Aker Carbon Capture Proposes Extraordinary NOK 3.5 Billion Dividend to Shareholders

Aker Carbon Capture ASA Proposes a Major Cash Dividend

Aker Carbon Capture ASA, a leader in the carbon capture sector, has announced a significant proposal for its shareholders. The Board of Directors has put forward an extraordinary cash dividend amounting to NOK 3.5 billion, translating to NOK 5.80 per share.

Kristian Røkke, the Chairman of Aker Carbon Capture, expressed pride in the company’s achievements, highlighting its evolution from a modest starting share price of NOK 1.70 to its current valuation that supports this generous dividend. Røkke noted, "This milestone reflects our strong progression and the value we have created for our stakeholders. Returning this substantial cash to our shareholders underscores our commitment to responsible ownership and growth."

The company recently undertook a transformative deal in June 2024. Aker Carbon Capture and SLB initiated a joint venture named SLB Capturi, wherein Aker retains a 20% stake, while SLB holds the larger 80%. This strategic collaboration has not only positioned the company at the forefront of carbon capture technology but has also resulted in an impressive NOK 4.9 billion gain recorded in Aker’s consolidated financial accounts.

Following the proposed dividend distribution, Aker will be well-positioned to maintain a robust balance sheet. This approach will ensure that they can support the ongoing development of SLB Capturi and fulfill their responsibilities as a minority partner. The remaining cash reserves will bolster Aker’s guarantee obligations for projects established prior to the formation of the joint venture.

In light of these developments, the Board's proposal comes with plans for a capital reduction of nearly 98%. This adjustment aims to align the company’s capital with its current operations while allowing for potential favorable tax treatments regarding the proposed dividends.

The dividend payout is set to occur in two phases, contingent upon shareholder approval at the extraordinary general meeting scheduled around March 7, 2025. The first installment of NOK 4.82 per share will be disbursed to shareholders registered as of March 7, 2025, followed by a second installment of NOK 0.98 per share for those registered as of April 25, 2025.

Aker Carbon Capture ASA was established as a distinct entity in 2020, building on over two decades of expertise in carbon capture technology. The formation of the joint venture with SLB marks a significant evolution for the company, headquartered in Oslo, positioning both firms as leaders in an industry poised for extensive growth.

In conclusion, Aker Carbon Capture's proposal of a NOK 3.5 billion dividend is a robust indicator of its strong performance and commitment to shareholder value while securing its future in the ever-evolving landscape of carbon capture technology. This strategic financial maneuver not only underscores the company's success but marks a commitment to its shareholders in a rapidly changing global economy.