A running tool includes a tool body having a fluid conduit, and an actuation assembly including an actuator member connected to a release mechanism, the actuator member moveable in an axial direction from a first position to a second position to cause the release mechanism to disengage with a downhole component. The actuation assembly includes a first pressure chamber in pressure communication with the fluid conduit, where the running tool is configured to be activated to release the downhole component by applying fluid pressure to the first pressure chamber to generate an actuation force that moves the actuator member to the second position. The running tool also includes a second pressure chamber in pressure communication with the same fluid conduit. The second pressure chamber is configured to receive borehole fluid from the fluid conduit during deployment and apply a balancing force to the actuator member during the deployment.