HMH Holding Inc (NYSE: HMH) is an oilfield equipment company that designs and supplies drilling equipment, services, and systems used in oil and gas drilling operations, both offshore and onshore. Revenue comes from three streams: product sales (drilling equipment packages and individual components), aftermarket services, and spare parts for installed equipment. The company operates through two reportable segments, ESS and PCS, and sells to drilling contractors and related parties including Baker Hughes, which is also a major shareholder alongside Akastor AS. Total revenue for Q1 2026 was $171.3 million, down 13.7% from $198.4 million in Q1 2025, with spare parts accounting for 38.8% of revenue in Q1 2026 compared to 30.3% in Q1 2025. HMH completed its IPO on April 2, 2026, selling 10,520,000 shares of Class A common stock at $20.00 per share, raising approximately $197.8 million in net proceeds. The company carries long-term debt on its balance sheet, including related-party debt obligations disclosed in its Q1 2026 10-Q filed May 6, 2026.

Revenue model

Transactional and aftermarket model across three streams: product revenue from drilling equipment package sales and component sales, service revenue from aftermarket services on installed equipment and integrated digital solutions, and spare parts revenue from replacement parts. Related-party sales to Baker Hughes represent a material portion of product and service revenue.

Products and services

Comprehensive drilling equipment packages for newbuild or reactivated drilling rigs; individual and grouped components of drilling and pressure control equipment; aftermarket services for installed equipment; integrated digital solutions; and replacement spare parts for oil and gas drilling operations.

Customers and end markets

Customers are drilling contractors operating offshore and onshore oil and gas rigs. Baker Hughes is a disclosed related-party customer. End markets include offshore drilling (where aftermarket demand grows with drilling activity and rig reactivations) and onshore drilling, with the Middle East identified as a key market for high-spec land rig demand and North America as a major unconventional drilling market.

Value-chain role

Equipment manufacturer and aftermarket services provider sitting between component suppliers and drilling contractors. Supplies full rig equipment packages for newbuilds and reactivations, and maintains ongoing aftermarket revenue from the installed equipment base through spare parts and services.

Geographic exposure

Global operations with disclosed activity in offshore markets and onshore markets including the Middle East and North America, based on Q1 2026 10-Q disclosures. Specific revenue by geography is not broken out in the excerpts provided.

Source: SEC 10-Q, filed 2026-05-06

Industry: Oil & Gas Field Machinery & Equipment