((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Rewritten throughout with more details)
U.S. oilfield services provider SLB SLB.N said on Wednesday it would combine its carbon capture operations with Norway’s Aker Carbon Capture ACCA.OL to accelerate 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 owns the carbon capture technology provider’s business .
SLB will also be able to make additional payments of up to 1.36 billion Norwegian crowns over the next three years, depending on the company’s performance.
“We are excited to create this company with ACC (Aker) to accelerate the deployment of carbon capture technologies that will change the economics of carbon capture in high-emitting industrial sectors,” said Olivier Le Peuch, President -general director of SLB.
ACCH will pay $50 million to buy SLB’s carbon capture business, Aker said in a separate statement.
Aker Carbon Capture has technology to reduce carbon emissions in hard-to-kill sectors such as waste incineration, bioenergy, cement and gas-to-power.
($1 = 10.7997 Norwegian crowns)