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SLB (NYSE:SLB) said after hours Wednesday that it had agreed to combine its carbon capture business with Aker Carbon Capture to create a new venture focused on carbon capture, with the oilfield services company owning 80% and ACC holding the 20%.
SLB (SLB), formerly Schlumberger, agrees will pay NOK 4.12 billion (~$381.5 million) in cash for the 80% stake and contribute its carbon capture business to the combined entity; SLB could also make additional payments of up to NOK 1.36 billion over the next three years based on business performance.
“For CCUS to have the expected impact in supporting global net-zero emissions ambitions, it will need to expand 100-200 times in less than three decades,” said Olivier Le Peuch, CEO of SLB (SLB), adding that the Combined activity with ACC will “accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture into high-emitting industrial sectors.”