MHWirth elects new executive chairman and new CEO
- Business & Finance
MHWirth, an Akastor-owned provider of drilling solutions and services, has appointed a new executive chairman and chief executive officer (CEO).
Akastor said on Wednesday that Merrill A. “Pete” Miller Jr. was named as the executive chairman of MHWirth while Eirik Bergsvik was appointed as the CEO, both effective immediately.
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.”
Pete Miller previously served as president and CEO of National Oilwell Varco from 2001 to 2014, and as chairman of NOV’s board from 2002 to 2014. Miller also served as executive chairman of NOW, a spinoff of the distribution business of National Oilwell Varco, from 2014 to 2017.
Before joining NOV in 1996, he served as president of Anadarko Drilling from 1995 to 1996. Prior to that, he spent 15 years at Helmerich & Payne International Drilling Company.
Regarding his appointment, Miller said: “I’m thrilled with the opportunity presented by MHWirth. 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 added: “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.”
Eirik Bergsvik has previously been managing director of National Oilwell Norway from 2006 to 2011. He was also the CEO of Interwell from 2011-2017. Bergsvik served on the board of MHWirth from 2014 to 2017.
The new MHWirth CEO, Bergsvik, stated: “I know the MHWirth organization 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.”