SLB to Acquire Majority Stake in Aker Carbon Capture for $380 Million

(P&GJ) — SLB has announced an agreement to combine its carbon capture business with Aker Carbon Capture (ACC) to support accelerated industrial decarbonization at scale. Following the transaction, SLB will own 80% of the combined business, with ACC holding the remaining 20%.

The move aims to bring together complementary technology portfolios, leading process design expertise, and an established project delivery platform. By leveraging ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability, the combined entity seeks to accelerate the introduction of disruptive early-stage technology into the global market on a commercial, proven platform.

The International Energy Agency (IEA) identifies carbon capture, utilization, and sequestration (CCUS) as pivotal 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.

“For CCUS to have the expected impact on supporting global net-zero ambitions, it will need to scale up 100-200 times in less than three decades,” Olivier Le Peuch, CEO of SLB, said. “Crucial to this scale-up is the ability to lower capture costs, which often represent as much as 50-70% of the total spend of a CCUS project. We are excited to create this business with ACC to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.”

Under the terms of the agreement, SLB will pay NOK 4.12 billion ($380 million) to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC. Additional payments of up to NOK 1.36 billion ($125 million) may be made over the next three years based on the business's performance.

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

Related News


{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}