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SLB and Aker Carbon Capture Announce Closing of Carbon Capture Joint Venture

Aker Carbon Capture | June 14, 2024

The joint venture will enable wider adoption of market-ready and new carbon capture technologies for power and hard-to-abate industrial sectors worldwide.

HOUSTON and OSLO, June 14, 2024—SLB (NYSE: SLB) and Aker Carbon Capture (ACC) announced today the closing of their previously announced joint venture. The new company combines technology portfolios, expertise and operations platforms to support accelerated carbon capture adoption for industrial decarbonization at scale.

“There is no credible pathway toward net zero without deploying carbon capture and sequestration (CCS) at scale,” said Gavin Rennick, president of SLB’s New Energy business. “In the next few decades, many industries that are crucial to our modern world must rapidly adopt CCS to decarbonize. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally.”

The new company will combine ACC’s amine-based Advanced Carbon Capture™ technologies, including Just Catch™ and Big Catch™ modular plant technologies for medium- and large-scale facilities, and Just Catch Offshore™ for offshore gas turbines, with SLB’s portfolio of technology solutions, including non-aqueous solvent and emerging sorbent-based offerings. The company currently has seven technology installations in progress that have the capacity to capture up to 1 million tonnes of CO2 emissions per year.

“There is no business as usual in the push toward net zero—we will accelerate decarbonization today and commercialize innovative technologies for the future,” said Egil Fagerland, newly appointed Chief Executive Officer of the SLB–Aker Carbon Capture joint venture. “We are proud of the carbon capture plants we are delivering across various industries, with each customer being an important front-runner in its segment. Successful project deliveries are paving the way for other emitters to follow,” continued Fagerland. 

The new company will be headquartered in Oslo. SLB owns 80% of the new company while ACC ASA owns the remaining 20% stake. 

ENDS

Media contacts:
ACC ASA: Stian Andreassen, mob: +47 458 36 358, email: stian.andreassen@akerhorizons.com
SLB: Moira Duff, mob: +1 (713) 375-3407, email: media@slb.com
JV: Hanne Rolén, mob: +47 990 02 571, email: hanne.rolen@akercarboncapture.com

Investor contacts:
ACC ASA: David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com
SLB: James R. McDonald and Joy V. Domingo, mob: +1 (713) 375-3535 , email: investor-relations@slb.com

Aker Carbon Capture is a pure-play carbon capture company with solutions, services and technologies serving a range of industries with carbon emissions, including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen segments. Aker Carbon Capture’s proprietary, carbon-capture technology offers a unique, environmentally friendly solution for removing CO2 emissions. 
Visit akercarboncapture.com and connect with us on LinkedInFacebook, Twitter, Instagram and YouTube. This press release may include forward-looking information or statements and is subject to our disclaimer, see akercarboncapture.com.

About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Katja Aanestad, Marketing Communications, Aker Carbon Capture on 14 June, 2024 at CEST 12:25.