SLB to Acquire Majority Ownership in Aker Carbon Capture

Wednesday, March 27, 2024
© malp / Adobe Stock

SLB has agreed to combine its carbon capture business with Aker Carbon Capture (ACC).

The combination will leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability. SLB says it will create a vehicle for accelerating the introduction of disruptive early-stage technology 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%.

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.

“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,” said Olivier Le Peuch, chief executive officer, SLB. “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.”

SLB will pay NOK 4.12 billion to purchase 80% of Aker Carbon Capture Holding, 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.

Categories: Industry News Carbon Capture And Storage

Related Stories

Brava Energia Inks $65M Deal with PetroReconcavo for Natural Gas Assets

Brava Energia Inks $65M Deal with PetroReconcavo for Natural Gas Assets

Record Offshore Wind Auction Required for UK to Meet Targets

Record Offshore Wind Auction Required for UK to Meet Targets

TGS Kicks Off 3D Seismic Survey for Floating Wind Farm

TGS Kicks Off 3D Seismic Survey for Floating Wind Farm

Current News

UK Firm Seeks Suppliers to Build Full-Scale Tidal Energy Prototype

Brava Energia Inks $65M Deal with PetroReconcavo for Natural Gas Assets

Record Offshore Wind Auction Required for UK to Meet Targets

First French Floating Wind Farm Fully Commissioned

Subscribe for OE Digital E‑News

Offshore Engineer Magazine