SLB and Norwegian firm finalize joint venture to accelerate carbon capture technologies

Oilfield services company SLB and Norwegian carbon capture firm Aker Carbon Capture (ACC) have finalized their previously announced joint venture. As part of this agreement, ACC sold 80% of its shares in Aker Carbon Capture Holding (ACCH) to a subsidiary of SLB.

Financing carbon sequestration technologies

According to reports, SLB would pay approximately $379.4 million to acquire 80% of ACCH, which owns the ACC business. In addition, the company will contribute its carbon capture business to the new combined entity, while ACC will hold the remaining 20% of ACCH’s shares.

Based in Oslo, Norway, this new joint venture merges technology portfolios, expertise and operating platforms to promote the accelerated adoption of carbon capture in industrial decarbonization. The advanced amine-based technologies ACC’s advanced amine-based technologies, such as Just Catch and Big Catch modular plants, and Just Catch Offshore for offshore gas turbines, will be integrated with SLB’s technology solutions, which include non-aqueous solvents and emerging sorbent-based technologies.

New project management

As a result of the transaction, Egil A. Fagerland will step down from his current position as CEO of ACC to assume the role of CEO of the joint venture. Idun Heier has been appointed as the new CFO, while Valborg Lundegaard has been appointed as the new CEO of ACC. Lundegaard, who served as executive director from 2020 to 2023, will assume her new position as a senior advisor.

Fagerland commented on the transaction saying, “There is nothing business as usual about the drive towards net zero: we will accelerate decarbonization today and commercialize innovative technologies for the future.” He also emphasized the company’s pride in its carbon capture plants, noting that each customer is a major leader in its segment and that successful project deliveries are paving the way for other emitters to follow suit.“

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Source and photo: SLB