German drilling equipment and machinery company MHWirth, a unit of Akastor ASA, has appointed Merrill A. “Pete” Miller Jr. as Executive Chairman and Eirik Bergsvik as CEO.
Akastor Chairman Kristian Røkke said, "Pete Miller has an incredible track record and we are pleased to have him take the helm of MHWirth. Akastor's ambition is to expand MHWirth through a combination of organic growth and M&A, positioning the company for an eventual market recovery. Akastor will focus its resources on supporting this growth plan and target a stand-alone IPO of MHWirth over the next five years."
Miller said: "I'm thrilled with the opportunity presented by MHWirth. The company has a long and rich history in the design and manufacture of drilling equipment. The company remains well positioned in the North Sea, one of the regions showing some of the first signs of an offshore recovery. MHWirth's history and current market position, along with the commitment to growth shown by the Akastor corporate family, create an exceptional and exciting opportunity. While the industry as a whole continues to work through difficult times, I am confident that MHWirth will be ready when the market fully recovers."
Akastor CEO Karl Erik Kjelstad said: "We are excited to bring both Pete Miller and Eirik Bergsvik onboard to lead a transformation of MHWirth. Together they bring tremendous industry insights and a proven track record of developing drilling related businesses. We are proud of what MHWirth has accomplished through the downturn and look forward to building the company over the next phase with an increased focus on business expansion and new technology."
Eirik Bergsvik said: "I know the MHWirth organisation well and what the people stand for, and am looking forward to joining the company. I am impressed with how MHWirth has built a leading technology position and capabilities to help solve industry challenges through delivering greener, safer and more efficient solutions".