HMH is a drilling equipment manufacturer and aftermarket services provider to the global oil and gas drilling industry. The company was formed in 2021 through the combination of Baker Hughes's pressure control business and Akastor's MHWirth drilling equipment business, drawing on brands with histories spanning over 125 years. HMH's core products fall into two categories: pressure control systems (blowout preventers, BOP control systems, drilling risers) and topside equipment (top drives, mud pumps, derricks, drawworks). HMH sells to drilling contractors, E&P operators, and shipyards, with roughly 75% of its installed base serving the offshore market. Revenue splits across three streams: aftermarket services (~47%), spare parts (~27%), and projects and products (~26%). The aftermarket business is the key driver — once HMH installs equipment on a rig, it tends to capture the associated service and spare parts revenue throughout the rig's 20–30-year life. Mandatory BOP recertifications every five years, which regulators require OEMs to perform, further lock in this recurring revenue. HMH's installed base covers over 1,100 global installations, and long-term contractual service agreements (typically 5–10 years) deepen customer retention. The business is asset-light, with capex running at roughly 2% of revenue. HMH operates in 15 countries, with revenue concentrated in the U.S., Norway, and Germany. Growth initiatives include capturing offshore upcycle demand, expanding in Middle East onshore markets, and adapting mud pump technology for mining applications.