Schlumberger to Invest Nearly $400 Million in Carbon-Capture Venture

By Ben Glickman

Schlumberger will pay almost $400 million to acquire 80% of carbon-capture company Aker Carbon Capture, creating a combined carbon-capture-focused venture.

Oilfield-services company Schlumberger said late Wednesday that it would pay 4.12 billion Norwegian krone ($381.5 million) for the stake in the company and would contribute its own carbon-capture business to the combined venture. Schlumberger may also make 1.36 billion Norwegian krone in performance-based added payments in the next three years.

ACC would own 20% of the combined venture after the deal closes, which is expected in the second quarter of 2024.

ACC said the purchase price plus retained cash corresponded to give the company a per-share value of 9.19 Norwegian krone. Norwegian-listed shares of ACC closed Wednesday at 5.80 Norwegian krone

ACC said there would be a shareholder agreement, which it said would include board representation and minority protection rights for ACC.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

03-27-24 2012ET