Aker Carbon Capture Announces Agreement to form Joint Venture with SLB

The new company will combine technology portfolios, expertise and operationsplatforms to bring carbon capture solutions to market, faster and moreeconomically.

OSLO, Norway, March 27, 2024 - Aker Carbon Capture ASA (Oslo: ACC) todayannounced an agreement with SLB to combine their respective carbon capturebusinesses to support accelerated industrial decarbonization at scale.

Bringing together complementary technology portfolios, leading process designexpertise and an established project delivery platform, the partnership willleverage ACC's commercial carbon capture product offering and SLB's newtechnology developments and industrialization capability. It will create avehicle for accelerating the introduction of early-stage technologies into theglobal market on a commercial, proven platform. Following the transaction, SLBwill own 80% of the combined business and ACC will own 20%.

The International Energy Agency (IEA) sees carbon capture, utilization, andsequestration (CCUS) playing a critical role in the net-zero transition -estimating that over one gigaton of CO2 per year will need to be captured by2030, scaling up to over six gigatons by 2050.

"The decision to combine ACC and SLB's carbon capture business is underpinnedbya strategic vision that reflects our commitment to accelerate the industrialadoption of carbon capture," said Egil Fagerland, chief executive officer,ACC."By partnering with SLB, we will become a diversified, global carbon captureplayer. Our combined suite of technologies and global reach will make aplatformpositioned to profitably scale faster, to the benefit of customers, employeesand shareholders."

The transaction is subject to regulatory approvals and is expected to close byend of the second quarter, 2024.

Transaction details

At closing, SLB will pay NOK 4.12 billion in cash to ACC for the purchase of80%of the shares in Aker Carbon Capture Holding AS (ACCH), which holds thebusinessof ACC. In addition, ACC will retain NOK 0.40 billion in cash. The sum of thepurchase price for ACCH and retained cash corresponds to a value per ACC shareof NOK 9.19. In addition, ACC will be entitled to a performance-based paymentofup to NOK 1.36 billion.

The performance-based payments will be subject to the achievement of certainmilestones, order intake and margin targets. The payments will be due whencertain targets are met in the period 2025 to 2027, weighted towards the endofthe period upon finalization of the financial statements for 2027. Theperformance-based payments will carry a market-based interest rate from thedateof closing until the date of payment.

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

The cooperation between ACC and SLB as shareholders of the combined business,will be governed by a shareholders' agreement. This will, inter alia, providefor board representation and certain other governance and minority protectionrights for ACC, for SLB to finance the realization of the business plan byshareholder loans and for the possibility for ACC to sell its 20% stake in thecombined business in the future.

After a lock-up period of three years, ACC will be entitled to sell its stakeinACCH to SLB during a period of six months (put option). The put option pricewill be based on the fair market value of the combined business with a floorequal to the purchase price agreed for ACCH as set out above (on a per sharebasis, and not including any performance-based payments) corresponding toapproximately NOK 1.03 billion for the retained 20% stake, and a ceiling at2.0xthis price. Conversely, SLB will after expiry of the put option have a righttopurchase ACC's 20% stake in the combined business during the following sixmonths (call option). The call option price will be based on the fair marketvalue of the combined business with a higher floor than the put option flooranda ceiling at 2.5x. The shareholders' agreement also has customary buy-outrightsfor both shareholders in the event of a change of control in the othershareholder.

Advisors

SEB is acting as financial advisor, BAHR as deal counsel and Wikborg Rein asgovernance counsel to ACC.

ENDS

Media contact:Moira Duff, Director of External Communications at SLB, tel: +1 (713)375-3407,email: media@slb.comNina Westgaard, Chief of Staff at ACC, tel: +47 481 09 409, email:nina.westgaard@akercarboncapture.comInvestor contacts:James R. McDonald, SVP Investor Relations & Industry Affairs at SLBJoy V. Domingo, Director of Investor Relations at SLBtel: +1 (713) 375-3535, email: investor-relations@slb.comDavid Phillips, Head of Capital Markets at ACC, mob: +44 7710 568279, email:david.phillips@akercarboncapture.com

About SLBSLB SLB is a global technology company that drives energy innovationfora balanced planet. With a global footprint in more than 100 countries andemployees representing almost twice as many nationalities, we work each day oninnovating oil and gas, delivering digital at scale, decarbonizing industries,and developing and scaling new energy systems that accelerate the energytransition. Find out more at slb.com (https://www.slb.com/).

About Aker Carbon CaptureAker 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 hydrogensegments. Aker Carbon Capture's proprietary, carbon-capture technology offersaunique, environmentally friendly solution for removing CO\2\ emissions. Findoutmore at akercarboncapture.com (https://www.akercarboncapture.com/).

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

This stock exchange announcement was published by Katja Aanestad, MarketingCommunications, Aker Carbon Capture on 27 March, 2024 at CET 23:45.

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