Aker Horizons — M&A Activity 2024

Mar 27, 2024

Aker Carbon Capture announces agreement to form Joint Venture with SLB

Aker Carbon Capture announces agreement to form Joint Venture with SLB

Oslo, 27 March 2024 - Aker Horizons ASA's (OSE: "AKH") portfolio company Aker

Carbon Capture ASA ("ACC" and "the Company"), together with SLB, announced today

an agreement to combine their respective carbon capture businesses to support

accelerated industrial decarbonization at scale. The transaction builds on the

long-standing collaboration between the Aker group and SLB.

Bringing together complementary technology portfolios, leading process design

expertise and an established project delivery platform, the partnership will

leverage ACC's commercial carbon capture product offering and SLB's new

technology developments and industrialization capability. It will create a

vehicle for accelerating the introduction of early-stage technologies into the

global market on a commercial, proven platform. Following the transaction, SLB

will own 80% of the combined business and ACC will own 20%.

"We are immensely proud of what ACC has accomplished and the value creation this

transaction demonstrates for shareholders. We can think of no better partner

than SLB to rapidly scale cost-effective solutions across the carbon capture

value chain," said Aker Horizons CEO and Aker Carbon Capture Chairman Kristian

Røkke.

ACC was incubated in the Aker group and has served as a key pillar for Aker

Horizons since inception in 2020. The Company was listed the same year, and Aker

Horizons has since been ACC's largest shareholder, with a current ownership

stake of 43.3 percent. During this period, Aker Horizons and ACC have worked

closely together to develop the nascent CCUS industry and accelerate deployment

of ACC's carbon capture technology. The Company currently has seven carbon

capture plants under delivery in Norway, the Netherlands and Denmark, which

constitute the most mature, large-scale carbon capture projects under

construction in Europe today. In addition, ACC has been awarded a significant

number of feasibility studies, pre-FEED and FEED contracts in both the European

and North American market, giving the Company an accumulated pipeline covering

approximately 40 million tonnes of CO2 capture per year across all categories of

contracted work.

"We are very pleased to further strengthen our collaboration with SLB. This

transaction marks another important step to Aker and SLB's existing partnerships

within subsea with Aker Solutions and digitalization with Cognite. Aker Carbon

Capture and SLB will benefit from having a highly complementary carbon capture

technology portfolio and a broader geographical presence. The transaction is

underpinned by a shared strategic vision that reflects a strong commitment to

long-term value creation and helping customers deliver on their decarbonization

targets in supporting Net Zero CO2 emissions by 2050. Furthermore, SLB shares

our commitment to innovation and deploying digital solutions," said Øyvind

Eriksen, President and Chief Executive Officer of Aker ASA and Chairman of Aker

Horizons.

At closing, SLB will pay NOK 4.12 billion in cash to ACC for the purchase of 80%

of the shares in Aker Carbon Capture Holding AS (ACCH), which holds the business

of ACC. In addition, ACC will retain NOK 0.40 billion in cash. The sum of the

purchase price for ACCH and retained cash corresponds to a value per ACC share

of NOK 9.19. In addition, ACC will be entitled to a performance-based payment of

up to NOK 1.36 billion. Reference is made to ACC's release published today for

further details.

SLB is a global energy technology company, and is engaged in carbon capture,

utilization and sequestration (CCUS) solutions across industrial and energy

sectors. As part of and subject to completion of the transaction, ACCH will pay

USD 50 million to purchase SLB's carbon capture business.

The transaction is subject to regulatory approvals and is expected to close by

end of the second quarter, 2024.

Following the transaction, Aker Horizons will continue to support ACC as a

partner with SLB in the carbon capture business. Aker Horizons will evaluate its

strategic options and continue to optimize its balance sheet to position itself

for future growth through M&A, incubation, capital recycling and partnerships

across assets in its portfolio.

ENDS

For further information, please contact:

Marianne Stigset, Director of Communications and External Affairs

Tel: +47 41 18 84 82

Email: marianne.stigset@akerhorizons.com

Stian Andreassen, head of Investor Relations

Tel: +47 41 64 31 07

Email: stian.andreassen@akerhorizons.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the

transition to Net Zero. The company is active in renewable energy, carbon

capture and hydrogen and develops industrial-scale decarbonization projects. As

part of the Aker group, Aker Horizons applies industrial, technological and

capital markets expertise with a planet-positive purpose to drive

decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and

headquartered in Fornebu, Norway. Across its portfolio, the company is present

on five continents. www.akerhorizons.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 Marianne Stigset, Director of

Communications and External Affairs, Aker Horizons on 27 March 2024 at CET

23:46.