Aker Carbon Capture

M&A Activity • Jun 14, 2024

Completion of transaction to combine carbon capture business with SLB, changes to executive management

Completion of transaction to combine carbon capture business with SLB, changes to executive management

OSLO, June 14, 2024-Reference is made to the announcement made by Aker Carbon

Capture ASA ("ACC ASA" or the "Company") today regarding closing of the

previously announced joint venture with SLB, which includes the sale by ACC ASA

of 80% of its shares in Aker Carbon Capture Holding AS ("ACCH") to a subsidiary

of SLB. ACC ASA will maintain ownership of the remaining 20% of the shares in

ACCH.

As a result of the transaction, there will be changes in the Company's executive

management.  Egil A. Fagerland will step down from his current position as CEO,

to take on the role as CEO of the joint venture. Valborg Lundegaard has been

appointed new CEO for the Company. Lundegaard, who held the position as CEO of

the Company from 2020 to 2023, enters the position from the role as senior

advisor to the Company. She has extensive experience from the CCUS industry and

Aker. The Company has appointed Idun Heier as new CFO.

The employee representatives on the Company's Board of Directors will also step

down as a result of the transaction. The Company's board of directors will

hereinafter comprise of the following shareholder elected board members:

· Kristian Monsen Røkke (Chair)

· Oscar Fredrik Graff

· Liv Monica Bargem Stubholt

· Karl Erik Kjelstad (Deputy)

Following completion of the transaction, ACC ASA will continue to further

develop ACCH's business together with SLB. The Board of Directors of ACC ASA is

in the process of defining the future strategy and structure of the Company,

including framework for use of proceeds.

ENDS

Media contact:

Mats Ektvedt, mob: +47 414 23 328 , email: mats.ektvedt@corpcom.no

Investor contact:

David Phillips, mob: +44 7710 568279, email:

david.phillips@akercarboncapture.com

Aker Carbon Capture ASA was established as a separate entity in 2020, building

on more than 20 years of experience and validation of its proprietary carbon

capture technology within Aker. Since 2020, the company has positioned itself

firmly as a market leader for the deployment of industrial decarbonization. In

June 2024, a Joint Venture was created between SLB and Aker Carbon Capture, with

SLB owning 80% and Aker Carbon Capture ASA owning 20% of the combined company.

The Joint Venture is built on a partnership between two strong companies with a

proven track record of building industrial technology businesses with the

resources to scale for substantial growth.

Visit akercarboncaptureasa.com. This press release may include forward-looking

information or statements and is subject to our disclaimer, see

akercarboncaptureasa.com.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.