HMH Holdings has completed its initial public offering by raising $210 million from offering 10.5 million shares at a price of $20. This was within the expected price range of $19 to $22. At that price, the company has a market capitalization of $862 million.
The company has its head office off the beltway near George Bush Intercontinental airport. The company manufactures and designs offshore drilling equipment and was formed in 2021 as a joint venture between the subsea and surface drilling systems division of Baker Hughes and the MHWirth subsidiary of Akastor ASA (formerly Aker Solutions).
Although HMH is a relatively new company, it has a long pedigree.
- Wirth Drilling was founded in 1895 in Germany to produce specialized drilling equipment.
- Hydril was formed in 1933 and is known for manufacturing blowout preventors. It was a public company between 2000 and 2007.
- Vetco Offshore was founded in 1930 in California. In the mid-1980’s it merged with Gray Tool Company to form Vetco Gray, which was later acquired by GE for $1.9 billion in 2007.
For 2025, the company had revenues of $822 million and adjusted EBITDA of $135 million (16.4%).
The CEO of the company is Eirik Bergsvik. He was previously the CEO of MHWirth and is based in Norway. Prior to that, he was CEO of Interwell AS and Managing Director of National Oilwell Norway.
The CFO is Tom McGee, who is based in Houston. He also worked at MHWirth and National Oilwell Varco (where he was VP of Corporate Development). Mr. McGee also had a spell at Warburg Pincus, a private equity firm