SLB and Aker Carbon Capture Announce Closing of Carbon Capture Joint Venture

14 Jun 2024 12:26 CEST

The joint venture will enable wider adoption of market-ready and new carbon
capture technologies for power and hard-to-abate industrial sectors worldwide.

HOUSTON and OSLO, June 14, 2024-SLB (NYSE: SLB) and Aker Carbon Capture (ACC)
announced today the closing of their previously announced joint
venture (https://akercarboncapture.com/?cision_id=DB4E7DA6FBE9D754). The new
company combines technology portfolios, expertise and operations platforms to
support accelerated carbon capture adoption for industrial decarbonization at
scale.

"There is no credible pathway toward net zero without deploying carbon capture
and sequestration (CCS) at scale," said Gavin Rennick, president of SLB's New
Energy business. "In the next few decades, many industries that are crucial to
our modern world must rapidly adopt CCS to decarbonize. Through the joint
venture, we are excited to accelerate disruptive carbon capture technologies
globally."

The new company will combine ACC's amine-based Advanced Carbon CaptureT
technologies, including Just CatchT and Big CatchT modular plant technologies
for medium- and large-scale facilities, and Just Catch OffshoreT for offshore
gas turbines, with SLB's portfolio of technology solutions, including non
-aqueous solvent and emerging sorbent-based offerings. The company currently has
seven technology installations in progress that have the capacity to capture up
to 1 million tonnes of CO2 emissions per year.

"There is no business as usual in the push toward net zero-we will accelerate
decarbonization today and commercialize innovative technologies for the future,"
said Egil Fagerland, newly appointed Chief Executive Officer of the SLB-Aker
Carbon Capture joint venture. "We are proud of the carbon capture plants we are
delivering across various industries, with each customer being an important
front-runner in its segment. Successful project deliveries are paving the way
for other emitters to follow," continued Fagerland.

The new company will be headquartered in Oslo. SLB owns 80% of the new company
while ACC ASA owns the remaining 20% stake.

ENDS

Media contacts:
ACC ASA: Stian Andreassen, mob: +47 458 36 358, email:
stian.andreassen@akerhorizons.com
SLB: Moira Duff, mob: +1 (713) 375-3407, email: media@slb.com
JV: Hanne Rolén, mob: +47 990 02 571, email: hanne.rolen@akercarboncapture.com
Investor contacts:
ACC ASA: David Phillips, mob: +44 7710 568279, email:
david.phillips@akercarboncapture.com
SLB: James R. McDonald and Joy V. Domingo, mob: +1 (713) 375-3535 , email:
investor-relations@slb.com

Aker Carbon Capture is a pure-play carbon capture company with solutions,
services and technologies serving a range of industries with carbon emissions,
including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen
segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a
unique, environmentally friendly solution for removing CO\2\ emissions.
Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect
with us on LinkedIn (https://www.linkedin.com/company/aker-carbon
-capture), Facebook (https://facebook.com/akercarboncapture),
Twitter (https://twitter.com/akercarbon),
Instagram (https://www.instagram.com/akercarboncapture/) and
YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press
release may include forward-looking information or statements and is subject to
our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.com/).

About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for
a balanced planet. With a global footprint in more than 100 countries and
employees representing almost twice as many nationalities, we work each day on
innovating oil and gas, delivering digital at scale, decarbonizing industries,
and developing and scaling new energy systems that accelerate the energy
transition. Find out more at slb.com.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Katja Aanestad, Marketing
Communications, Aker Carbon Capture on 14 June, 2024 at CEST 12:25.

More information:
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