Reference is made to Akastor ASA’s (together with its subsidiaries, “Akastor”) (OSE: AKAST) announcement dated 23 March 2026 concerning the launch of the initial public offering (the “IPO”) of its indirect 50% owned affiliate HMH Holding Inc. (including its subsidiaries at closing of the IPO, “HMH”). HMH has today announced that it has priced the IPO of 10,520,000 shares of its Class A common stock at USD 20 per share.

At completion of the IPO, Akastor will reduce its ownership in HMH to approximately 37% (prior to any exercise of the underwriters’ option mentioned below) by exchanging a portion of its ownership interests in HMH for payment of approximately USD 19.7 million in net cash proceeds.

Additionally, the underwriters will have a 30-day option to purchase up to an additional 1,578,000 shares of Class A common stock at the IPO price, less underwriting discounts and commissions, and which, if exercised in full, will further reduce Akastor’s ownership in HMH down to approximately 35% in return for net cash proceeds of about USD 14.8 million.

The shares of Class A common stock are expected to begin trading on The Nasdaq Global Select Market on 1 April 2026 under the ticker symbol “HMH,” and the offering is expected to close on 2 April 2026, subject to customary closing conditions.

Akastor has in connection with the IPO agreed to a lock-up of its ownership interests in HMH for a period of 180 days, subject to certain exemptions.

For further information about the IPO, HMH and Akastor’s ownership in HMH, including the HMH prospectus and the registration statement, reference is made to the separate announcement issued by HMH which is available on HMH’s website: https://hmhw.com/investors/.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on 31 March 2026. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. To obtain a copy of the prospectus free of charge, visit the SEC website, www.sec.gov, and search under the registrant’s name, “HMH Holding Inc.”.

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

This information is considered to be inside information pursuant to article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to article 17 of the EU Market Abuse Regulation and Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Eirik Thomassen, EVP & General Counsel of Akastor at 22:30 (CET) 31 March 2026.

This press release may include forward-looking information or statements and is subject to our disclaimer; see https://akastor.com.

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About HMH
HMH is a leading provider of highly engineered, mission-critical equipment solutions, providing customers with a comprehensive portfolio of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore. HMH’s global reach, technical expertise and innovative product offerings, coupled with its integrated operations from manufacturing to aftermarket services, allow HMH to provide customers with first class technology, engineering and project management services through the entire asset lifecycle of the equipment it provides. In addition, HMH is growing its portfolio of products and services to adjacent industries, such as mining. The complexity and criticality of HMH’s installed equipment drive customers to choose HMH for their aftermarket support, particularly in the offshore environment, which is subject to extensive regulation.

HMH was formed as an independent company in October 2021 through the merger of Baker Hughes’ (Nasdaq: BKR) Subsea Drilling Systems business and Akastor ASA’s wholly owned subsidiary, MHWirth AS.

For further information, please visit homepage: https://hmhw.com/

About Akastor
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

For further information, please visit homepage: https://akastor.com/

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or our future financial or operating performance and include statements regarding the expected size and results of the initial public offering. When used in this press release, words such as “expect,” “intend,” “may,” “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in HMH’s prospectus. Akastor undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release, except as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.