SLB acquires majority stake in Aker Carbon Capture

SLB (NYSE: SLB) has announced the acquisition of an 80% stake in Aker Carbon Capture (ACC), merging its carbon capture business with ACC’s to form a robust platform aimed at industrial decarbonization.

The merger will combine SLB’s technological advancements and industrialization capabilities with ACC’s commercial carbon capture solutions, enhancing the deployment of innovative technologies to reduce carbon capture costs significantly.

The International Energy Agency (IEA) underscores the importance of carbon capture, utilization, and sequestration (CCUS) in achieving net-zero goals, with projections of capturing over one gigaton of CO2 annually by 2030 and increasing to six gigatons by 2050. Olivier Le Peuch, CEO of SLB, emphasized the need for a 100-200 fold increase in CCUS scale within three decades to meet global net-zero ambitions.

SLB’s investment of NOK 4.12 billion for the majority share in ACC’s holding company, Aker Carbon Capture Holding AS (ACCH), is complemented by a potential NOK 1.36 billion performance-based payout over the next three years. The transaction awaits regulatory approval and is slated for completion by the end of Q2, 2024.

SLB, a global technology leader in energy innovation, and ACC, a specialist in carbon capture technology for various industries, are poised to make significant strides in decarbonizing high-emission sectors and advancing the energy transition.