offering is expected to close on 2 April 2026, subject to customary closing
conditions.

Akastor has in connection with the IPO agreed to a lock-up of its ownership
interests in HMH for a period of 180 days, subject to certain exemptions.

For further information about the IPO, HMH and Akastor's ownership in HMH,
including the HMH prospectus and the registration statement, reference is made
to the separate announcement issued by HMH which is available on HMH's
website: https://hmhw.com/investors/.

A registration statement relating to these securities was declared effective
by the U.S. Securities and Exchange Commission ("SEC") on 31 March 2026. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction. To obtain a copy of the prospectus free of charge, visit the
SEC website, www.sec.gov (http://www.sec.gov/), and search under the
registrant's name, "HMH Holding Inc.".

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

This information is considered to be inside information pursuant to article 7
of the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to article 17 of the EU Market Abuse Regulation and
Section 5-12 the Norwegian Securities Trading Act. This stock exchange release
was published by Eirik Thomassen, EVP & General Counsel of Akastor at 22:30
(CET) 31 March 2026.

This press release may include forward-looking information or statements and
is subject to our disclaimer; see https://akastor.com.

# # # #

About HMH
HMH is a leading provider of highly engineered, mission-critical equipment
solutions, providing customers with a comprehensive portfolio of drilling
equipment, services and systems utilized in oil and gas drilling operations,
both offshore and onshore. HMH's global reach, technical expertise and
innovative product offerings, coupled with its integrated operations from
manufacturing to aftermarket services, allow HMH to provide customers with
first class technology, engineering and project management services through
the entire asset lifecycle of the equipment it provides. In addition, HMH is
growing its portfolio of products and services to adjacent industries, such as
mining. The complexity and criticality of HMH's installed equipment drive
customers to choose HMH for their aftermarket support, particularly in the
offshore environment, which is subject to extensive regulation.

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

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/

Forward-Looking Statements

The information in this press release includes forward-looking statements
within the meaning of the federal securities laws. These statements generally
relate to future events or our future financial or operating performance and
include statements regarding the expected size and results of the initial
public offering. When used in this press release, words such as "expect,"
"intend," "may," "will," the negative of these terms and similar expressions
are intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Forward-looking
statements are based on management's current expectations and assumptions, and
are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. As a result, actual results could differ materially
from those indicated in these forward-looking statements. When considering
these forward-looking statements, you should keep in mind the risk factors and
other cautionary statements in HMH's prospectus. Akastor undertakes no
obligation and does not intend to update these forward-looking statements to
reflect events or circumstances occurring after this press release, except as
required by law. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release.

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