SLB to buy 80% stake in Aker Carbon Capture joint venture for at least $381M (NYSE:SLB)

SLB (NYSE:SLB) said after-hours Wednesday it agreed to combine its carbon capture business with Aker Carbon Capture to create a new carbon capture-focused venture, with the oilfield services company owning 80% and ACC holding 20%.

SLB (SLB), formerly Schlumberger, agreed to pay NOK4.12B (~$381.5M) in cash for the 80% stake and will contribute its own carbon capture business to the combined entity; SLB also may make additional payments of as much as NOK1.36B over the next three years based on the performance of the business.

“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,” SLB (SLB) CEO Olivier Le Peuch said, adding the combined business with ACC will “accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.”