Baker Hughes, an American international industrial service company, and Akastor, an oil-services investment company, agreed to form a joint venture that will deliver global full-service offshore drilling equipment. The company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the company’s operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. “I would like to express sincere gratitude to the good work and dedication shown by the respective teams of Baker Hughes and Akastor for making this happen despite the current challenges caused by the global Covid-19 pandemic. I strongly believe that this company will give a solid basis for both organizations to meet the current challenges in today’s market and to continue as a leader in developing advanced and efficient drilling solutions that support the industry’s transition towards more sustainable operations,” Karl Erik Kjelstad, Akastor CEO.