Aker Carbon Capture, SLB to Merge Carbon Capture Businesses

Business Strategy Aker Carbon Capture, SLB to Merge Carbon Capture Businesses

2024-03-28 Source: Press release Aker Carbon Capture 1 min Reading Time

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With an aim to support accelerated industrial decarbonization at scale, Aker Carbon Capture and SLB have decided to combine their respective carbon capture businesses. With this move, SLB will own 80 % of the combined business and ACC will own 20 %.

Following the transaction, SLB will own 80 % of the combined business and ACC will own 20 %.(Source: Pixabay) — Following the transaction, SLB will own 80 % of the combined business and ACC will own 20 %.
(Source: Pixabay)

Oslo/Norway – Aker Carbon Capture has recently announced an agreement with SLB to combine their respective carbon capture businesses to support accelerated industrial decarbonization at scale.

Bringing together complementary technology portfolios, leading process design expertise and an established project delivery platform, the partnership will leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability. It will create a vehicle for accelerating the introduction of early-stage technologies into the global market on a commercial, proven platform. Following the transaction, SLB will own 80 % of the combined business and ACC will own 20 %.

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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.

“The decision to combine ACC and SLB’s carbon capture business is underpinned by a strategic vision that reflects our commitment to accelerate the industrial adoption of carbon capture,” said Egil Fagerland, chief executive officer, ACC. “By partnering with SLB, we will become a diversified, global carbon capture player. Our combined suite of technologies and global reach will make a platform positioned to profitably scale faster, to the benefit of customers, employees and shareholders.”

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

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