U.S. oilfield services provider SLB (SLB.N) said on Wednesday it will combine its carbon capture business with Norway's Aker Carbon Capture (ACCA.OL) to speed up the deployment of carbon capture technologies.
SLB, which will own 80% of the combined business, will pay 4.12 billion Norwegian crowns ($381.49 million) in cash for Aker Carbon Capture Holding AS (ACCH), which holds the business of the carbon capture technology provider.
SLB may also make additional payments of up to 1.36 billion Norwegian crowns over the next three years based on the performance of the business.
"We are excited to create this business with ACC (Aker) to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors," said SLB Chief Executive Officer Olivier Le Peuch.
ACCH will pay $50 million to purchase SLB's carbon capture business, Aker said in a separate statement.
Aker Carbon Capture has a technology to enable carbon emission reductions in hard-to-abate sectors such as waste incineration, bioenergy, cement and gas-to-power.
($1 = 10.7997 Norwegian crowns)
