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

USA - English

News provided by

Jun 14, 2024, 06:50 ET

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: [email protected]

Investor contact:
David Phillips, mob: +44 7710 568279, email: [email protected]

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

The following files are available for download:

https://news.cision.com/aker-carbon-capture-asa/i/pr02,c3307559

PR02