#Norway #Aker Carbon Capture #Fornebu #SLB Capturi #Aker ASA

Aker Carbon Capture Sells 20% Stake in SLB Capturi

Aker Carbon Capture ASA (ACC) has recently made a significant decision to sell its 20% ownership interest in SLB Capturi AS to Aker ASA. This move is part of a broader strategy to maximize shareholder value by facilitating a cash distribution and planning for an eventual liquidation of the company. This development marks a strategic pivot as ACC seeks to optimize its financial position amid fluctuating market conditions.

The agreement was unveiled on May 9, 2025, indicating that Aker will acquire the stake for NOK 635 million, translating to an estimated value of NOK 3.03 per share for Aker Carbon Capture. This represents a notable 15% premium over the preceding day's closing price, and a 19% premium compared to the average share price over the last 30 days. By selling its stake, ACC aims to ensure a significant liquidity event that will benefit its shareholders and improve the company's capital structure.

Karl Erik Kjelstad, the Chairman of Aker Carbon Capture, expressed confidence in the transaction. He stated that it allows shareholders expedited access to capital—two years earlier than initially projected—via a combination of cash distributions and dividends. “This transaction delivers meaningful value during a time of pronounced market volatility,” he noted, reinforcing its importance in the current economic landscape.

Furthermore, as part of this transition, Aker Capital AS, a subsidiary of Aker, will also provide guarantees concerning ACC's liabilities toward SLB Capturi. This assurance will effectively bolster Aker Carbon Capture’s distributable reserves, thereby enhancing the financial resources available to shareholders.

Upon successfully executing the sale, the board of ACC will propose a dividend payout of approximately NOK 1.7 billion, equating to NOK 2.86 per share. This payout comprises around NOK 1.1 billion from the cash currently held by ACC, along with the NOK 635 million generated from the sale of the stake in SLB Capturi. An extraordinary general meeting is scheduled for May 15, 2025, to seek shareholder approval for this dividend and discuss related matters.

In the aftermath of the sale and once dividends are approved, the board plans to recommend the liquidation of Aker Carbon Capture. It intends to distribute any residual cash to shareholders as liquidation dividends. An extraordinary meeting to deliberate on this proposal is expected to occur later in 2025, marking another significant milestone in the company’s direction.

The president and CEO of Aker ASA, Øyvind Eriksen, underscored the value already created through SLB Capturi and emphasized that this transaction with Aker is set to unlock additional potential, especially amid the enduring market uncertainties.

Advisors for this transaction included SEB, which acted as the financial adviser, and Wikborg Rein Advokatfirma AS, serving as legal counsel for Aker Carbon Capture. The board of ACC vetted the transaction from both financial and structural perspectives, endorsing its necessity to advance the company's commercial interests.

In summary, the agreement to sell a stake in SLB Capturi enhances Aker Carbon Capture's focus on shareholder value, showcasing a strategic choice designed to navigate current economic challenges while ensuring long-term growth and stability. With dividends on the horizon and a possible liquidation, shareholders stand to benefit significantly from these developments, marking a pivotal moment for both Aker Carbon Capture and its investors.