SLB closes joint venture with Norwegian carbon capture company

SLB closes joint venture with Norwegian carbon capture company

American oilfield services company SLB and Norwegian pure-play carbon capture company Aker Carbon Capture (ACC) have completed their previously announced joint venture, which includes ACC’s sale of 80% of its shares in Aker Carbon Capture Holding (ACCH) to a subsidiary of SLB.

Source: Aker Carbon Capture

It was announced in March that SLB would pay NOK 4.12 billion (around $379.4 million) in cash to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. ACC will maintain ownership of the remaining 20% of the shares in ACCH.

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The new company, headquartered in Oslo, Norway, combines technology portfolios, expertise and operations platforms to support accelerated carbon capture adoption for industrial decarbonization at scale and 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.

As a result of the transaction, there will be changes in ACC’s executive management, with Egil A. Fagerland stepping down from his current position as CEO to take on the role of CEO of the joint venture. Idun Heier has been appointed as new CFO, while Valborg Lundegaard has been appointed new CEO of ACC. Lundegaard held the position as CEO from 2020 to 2023 and enters the new position from the role as senior advisor.

The employee representatives on ACC’s Board of Directors will also step down.

“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 Fagerland.

“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.”