SLB (formerly Schlumberger) has announced an agreement to combine its carbon capture activities with Aker Carbon Capture (ACC) to support accelerated industrial decarbonization on a large scale.

Through this transaction, the two groups will 'combine their technology portfolios, expertise and operating platforms to bring carbon capture solutions to market faster and more economically'.

As part of the deal, SLB will pay NOK 4.12 billion to buy 80% of Aker Carbon Capture Holding (ACCH), which owns ACC's operations, and will contribute its own carbon capture business to the combined entity.

It could also pay up to a further 1.36 billion over the next three years, depending on the company's performance. Subject to regulatory approvals, the transaction is expected to close by the end of the second quarter of 2024.

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