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

Rhea-AI Summary

Aker Carbon Capture ASA (ACC ASA) has finalized a joint venture with SLB, selling 80% of its shares in Aker Carbon Capture Holding AS (ACCH) to a subsidiary of SLB. ACC ASA retains 20% ownership of ACCH. Post-transaction, Egil A. Fagerland steps down as CEO of ACC ASA to lead the joint venture as CEO, while Valborg Lundegaard returns as CEO of ACC ASA, having previously served from 2020 to 2023. Idun Heier is appointed as the new CFO. The Board of Directors will see changes with only shareholder-elected members. ACC ASA and SLB will collaboratively develop ACCH's business. The Board is also redefining the future strategy and structure of ACC ASA, including the use of proceeds from the transaction.

Positive

• ACC ASA retains 20% ownership in ACCH, ensuring continued involvement.
• Valborg Lundegaard’s return as CEO brings extensive experience in the CCUS industry.
• Collaboration with SLB could enhance ACCH's business development.
• New CFO Idun Heier brings fresh leadership to the financial management of the company.

Negative

• Egil A. Fagerland stepping down as CEO might create initial instability in leadership.
• Employee representatives on the board are stepping down, potentially affecting internal governance.
• The strategic future and structure of ACC ASA are still undefined, creating uncertainty.

OSLO, Norway, June 14, 2024 /PRNewswire/ -- 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.  

CONTACT: 

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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-carbon-capture-asa/r/completion-of-transaction-to-combine-carbon-capture-business-with-slb--changes-to-executive-manageme,c3995678

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SOURCE Aker Carbon Capture ASA

FAQ

What is the recent transaction involving Aker Carbon Capture ASA (AKRCY) and SLB?

Aker Carbon Capture ASA has sold 80% of its shares in Aker Carbon Capture Holding AS to a subsidiary of SLB.

Who will be the CEO of Aker Carbon Capture ASA after the joint venture with SLB?

Valborg Lundegaard has been appointed as the new CEO of Aker Carbon Capture ASA.

What changes are expected in the executive management of Aker Carbon Capture ASA (AKRCY)?

Egil A. Fagerland steps down as CEO to lead the joint venture, Valborg Lundegaard returns as CEO, and Idun Heier is appointed as CFO.

What percentage of ACCH will Aker Carbon Capture ASA retain after the transaction with SLB?

Aker Carbon Capture ASA will retain 20% ownership in ACCH.

How will the Board of Directors of Aker Carbon Capture ASA (AKRCY) change after the transaction?

The Board will now consist solely of shareholder-elected members.

What is the future strategy of Aker Carbon Capture ASA following the joint venture with SLB?

The Board of Directors is in the process of defining the future strategy and structure of ACC ASA, including the framework for the use of proceeds.