HMH Awarded Pressure Control System for GMGS Drillship

Akastor ASA's (AKAST) 50% owned affiliate HMH has been awarded the contract to deliver a pressure control system to Guangzhou Marine Geological Survey (GMGS). The system will comprise of a blowout preventer (BOP) stack, including the new SeaONYX V.2 control system, a SeaPrime Pod control system, PR2 H4 Connectors, as well as an 8,202 ft. (2,500 meter) riser package.

The total contract value is approximately USD 77 million and follows up on the contract awarded by GMGS to HMH's subsidiary entity MHWirth AS on September 2, 2021 for the delivery of a topside drilling equipment package worth approximately USD 83 million. Reference is made to press release dated September 2, 2021.

The combined scope of these contracts will be installed onboard a drillship operated by GMGS with an expected delivery date around December 2023.