SLB To Acquire Majority Ownership In Aker Carbon Capture

(RTTNews) - SLB (SLB) announced an agreement to combine its carbon capture business with Aker Carbon Capture or ACC to support accelerated industrial decarbonization at scale.

Following the transaction, SLB will own 80% of the combined business and ACC will own 20%.

SLB will pay NOK 4.12 billion to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. SLB may also make additional payments of up to NOK 1.36 billion over the next three years based on the performance of the business.

The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter, 2024.

The International Energy Agency (IEA) sees carbon capture, utilization, and sequestration (CCUS) playing a critical role in the net-zero transition-estimating that over one gigaton of CO2 per year will need to be captured by 2030, scaling up to over six gigatons by 2050.