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Annual Report

2024

Aker Carbon Capture ASA

Contents

Board of Directors’ Report

Board of Directors

Consolidated financial statements

Parent company financial statements

Declaration by the Board of Directors and CEO

Auditor’s Report

	5	Annual Report 2024	CONTENTS

Board of Directors’ Report

	6	Annual Report 2024	CONTENTS

Introduction

In June 2024, Aker Carbon Capture established a joint venture with SLB, marking a defining

moment in our strategy. The joint venture, later named SLB Capturi, strategically combines

technology portfolios, expertise, and operational platforms to support accelerated carbon capture

adoption for industrial decarbonization at scale. Aker Carbon Capture retained a 20 percent

ownership stake in the joint venture and will continue to further develop the business together

with SLB, which will hold the remaining 80 percent ownership stake.

Aker Carbon Capture ended 2024 with NOK 4.6 billion in cash

and an equity position at NOK 5.5  billion. An accounting gain of

NOK 4.9 billion was booked in the consolidated accounts

related to the sale of the Aker Carbon Capture business to SLB.

In February 2025, the Board of Directors determined the way

forward for the Company and proposed an extraordinary cash

dividend of NOK 5.80 per share, in total NOK 3.5 billion. Going

forward.  Aker Carbon Capture will, through its ownership in

SLB Capturi, continue to support the development of the

carbon capture business of SLB Capturi. The dividend was

approved in an extraordinary general meeting in March 2025.

Valborg Lundegaard succeeded Egil Fagerland as CEO of Aker

Carbon Capture in June 2024, following his appointment as

CEO of SLB Capturi.

SLB Capturi

Despite geopolitical instability, SLB Capturi saw high activity in

the carbon capture market with projects, partnerships and

early-stage work such as studies, pre-FEED and FEED.

As of the end of 2024, SLB Capturi is delivering seven industrial

scale carbon capture facilities across Norway, Denmark and the

Netherlands, with a total CO2 capture capacity of some 1 million

tonnes per year. The Heidelberg Materials Brevik CCS, Twence

CCU and Ørsted Kalundborg CCS projects were in 2024 the

most mature large-scale carbon capture projects under

construction in Europe. In December, Heidelberg Materials

Brevik CCS in Norway, the world's first full-scale carbon

capture facility at a cement plant, reached mechanical

completion.

In January 2025, SLB Capturi completed commissioning and

handed over its first modular carbon capture plant at Twence's

waste-to-energy facility in Hengelo, Netherlands.

Later in January 2025, SLB Capturi, in collaboration with Aker

Solutions, was awarded an engineering, procurement,

construction, installation and commissioning (EPCIC) contract

from Hafslund Celsio AS to deliver a carbon capture solution at

their waste-to-energy facility in Oslo, Norway.

The award from Hafslund Celsio triggered a payment of NOK 71

million to Aker Carbon Capture from the earn-out mechanism in

the transaction with SLB. The amount will be recognized as

additional gain from the transaction in first quarter 2025.

	7	Annual Report 2024	CONTENTS

Business model and strategy

Carbon capture, utilization and storage (CCUS) will be critical if

the world is to reach net zero emissions by 2050. For many

industrial CO₂ emitters, CCUS is the only viable option to

significantly reduce and remove emissions.

In 2020, Aker Carbon Capture (the “Company”) was established

as a pure play carbon capture company, supplying the solutions

and technology which together comprise a carbon capture

plant and the downstream processing and management of CO2.

These solutions and services, including aftermarket support,

are provided to industrial plant owners and operators across

various industries to reduce and remove CO2 emissions.

The Company was built on more than 20 years’ experience and

maturation of carbon capture technology in Aker. This also

included delivery of a full-scale carbon capture plant at the

Technology Center Mongstad in Norway. Renowned as the world’s

largest and most flexible plant for testing and improving carbon

capture technologies, this plant has been operational since 2012.

The Company’s purpose is to, by itself or together with other

parties, invest in, develop, and divest from businesses that

operate within energy, climate and environmental solutions,

associated technology and infrastructure, related goods and

services, and capital management.

In June 2024, at closing of the carbon capture joint venture

with SLB, the respective carbon capture businesses of Aker

Carbon Capture and SLB were combined. Aker Carbon Capture

ASA retained a 20 percent ownership stake in the joint venture,

later named SLB Capturi, and will continue to further develop

the business together with SLB, which will hold the remaining

80 percent ownership stake.

The decision to combine Aker Carbon Capture and SLB's

carbon capture business was underpinned by a strategic vision

that reflects the Company’s commitment to accelerate the

industrial adoption of carbon capture. Prior to the transaction

between Aker Carbon Capture and SLB, Aker Carbon Capture

was headquartered in Norway with operations in Norway,

Denmark, Sweden, United Kingdom, the Netherlands, India and

the United States. By establishment of the joint venture

between Aker Carbon Capture and SLB, SLB Capturi will

become a diversified, global carbon capture player. The

combined suite of technologies and global reach will make a

platform positioned to profitably scale faster, to the benefit of

customers, employees and shareholders.

At closing of the transaction, Aker Carbon Capture received

NOK 4.12 billion for the sale of 80 percent of the carbon

capture business to SLB, while retaining NOK 0.40 billion in

cash. In addition, Aker Carbon Capture will be entitled to a

performance-based payment of up to NOK 1.36 billion, which is

subject to the achievement of  order intake and margin targets

and also certain milestones. The payments will be due when

certain targets are met in the period 2025 to 2027, weighted

towards the end of the period upon finalization of the financial

statements for 2027. The performance-based payments will

carry a market-based interest rate from the date of closing until

the date of payment. Aker Carbon Capture Holding paid USD 50

million to purchase SLB's carbon capture business. 

The cooperation between Aker Carbon Capture and SLB as

shareholders of the combined business, is governed by a

shareholders' agreement. This will, inter alia, provide for board

representation and certain other governance and minority

protection rights for Aker Carbon Capture, for SLB to finance

the realization of the business plan by shareholder loans and for

the possibility for Aker Carbon Capture to sell its 20 percent

stake in the combined business in the future. During the three

year lock-up period, Aker Carbon Capture can transfer or sell

the SLB Capturi shares to an Aker ASA controlled affiliate only.

After the lock-up period ending June 2027, Aker Carbon

Capture, or an Aker ASA controlled affiliate, will be entitled to

sell its stake in the joint venture to SLB during a period of six

months (put option). The put option price will be based on the

fair market value of the combined business with a floor equal to

the purchase price agreed for Aker Carbon Capture Holding as

set out above (on a per share basis, and not including any

performance-based payments) corresponding to approximately

NOK 1.03 billion for the retained 20 percent stake, and a ceiling

at 2.0x this price.

Conversely, SLB will after expiry of the put option have a right

to purchase Aker Carbon Capture's 20 percent stake in the

combined business during the following six months (call option).

The call option price will be based on the fair market value of

the combined business with a higher floor than the put option

floor and a ceiling at 2.5x.

The shareholders' agreement also has buy-out rights for both

shareholders in the event of a change of control in the other

shareholder.

After the closing of the joint venture in June 2024, the Board of

Directors of Aker Carbon Capture initiated a process of

determining the future strategy and structure of the company,

including the framework and conclusions for the use of the

proceeds from the transaction with SLB. As part of this process,

the Board was also assessing the role and responsibilities of

Aker Carbon Capture as seller in the recent transaction with

SLB Capturi and remaining pro-rata guarantee exposure for

ongoing projects. The board also considered future needs in

Aker Carbon Capture ASA for its operations, investment

opportunities, and in relation to SLB Capturi.

In February 2025, the Board of Directors determined the way

forward for the Company and proposed an extraordinary cash

dividend of NOK 5.80 per share, in total NOK 3.5 billion. Going

forward, Aker Carbon Capture will, through its ownership in SLB

Capturi, continue to support the development of the carbon

capture business of SLB Capturi. The cash position remaining in

the Company following the dividend distribution will enable the

Company to retain a sufficiently robust balance sheet to fulfill

its role and responsibilities as a minority owner of SLB Capturi.

The dividend was approved in an extraordinary general meeting

in March 2025.

	8	Annual Report 2024	CONTENTS

SLB Capturi

SLB Capturi brings together Aker Carbon Capture’ and SLB’s

complementary technology portfolios, leading process design

expertise and an established project delivery platform. The

partnership leverages Aker Carbon Capture's commercial

carbon capture product offering and SLB's new technology

developments and industrialization capability.

The mission at SLB Capturi is to deliver impact at scale with

carbon capture as a critical pathway to net zero. With the

proven, cost-effective technologies and modular approach, SLB

Capturi is enabling industries to integrate carbon capture into

their existing operations, driving significant carbon reduction

and removal.

Key offerings include feasibility studies, front end engineering

design (FEED), process design packages (PDPs), detailed

engineering work, delivery of complete modular carbon capture

facilities across a range of capture capacities, as well as

assistance with ‘life of asset’ operations and aftermarket

services, and a carbon capture as a service model that offers

customers a full CCUS value chain solution.

The name, SLB Capturi, reflects the joint venture’s focus on

scaling up existing carbon capture technologies as well as its

commitment to invest in research and development to ensure a

pipeline of cutting-edge solutions that meet the evolving needs

of industries worldwide.

SLB Capturi leverages a modular product platform, offering

scalable solutions that meet the diverse needs of various

industrial sectors. Its portfolio of Just Catch™ solutions may be

delivered as equipment or as a turn-key project, while the Big

Catch™ is delivered as process design packages and key

equipment. This modularity ensures efficient integration and

optimization, empowering industries to meet their

decarbonization goals with flexibility and precision.

The carbon capture technology has been tested across multiple

and diverse flue gases from industrial processes, to ensure

reliability and efficiency in a wide range of industry segments.

SLB Capturi is already a major player in the global effort to

combat climate change by accelerating the deployment of

commercial-ready carbon capture technology and advancing

next-generation innovations.

As of the end of 2024, SLB Capturi has taken major steps to

develop its position in the important North American market.

The joint venture is delivering seven industrial scale carbon

capture facilities across Norway, Denmark and the Netherlands,

with a total CO2 capture capacity of some 1 million tonnes per

year. The Heidelberg Materials Brevik CCS, Twence CCU and

Ørsted Kalundborg CCS projects were in 2024 the most mature

large-scale carbon capture projects under construction in

Europe.

	9	Annual Report 2024	CONTENTS

Key developments in 2024

On 14 June 2024, Aker Carbon Capture established a joint

venture with SLB, marking a defining moment in our strategy.

The joint venture, later named SLB Capturi, strategically

combines technology portfolios, expertise, and operational

platforms to support accelerated carbon capture adoption for

industrial decarbonization at scale. Aker Carbon Capture

retained a 20 percent ownership stake in the joint venture and

will continue to further develop the business together with SLB,

which will hold the remaining 80 percent ownership stake.

Despite geopolitical instability in 2024, Aker Carbon Capture 

saw high activity in the carbon capture market.  Prior to the

establishment of the joint venture with SLB, Aker Carbon

Capture took major steps to develop its position in the

important North American market. This included signing

Memorandum of Understanding agreements with MAN Energy

Solutions for CO2 capture and compression, and with carbon

capture developer CO280 Solutions and Microsoft to accelerate

full-scale carbon removal, initially targeting biogenic CO2

emissions from the pulp and paper industry. 

Aker Carbon Capture’ share price ended the year at NOK 6.34,

down from NOK 13.58 at year-end 2023.

SLB Capturi

After establishment of the joint venture, SLB Capturi continued

to see high market activity with projects, partnerships and

early-stage work such as test campaigns, studies, pre-FEEDs

and FEEDs.

In August, SLB Capturi announced its first US-based project

with a contract award from its partner CO280 Solutions, for

front end engineering and design (FEED) of a large-scale

carbon capture plant at a pulp and paper facility on the US Gulf

coast. SLB Capturi's mobile test unit had already been deployed

at the site. The project aims to remove 800,000 tonnes of CO2

per year. 

In September, global chemical and biotech company WACKER

announced that it had successfully demonstrated with SLB

Capturi's mobile test unit that it is possible to capture CO2

generated from the production of metallurgical-grade silicon-an

essential raw material for microchips, solar modules, and

silicones-at its production site in Holla, Norway.

The seven industrial scale carbon capture facilities delivered

across Norway, Denmark and the Netherlands, were in 2024

the most mature large-scale carbon capture projects under

construction in Europe.

In December, Heidelberg Materials Brevik CCS in Norway, the

world's first full-scale carbon capture facility at a cement plant,

reached a significant milestone with mechanical completion.

The carbon capture plant is designed to capture 400,000

tonnes of CO2 per year  from the cement facility. The

development will move into commissioning phase and is

planned to be operational by 2025. The Brevik carbon capture

plant is part of Longship, the full CCS value chain development

enabled by Norway's strong competence in both carbon

capture and storage and state funding support.

The Ørsted Kalundborg CO2 Hub is the first full-scale CCS

value chain project in Denmark. From 2026, Ørsted will capture

430,000 tonnes of CO2 per year at their Asnæs and Avedøre

Power Stations in Greater Copenhagen. SLB Capturi will deliver

five Just Catch™ 100 units including downstream  processing

and equipment. The project made significant progress in 2024.

Subsequent events

In February 2025, the Aker Carbon Capture Board of Directors

determined the way forward for the Company and proposed an

extraordinary cash dividend of NOK 5.80 per share, in total NOK

3.5 billion. The dividend was approved in an extraordinary

general meeting in March 2025. Going forward, Aker Carbon

Capture will, through its ownership in SLB Capturi, continue to

support the development of the carbon capture business of SLB

Capturi.

SLB Capturi

In January 2025, SLB Capturi, in collaboration with Aker

Solutions, was awarded an engineering, procurement,

construction, installation and commissioning (EPCIC) contract

from Hafslund Celsio AS to deliver a carbon capture solution at

their waste-to-energy facility in Oslo, Norway. When

operational, which is anticipated by third quarter, 2029, the

carbon capture plant is expected to capture 350,000 metric

tons of CO2 per year. The award was following a FEED contract

signed December 2023 with Hafslund Celsio to deliver

Norway's first carbon capture project at a waste-to-energy

facility. The FEED contract, based on the modularized Just

CatchTM 400 unit, followed Hafslund Celsio's cost reduction

initiative for their CCS project in Oslo.

Also in January 2025, SLB Capturi completed commissioning

and handed over its first modular carbon capture plant at

Twence's waste-to-energy facility in Hengelo, Netherlands. The

carbon capture plant is based on SLB Capturi's standard,

modular Just CatchTM design, which reduces onsite installation

and outfitting work - providing a more cost-efficient and easier-

to-deploy option compared with other market alternatives.

Completion of the plant, with the capacity to capture up to

100,000 metric tons of CO2 per year, marks a significant

milestone in enabling affordable decarbonization. The captured

CO2 will be used in applications for the horticulture and food

and beverage sectors.

	10	Annual Report 2024	CONTENTS

Sustainability

The Company's purpose is to, by itself or together with other

parties, invest in, develop, and divest from businesses that

operate within energy, climate and environmental solutions,

associated technology and infrastructure, related goods and

services, and capital management. As such, sustainability is at

the core of Aker Carbon Capture mission and business

operations, and integrated into Aker Carbon Capture’s strategy

and risk management approach.

Sustainability comprises Environmental, Social and Governance

(ESG) factors and relates to how Aker Carbon Capture creates

long-term value by implementing strategies that incorporate

ESG dimensions. These include environmental topics, such as

biodiversity and circularity; social topics, such as human rights

and local community impacts; and governance matters, such as

responsible business conduct.

The Company has a Sustainability policy approved by the Board

of Directors, governing environment, social and governance

(ESG) aspects of Aker Carbon Capture’s own performance and

operations. The Code of conduct policy for business partners

lays out the sustainability principles that our business partners

must adhere to.

It follows from the Sustainability policy that the sustainability

and climate risk and materiality analysis, reporting and

performance shall be reviewed by the Board of Directors, and

that ESG risks, reporting, internal controls, and compliance are

part of the Audit Committee’s oversight. In accordance with the

Sustainability policy, the company shall ensure that the Board

of Directors has expertise in sustainability and climate positive

solutions. The Board, the Audit Committee and the

management of Aker Carbon Capture have relevant experience

for the sector in which the company operates, the business of

the company and the geographic locations, as well as

experience on sustainability matters from both Aker Carbon

Capture and other relevant positions.

Sustainability-related performances are not integrated in

incentive schemes.

Following the transaction with SLB, Aker Carbon Capture has not

adopted new sustainability targets, however through the retained

ownership stake in SLB Capturi, acceleration of the carbon

capture adoption for industrial decarbonization is continued.

Environmental

	Carbon reduction vs carbon removal Carbon reduction is when CO2 with fossil origin is captured and stored, while carbon removal is when CO2 with biogenic origin is captured and stored. Deploying CCS with for example bioenergy or waste to-energy plants leads to carbon removal. Carbon removal is often referred to as creating negative emissions bringing climate positive effect.

Mitigating climate change requires swift action from emitters

across industries, and continuous development, innovative

solutions and scaling of carbon capture deployment. Aker

Carbon Capture believes in bold innovation, both in terms of

technology and business models to achieve the required

scaling of carbon capture.

Aker Carbon Capture has not yet adopted a transition plan for

climate change mitigation. Through our joint venture with SLB,

SLB Capturi, we are in business to enable carbon reduction and

removal from industry and energy solutions. Although the

positive effect of the joint venture’s solutions in operation by far

outweighs the footprint of construction and operation, the joint

venture continuously strive to minimize the carbon intensity of

its products. Aker Carbon Capture is also determined to

contribute by reducing the GHG emissions of our own company.

GHG emissions

Aker Carbon Capture reports according to the GHG protocol.

The business of SLB Capturi is included based on the financial

control approach, thus consolidated until the transaction and

included in scope 3 category 15 Investments based on

ownership stake thereafter. Category 15 is the dominant

contributor in scope 3 for Aker Carbon Capture. In scope 2,

energy use is the largest contributor, mainly consisting of

electricity, heating and cooling used at the office.

Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (tCO2eq)	—
% of Scope 1 GHG emissions from regulated emission trading schemes	—
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	17
Gross market-based Scope 2 GHG emissions (tCO2eq)	26
Significant scope 3 GHG emissions	4,610

Social

Strong governance over sustainability ensures that Aker Carbon

Capture is managed in accordance with effective and sound

principles for the benefit of all stakeholders such as employees,

customers, shareholders and society at large.

People

Aker Carbon Capture has aimed to be an attractive employer

with a collaborative culture and a preferred partner for business

associates, as well as a respected member of society and

corporate citizen. Aker Carbon Capture is committed to

	11	Annual Report 2024	CONTENTS

safeguarding human rights and decent labor conditions and has

taken a number of steps to ensure that its human rights due

diligence processes are robust. See the Transparency Act

Progress Report published on the website for more information

of the work to prevent adverse impacts on human rights and

decent working conditions.

Prior to the establishment of the joint venture with SLB, several

initiatives were conducted, such as workshops and the

involvement of Working Environment Committee (AMU).

In June, Valborg Lundegaard succeeded Egil Fagerland as CEO

of Aker Carbon Capture, following his appointment as CEO of

SLB Capturi. At the same time, Idun Heier was appointed CFO.

At year-end 2024, one employee, CEO Valborg Lundegaard,

worked for Aker Carbon Capture, compared to 149 employees

at year-end 2023. The decrease is due to the transfer of

employees to the carbon capture joint venture with SLB, SLB

Capturi. Compared to 2023, there has been an increase in the

percentage of women from 33 percent in 2023 to 100 percent

in 2024.

Aker Carbon Capture’s Sustainability Policy commits the

Company to ensuring equality, diversity and inclusion

throughout its business. Aker Carbon Capture does not tolerate

any form of discrimination on the basis of, for example, gender

expression, sexuality, disability, race or religious beliefs.

Aker Carbon Capture has a whistleblower channel and

procedure for the protection of whistleblowers’ rights, which

sets out the required steps for reporting and handling

whistleblower cases. It ensures all allegations are investigated

and feedback provided to those whistleblowers whose identity

is known.

Health, safety and Security

The health of Aker Carbon Capture’ staff is important, and the

Company offers healthcare and insurance plans, a wellness

program and access to an on-site health and wellness center,

with access to a physician, health counseling, and medical

treatment. Aker Carbon Capture’s sick leave was 1.93 percent

for the two first quarters of 2024. For the remaining period, the

company had less than five employees and does not report on

sick leave. In 2024 no serious incidents were reported.

The company’s capabilities within crisis management are

managed with the support from the Aker group.

Governance

Good corporate governance provides the foundation for long-

term value creation, for the benefit of shareholders, employees

and other stakeholders.

Aker Carbon Capture is a public limited liability company

organized under Norwegian law and with a governance

structure based on Norwegian corporate law, other regulatory

requirements and the guidelines issued by the Norwegian

Corporate Governance Board (the Norwegian Code of Practice

for Corporate Governance). Aker Carbon Capture is subject to

annual corporate governance reporting requirements under

section 2-9 of the Norwegian Accounting Act and the

Norwegian Code of Practice for Corporate Governance, see

section 4.4 of the Oslo Stock Exchange Rule Book II, rules for

issuers listed on the Oslo Stock Exchange. The annual

statement on Corporate Governance for 2024 was approved by

the Board of Directors on 27 March 2025 and is available on the

website.

The directors and officers of Aker Carbon Capture ASA and

subsidiaries are covered under the Aker group’s Director &

Officer’s Liability Insurance (D&O). This covers personal legal

liabilities including defense and legal costs.

The Board of Directors is responsible for ensuring that the

company conducts business using sound corporate governance

as implemented through mandates and reporting lines for the

governing bodies of the company. The Board of Directors holds

exclusive authority under the company’s authorization matrix to

approve matters of significance. The Board of Directors

regularly receives extensive reports from the Chief Executive

Officer and the Chief Financial Officer on key aspects of the

business.

The Board of Directors is the highest authority that oversees

the sustainability work in the company. The sustainability

policy, material aspects, sustainability targets and key priorities,

as defined in the corporate strategy, are approved by the Board

of Directors. Climate risks and other sustainability related risks

are discussed with the Board as part of the company’s

Enterprise Risk Process.

The Board prepares an annual plan for its work, which includes

recurring key topics, such as strategy review, risk and

compliance oversight, financial reporting and budget review.

The Board annually evaluates its own performance and

collective expertise. Aker Carbon Capture’ Board of Directors

held 23 meetings in 2024, and its Audit Committee met 6 times.

Board meeting attendance averaged 94 percent.

The Board of Directors has adopted certain principles for

management of Aker Carbon Capture’s interest in SLB Capturi :

• Aker Carbon Capture’s influence and participation in SLB

Capturi will in all material respects be handled through the

SLB Capturi board and active participation in board

meetings by Aker Carbon Capture’s two representatives on

the board (currently Kristian Røkke and Valborg

Lundegaard).

• Aker Carbon Capture’s main focus will be to secure,

maximize and enforce its rights under the Shareholders’

Agreement, with a special focus on ensuring that the

Venture Business is exclusively being conducted and

creating value through the joint venture, as well as to

safeguard Aker Carbon Capture’s rights to the Earn-Out

Consideration and the Put Option, Call Option.

	12	Annual Report 2024	CONTENTS

• Aker Carbon Capture management and if relevant, Aker

Carbon Capture’s representatives in the joint venture

board, will in each ordinary board meeting provide a

business update from the joint venture, and also routinely

assess, evaluate and report on major information and

materials received.

• The Board of Directors is encouraged to provide feedback

and guidance to management and Aker Carbon Capture’s

representatives in the joint venture board, as well as

instructions and supplemental requests that can be

followed up at SLB Capturi board meetings.

Further information on the mandate and work of the Board of

Directors and Audit Committee can be found in the Corporate

Governance Report. Board members’ shareholdings and

remunerations are presented in the Remuneration Report for

2024.

Risk and risk management

Aker Carbon Capture is exposed to financial risk, in addition to

strategic, market and regulatory risk, legal and compliance

risks, climate risk, and project and operational risks in the joint

venture with SLB.  If one or more of these risks should

materialize, it will impact the operations of the Company and

may delay or even prevent the Company from reaching its goals

and ambitions.

The Company has established an enterprise risk management 

process to assess and monitor these risks. Risks and how they

are managed are reported to Aker Carbon Capture’s Board on a

regular basis. Mitigating actions are devised for key risks and

their implementation is verified and monitored.

Aker Carbon Capture considers risk assessment to be a natural

part of all business operations and works continuously to

identify and address risks. Management of project and

operational risk lies primarily with the joint venture with SLB,

SLB Capturi, but Aker Carbon Capture monitors and follows up

the risk through participation on the SLB Capturi board.

Aker Carbon Capture’s main climate-related risks are transition

risks associated with the global ambition/implementation gap,

and with the transition being implemented too slowly or

incompletely. Government subsidies, carbon prices, taxes and/

or credits represent significant elements of each business case.

The establishment of a joint venture with SLB, a global

technology company, mitigates risk in regional variations

related to ambition and implementation speed also pose the risk

of capital and resources being allocated sub-optimally.

The war in Ukraine and the strong European and American

sanctions against Russia, entailed Aker Carbon Capture and

SLB Capturi to take measures to mitigate any negative impact

for the company, including measures required to comply with

sanctions and meet restrictions from governmental authorities.

Monitoring the cyber attack landscape has become more

crucial than ever. As part of the Aker group, Aker Carbon

Capture continuously monitors the the cyber attack landscape

and takes the necessary steps to safeguard employees,

systems, data and products.

For further information on Aker Carbon Capture' work with risk

management and internal control, see the report on Corporate

Governance.

Outlook

In 2024, geopolitical and macroeconomic conditions remained

volatile. Key issues, such as the escalating conflict in the Middle

East and Russia’s ongoing war in Ukraine, significantly impacted

the global landscape. National security, energy security,

affordability, and economic and technological competitiveness

dominated the global agenda.

According to the International Energy Agency (IEA), carbon

capture, utilization, and storage (CCUS) will be crucial for

achieving net zero emissions by 2050. CCUS is currently

applied at around 45 facilities worldwide with a capture

capacity of roughly 50 Mt CO2 per year. While expansion of

operational capacity has been slow in recent years, announced

projects indicate potential strong growth on the horizon.

Global annual CO2 emissions captured by sector and

scenario, 2023-2050. Source IEA

Despite geopolitical instability, SLB Capturi saw high activity in

the carbon capture market in 2024 with partnerships and early-

stage work such as test campaigns, studies, pre-FEEDs and

FEEDs. These activities are crucial to lay the groundwork for

future development contracts, customer orientation and

growth. This is demonstrated by the award of an EPCI contract

to SLB Capturi, in collaboration with Aker Solutions, from

Hafslund Celsio AS in January 2025, which follows a cost

reduction phase and previous testing at the waste-to-energy

facility in Oslo.

	13	Annual Report 2024	CONTENTS

Financial performance

Aker Carbon Capture’s annual accounts consist of the

consolidated financial statements and the separate financial

statements of the parent company. Pursuant to section 3-3a of

the Norwegian Accounting Act, it is confirmed that the accounts

have been prepared on the assumption that Aker Carbon

Capture is a going concern and the Board confirms that this

assumption continues to apply.

Consolidated financial statements

During 2024, Aker Carbon Capture sold 80 percent of its

shareholding in Aker Carbon Capture Holding AS to SLB. The

disposed business has been presented as a discontinued

operation in the income statement and prior year has been

restated.

Income statement

Total operating expenses came in at NOK 43 million in 2024,

compared to NOK 9 million in 2023. The increase reflects costs

related restructuring and strategic processes following the sale

of business to SLB. Net financial items totaled NOK 185 million

in 2024, compared to negative NOK 41 million in 2023. The

increase reflects higher financial income on cash and deposits

as a result of the increased cash position in the group after the

transaction with SLB. In addition, a financial income of NOK 51

million is recognized related to the Put/Call arrangement for the

remaining 20 percent shareholding. Income tax expense for the

period is estimated at NOK 13 million in 2024.

Profit from discontinued operations ended at net NOK 4.8

billion, of which negative NOK 78 million is loss from the

disposed operations prior to the sale and NOK 4.9 billion is gain

from the transaction.

Net profit ended at NOK 4.8 billion in 2024, compared with a

loss of NOK 171 million in 2023. Earnings per share ended

positive NOK 7.94, compared to negative NOK 0.28 in 2023.

Balance sheet

The Group's total assets amounted to NOK 5.7 billion as of 31

December 2024, compared to NOK 1.7 billion at year-end 2023.

The increase reflects mainly the increase in cash position

following the transaction with SLB, but also the recognition of

the remaining 20 percent interest in SLB Capturi of NOK 886

million and the related derivative financial asset (call option) of

NOK 252 million. Liabilities reflect the derivative financial

liability (put option) of NOK 200 million and a tax liability of NOK

13 million.

The Group's equity ratio was solid 96 percent at the end of

2024, compared with 42 percent at the end of 2023.

Cash flow statement

The Group's cash balance stood at NOK 4.6 billion as of 31

December 2024. This is an increase by NOK 3.5 billion from

year-end 2023, mainly explained by the net cash proceeds for

3.7 billion from the transaction with SLB.

Parent company financial statements

The parent company, Aker Horizons ASA, made a profit for the

year of NOK 3.0 billion, compared to a gain of NOK 17 million in

2023. The gain from the transaction with SLB amounted to NOK

2.9 billion in the parent company accounts. The parent

company had no research and development activities in 2024.

Assets totaled NOK 4.9 billion and equity amounted to NOK 4.8

billion at the end of 2024. This represents a 99 percent equity

ratio at the end of 2024, up from 82 percent in 2023. 

The net profit for the year of NOK 3.0 billion is allocated to

retained earnings.

Fornebu, 27 March 2025

Board of Directors and Chief Executive Officer of Aker Carbon Capture ASA

Kristian Røkke		Liv Monica Stubholt		Oscar Fredrik Graff		Valborg Lundegaard
Chair		Director		Director		Chief Executive Officer

	14	Annual Report 2024	CONTENTS

Board of Directors

	Kristian Monsen Røkke Chair (non-independent)
	Year of birth: 1983 Citizenship: Norwegian Position: Chair of Aker Horizons and Aker Carbon Capture board Experience and skills: Kristian Røkke served as Chief Executive Officer of Aker Horizons from its establishment in July 2020 until October 2024. Prior to joining Aker Horizons, he was Chief Investment Officer at Aker ASA and previously held CEO roles at Akastor ASA and Philly Shipyard ASA. He also spent several years in various operational roles, including as Senior Vice President of Operations at Philly Shipyard ASA. Key external assignments: Røkke currently chairs the boards of Mainstream Renewable Power, Aker Horizons ASA, and Philly Shipyard ASA. He is also a director on the boards of TRG Holding AS, the main shareholder of Aker ASA, and HMH Holding B.V., a leading provider of drilling solutions. First elected: 2020 Term of office: 2024-2026 Shares owned at year-end 2024: 0 Audit Committee member: No

	Liv Monica Bargem Stubholt Director (independent)
	Year of birth: 1961 Citizenship: Norwegian Position: Partner in Norwegian law firm Selmer Education: Cand. jur. degree from the University of Oslo Experience and skills: Ms. Stubholt has more than 20 years’ experience as a corporate lawyer and she has held several top executive positions in the group of Aker companies.  She has been State Secretary both at the Norwegian Ministry of Foreign Affairs and the Ministry of Petroleum and Energy. Ms. Stubholt is especially qualified within governance and compliance and has valuable understanding of political processes. She holds several nonexecutive board positions in the energy and seafood sectors and she is a council member of the Department for Energy Law at the Faculty of Law in Oslo. Key external assignments: Chair of the board of Morrow Batteries ASA, Cadre AS, Green Ammonia Berlevåg AS, Silex Gas Norway AS and Gigante Salmon AS. Board member in Vår Energy ASA, Nordic Ferry Infrastructure AS, Grøtsund Industripark AS og Helse Sør-Øst RHF. First elected: 2021 Term of office: 2023-2025 Shares owned at year-end 2024: 0 Audit Committee member: Yes (Chair of Audit Committee)

	Oscar Fredrik Graff Director (independent)
	Year of birth: 1952 Citizenship: Norwegian Position: Owner of Graff Consulting Education: Master’s degree in chemical engineering from the Norwegian University of Science and Technology (NTNU) Experience and skills: Mr. Graff joined Aker in 1980. Since 2000 he has been instrumental in the development of carbon capture technology to reduce carbon emissions. Mr. Graff was appointed as Chief Technology Officer for Aker Clean Carbon in 2008 and has up to 2020 been responsible for Carbon Capture in Aker Solutions. Mr. Graff has held several positions in CO2 and climate related technical boards and advisory committees in Norway, UK and the EU, including ZEP (Zero Emissions Platform). Received the CLIMIT Award 2025. Coach and board member in local football clubs. Member of Norwegian Society of Graduate Technical and Scientific Professionals (TEKNA).          Key external assignments: No First elected: 2020 Term of office: 2023-2025 Shares owned at year-end 2024: 10.000 Audit Committee member: No

	Karl Erik Kjelstad Deputy director (non-independent)
	Year of birth: 1966 Citizenship: Norwegian Position: CEO of Akastor Education: MSc in Marine Engineering from the Norwegian University of Science and Technology (NTNU) and an AMP from Harvard Business School. Experience and skills: Karl Erik joined Akastor in 2014, he has been part of the Aker group since 1998 and has numerous key positions including various CEO positions. Karl Erik has held several board positions in different industries, including oil service, offshore drilling, offshore and merchant shipping, shipbuilding, IT services, real estate and construction industry.      Key external assignments: Chair of the board of AS Backe and Eviny AS. Board member of DDW Offshore AS  and HMH Holding B.V. First elected: 2024 Term of office: 2024-2026 Shares owned at year-end 2024: 0 Audit Committee member: No

	15	Annual Report 2024	CONTENTS

Consolidated financial statements

Income statement and other comprehensive income

Balance sheet

Statement of change in equity

Cash flow statement

Notes to the consolidated financial statements
1	Company information
2	Basis of preparation
3	Discontinued operations
4	Expenses
5	Financial items
6	Tax
7	Earnings per share
8	Property, plant and equipment
9	Intangible assets
10	Interest in associates
11	Derivative financial instruments
12	Current operating assets and liabilities
13	Leases
14	Capital and reserves
15	Capital management
16	Financial risk management and exposure
17	Hedge accounting
18	Group companies
19	Related parties
20	Subsequent events

	16	Annual Report 2024	CONTENTS

Income statement

Consolidated statement for the year ended 31 December

Amounts in NOK million	Note	2024	20231
Revenues	3, 17	6	—
Materials, goods and services	17	(6)	—
Salary and other personnel costs		(3)	(3)
Other operating expenses	4, 17	(40)	(6)
Operating profit (loss) before depreciation, amortization and impairment		(43)	(9)
Depreciation and amortization	8, 9, 13	—	—
Operating profit (loss)		(43)	(9)
Financial income		186	41
Financial expenses		(1)	(1)
Net financial items	5	185	41
Profit (loss) associated company	2	(143)	—
Profit (loss) before tax		(1)	31
Tax benefit (expense)	6	(13)	—
Profit (loss) continuing operations		(14)	31
Profit (loss) discontinued operations	3	4,810	(202)
Profit (loss) for the period		4,795	(171)
Earnings (loss) per share (NOK)
Earnings (loss) per share, basic and diluted	7	7.94	(0.28)
Earnings (loss) per share, basic and diluted, continuing operations	7	(0.02)	0.05

1) Restated for discontinued operations

Other comprehensive income

Consolidated statement for the year ended 31 December

Amounts in NOK million	Note	2024	2023
Profit (loss) for the period		4,795	(171)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges - effective portion of changes in fair value	17	(3)	(2)
Translation differences - foreign operations		6	(2)
Other comprehensive income (loss)		3	(4)
Total comprehensive income (loss)		4,798	(175)

	17	Annual Report 2024	CONTENTS

Balance sheet

Consolidated statement for the year ended 31 December

Amounts in NOK million	Note	2024	2023
Assets
Non-current assets
Property, plant and equipment	8	—	73
Right-of-use assets	13	—	41
Intangible assets	9	—	179
Interest in associate	10	886	—
Derivative financial assets, non current	11	252	—
Total non-current assets		1,138	293
Current assets
Trade and other receivables	12	—	130
Customer contract assets	3, 17	—	140
Derivative financial assets, current	17	—	13
Cash and cash equivalents		4,596	1,112
Total current assets		4,596	1,394
Total assets		5,734	1,688

Amounts in NOK million	Note	2024	2023
Equity and liabilities
Equity
Share capital		604	604
Other equity and reserves		4,896	98
Total equity	14	5,501	702
Non-current liabilities
Pension liabilities		—	3
Non-current lease liabilities	13	—	37
Derivative financial liabilities		200	—
Total non-current liabilities		200	40
Current liabilities
Current lease liabilities	13	—	5
Trade and other payables	12	20	573
Income tax payable	6	13	—
Customer contract liabilities	3, 17	—	368
Total current liabilities		34	946
Total equity and liabilities		5,734	1,688

Fornebu, 27 March 2025

Board of Directors and Chief Executive Officer of Aker Carbon Capture ASA

Kristian Røkke		Liv Monica Stubholt		Oscar Fredrik Graff		Valborg Lundegaard
Chair		Director		Director		Chief Executive Officer

	18	Annual Report 2024	CONTENTS

Statement of change in equity

Consolidated statement of changes in equity

Amounts in NOK million	Note	Share capital	Other paid-in capital	Other equity	Retained earnings	Hedging reserve	Currency translation reserve	Total equity
2023
Equity as of 1 January 2023		604	1,211	(503)	(441)	6	—	878
Profit (loss) for the period		—	—	—	(171)	—	—	(171)
Other comprehensive income		—	—	—	—	(2)	(2)	(4)
Total comprehensive income		—	—	—	(171)	(2)	(2)	(175)
Loss on sale of treasury shares		—	(1)	—	—	—	—	(1)
Equity as of 31 December 2023		604	1,210	(503)	(612)	3	(1)	702
2024
Profit (loss) for the period		—	—	—	4,795	—	—	4,795
Other comprehensive income		—	—	—	—	(3)	6	3
Total comprehensive income		—	—	—	4,795	(3)	6	4,798
Disposal of business	3			503	(498)	—	(5)	—
Equity as of 31 December 2024		604	1,210	—	3,686	—	—	5,501

	19	Annual Report 2024	CONTENTS

Cash flow statement

Consolidated statement for the year ended 31 December

Amounts in NOK million	Note	2024	2023
Profit (loss) before tax, continuing operations		(1)	31
Profit (loss) before tax, discontinued operations		4,810	(202)
Adjustment for:
Depreciation & amortization	3	9	16
Profit (loss) associated company	10	143	—
Accrued interest and foreign exchange		(131)	(41)
Hedge adjustment, no cash effect	17	7	(7)
Gain from disposal of business and non-cash items	3	(4,939)	—
Net income after adjustments		(103)	(202)
Changes in current operating assets and liabilities		(162)	333
Cash generated from operating activities		(265)	131
Interest received		134	41
Interest paid		(4)	(1)
Cash flow from operating activities		(134)	171
Acquisition of property, plant and equipment	8	(20)	(32)
Payments for capitalized development	9	(47)	(114)
Proceeds sale of business, net of cash	3	3,685	—
Cash flow from investing activities		3,619	(147)
Payment of lease liability	13	(2)	(8)
Net purchase of treasury shares		—	(1)
Cash flow from financing activities		(2)	(9)
Net cash flow in the period		3,482	15
Effect of exchange rate changes on cash and bank deposits		2	4
Cash and cash equivalent at the beginning of the period		1,112	1,093
Cash and cash equivalent at the end of the period		4,596	1,112

	20	Annual Report 2024	CONTENTS

Notes to the consolidated financial statements

 

NOTE 1 Company information

Aker Carbon Capture ASA is a limited liability company incorporated and domiciled in Norway,

whose shares are traded on Oslo Stock Exchange. The registered office is located at John

Strandrudsvei 10, Lysaker, Norway. The largest shareholder is Aker Horizons Holding AS and the

ultimate parent company is The Resource Group TRG AS. The company trades on the Oslo Stock

Exchange (Oslo Børs), under the ticker ACC.

The consolidated financial statements of Aker Carbon Capture ASA for the year ended

31 December 2024 were approved by the Board of Directors and Chief Executive Officer on

27 March 2025. The consolidated financial statements will be authorized by the annual general

meeting on 29 April 2025.

On June 14, 2024, the company sold 80 percent of its shares in Aker Carbon Capture Holding AS

(later renamed to SLB Capturi AS), which held the operational business in Aker Carbon Capture, to

a subsidiary of SLB. Aker Carbon Capture and SLB combined their respective carbon capture

businesses to support accelerated industrial decarbonization at scale. Aker Carbon Capture

maintains ownership of the remaining 20 percent of the shares in SLB Capturi AS. Going forward,

Aker Carbon Capture ASA will, through its ownership in SLB Capturi, continue to support the

development of the carbon capture business of SLB Capturi.

Information on the group’s structure is provided in Note 18 Group companies and information on

other related party relationships is provided in Note 19 Related parties.The interest in SLB Capturi

AS is accounted for according to equity method, see Note Interest in associate. .

NOTE 2 Basis of preparation

Statement of compliance

The consolidated financial statements have been prepared in accordance with IFRS® Accounting

Standards as adopted by the EU, their interpretations adopted by the International Accounting

Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of

31 December 2024.

Going concern basis of accounting

The consolidated financial statements have been prepared on a going concern basis.

Functional and presentation currency

The consolidated financial statements are presented in NOK, which is Aker Carbon Capture ASA’s

functional currency. All financial information presented in NOK has been rounded to the nearest

thousand (NOK thousand), except when otherwise stated. The subtotals and totals in some of the

tables in these consolidated financial statements may not equal the sum of the amounts shown due

to rounding.

Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis.

Cash flow statement

The statement of cash flow is prepared according to the indirect method. Cash and cash

equivalents include cash, bank deposits and other short-term liquid investments.

Changes in accounting principles and new pronouncements

Aker Carbon Capture has not implemented any new accounting standards or otherwise made any

changes to accounting policies during 2024.

None of the issued, not yet effective, accounting standards or amendments to such standards are

expected to have significant effects for Aker Carbon Capture’s financial reporting. Further, none of

the recently issued IFRS Interpretations Committee agenda decisions are expected to significantly

change the company’s accounting policies or practices. 

Judgments and estimates

The preparation of consolidated financial statements in conformity with IFRS Accounting Standards

requires management to make judgements, estimates and assumptions each reporting period that

affect the income statement and balance sheet. The accounting estimates will by definition seldom

precisely match actual results.

The main areas where judgements and estimates have been made are related to accounting of the

Put/Call mechanism related to remaining 20 percent shareholding in SLB Capturi. For more

information, please refer to Note 11 Derivative financial instruments.

	21	Annual Report 2024	CONTENTS

NOTE 3 Discontinued operations

On 14 June 2024, Aker Carbon Capture ASA closed the agreement with SLB to combine their

respective carbon capture businesses to support accelerated industrial decarbonization at scale.

Bringing together complementary technology portfolios, leading process design expertise and an

established project delivery platform, the partnership will leverage Aker Carbon Capture’s

commercial carbon capture product offering and SLB’s new technology developments and

industrialization capability. It will create a vehicle for accelerating the introduction of early-stage

technologies into the global market on a commercial, proven platform. Following the transaction,

SLB will own 80 percent of the combined business and Aker Carbon Capture ASA will own 20

percent (see Note 10 Interest in associate).

At closing, SLB paid NOK 4.1 billion in cash to Aker Carbon Capture ASA for the purchase of 80 percent

of the shares in Aker Carbon Capture Holding AS (later renamed to SLB Capturi AS), which held the

business of Aker Carbon Capture. A gain of NOK 4.9 billion was recognized in Profit (loss) from

discontinued operations, of which NOK 3.9 billion is related to the disposed business (net of transaction

costs) and NOK 1 billion is related to remeasurement of the retained ownership at fair value.

Earn-out

In addition to the consideration paid, Aker Carbon Capture ASA is entitled to a performance-based

payment of up to NOK 1.36 billion. 85 percent of performance-based payments will be subject to the

achievement of order intake and margin targets, and 15 percent on reaching certain milestones.

The payments will be due when certain targets are met in the period 2025 to 2027, weighted

towards the end of the period upon finalization of the financial statements for 2027. The

performance-based payments will carry a market-based interest rate from the date of closing until the

date of payment.

As of 31 December 2024, no earn-out has been recognized. The assessment is based on the JV’s

business plan and has been adjusted for the probability of not exceeding revenue and margin earn-

out thresholds. Given the uncertain geopolitical situation and its impact on the emerging CCS

industry, there is uncertainty regarding future earn-out payments. Consequently, as of 31

December 2024, the probability of achieving the earn-out thresholds is assessed to be low and the

fair value is assumed to be zero.

However, the strategic important award from Hafslund Celcio AS in January 2025 triggered a

milestone payment under the earn-out arrangement of NOK 71 million including interest. See note 20

Subsequent events for more information.

 

Income statement for discontinued operations

Amounts in NOK million	2024	2023
Revenue	971	1,605
Expenses	(1,049)	(1,807)
Results from operating activities, net of tax	(78)	(202)
Gain on sale of discontinued operation, net of transaction costs	4,887	—
Profit (loss) from discontinued operations, net of tax	4,810	(202)

Intercompany transactions between Aker Carbon Capture ASA and the disposed business, which

mainly constitutes inter-company interests, have been eliminated in continuing operations in the

consolidated income statement. There is no tax expense related to the disposed operations or the

gain from disposal of the 80 percent shareholding.

Cash flows from (used in ) discontinued operations

Amounts in NOK million	2024	2023
Net cash used in operating activities	(271)	153
Net cash from investing activities	3,647	(147)
Net cash from financing activities	(2)	(9)
Net cash flows for the year	3,375	(3)

	22	Annual Report 2024	CONTENTS

Effect of disposal on the financial position of the group

Amounts in NOK million		At disposal
Property, plant and equipment		90
Rights of use assets		41
Intangible assets		212
Trade and other receivables		349
Cash and cash equivalents		349
Trade and other payables		(816)
Other liabilities		(45)
Net assets and liabilities		180
Consideration received, satisfied in cash		4,063
Cash and cash equivalents disposed of		(349)
Net cash inflow		3,714

NOTE 4 Expenses

Aker Carbon Capture ASA has no employees and hence no personnel expenses. The CEO is

seconded from Aker Horizons Holding AS and the Company is currently purchasing CFO services

from Aker Horizons Holding AS. See 8 Related parties for information about services acquired from

Aker Horizons Holding AS.

In 2024, NOK 1.7 million has been allocated to fees payable to the Board of Directors and members

of the Nomination Committee (2023: NOK 2.5 million). For more information about remuneration to

and shareholding of CEO and Board of Directors, see the Remuneration report for 2024.

Other operating expenses relate mainly to listing fees as well as advisory and audit fees. In 2024,

the group has also incurred costs related to restructuring and strategic processes following the

sale of business to SLB.

Fees to external auditor1

	Aker Carbon Capture ASA		Other group companies		Total
Amounts in NOK thousand	2024	2023	2024	2023	2024	2023
Audit fee PwC	1,249	320	778	787	2,027	1,108
Audit related services PwC	190	215	50	67	240	282
Total	1,439	535	828	855	2,267	1,390

1) Includes fees for discontinued operations until disposal. Amounts are net of VAT

NOTE 5 Financial items

Amounts in NOK million	Note	2024	20231
Interest income		134	41
Gain derivative financial instrument	11	51	—
Other financial expenses		(1)	(1)
Total		184	41

1) Restated for discontinued operations

	23	Annual Report 2024	CONTENTS

NOTE 6 Tax

Accounting principles

Income tax in the income statement consists of current tax and effects of changes in deferred tax

positions. Income tax is recognized in the income statement except to the extent that it relates to

items recognized directly in equity or in other comprehensive income.

Deferred tax assets are recognized for unused tax losses and deductible temporary differences

only to the extent it is considered probable that future taxable profits will be available to utilize the

credits.

Effective tax reconciliation - continuing operations

Amounts in NOK million	2024	20232
Profit before tax continuing operations	(1)	31
Income tax 22 percent	—	(7)
Tax effects of:
Permanent differences1	11	3
Profit (loss) associated company	(31)	—
Utilization of unrecognized losses carried forward	7	4
Tax benefit (expense)	(13)	—

1)  In 2024, permanent differences relates to gain on financial derivative instruments, see note 11 Derivative financial instruments. In

2023,it is related to transaction costs and intercompany transactions related to discontinued operations

2) Restated for discontinued operations

NOTE 7 Earnings per share

Aker Carbon Capture ASA has issued 604,242,218 ordinary shares as of 31 December 2024. The

company holds no treasury shares.

Amounts in NOK	2024	2023
Basic/ diluted earnings per share
From continuing operations	(0.02)	0.05
From discontinued operations	7.96	(0.33)
Total basic earnings per share	7.94	(0.28)
Calculation of weighted average number of shares
Issued ordinary shares as of 1 January and 31 December	604,242,218	604,242,218
Weighted average number of issued ordinary shares for the year	604,242,218	604,242,218

Reconciliation of earnings used in calculating EPS (basic and diluted)

Amounts in NOK million	2024	2023
Profit/(loss) from continuing operations as presented in the income statement	(14)	31
Profit (loss) from discounted operations	4,810	(202)
Profit (loss) used in calculating basic earnings per share	4,795	-171

	24	Annual Report 2024	CONTENTS

NOTE 8 Property, plant and equipment

Following the disposal of the business to SLB, the group no longer holds Property, plant and

equipment. Book values as of 31 December 2023 consisted of the Mobile Test Units (MTUs) for

carbon capture, furniture and leasehold improvements at the head office in Oslo, and capitalized IT

equipment. Depreciations in 2024 relate to discontinued operations only.

Amounts in NOK million	Note	2024	2023
Historical cost
Balance as of 1 January		77	51
Additions		19	27
Disposal of business	3	(97)	—
Balance as of 31 December		—	77
Accumulated depreciation
Balance as of 1 January		(4)	(2)
Amortization for the year		(3)	(2)
Disposal of business	3	7	—
Balance as of 31 December		—	(4)
Total carrying value as of 31 December		—	73

NOTE 9 Intangible assets

Following the disposal of the business to SLB, the group no longer holds intangible assets. Book

values as of 31 December 2023 were mainly related to development costs capitalized for the

group’s carbon capture technologies, product portfolio and costs related to the digitalization

program. Amortizations in 2024 relate to discontinued operations only.

Amounts in NOK million	Note	2024	2023
Historical cost
Balance as of 1 January		186	74
Additions		37	112
Disposal of business	3	(223)	—
Balance as of 31 December		—	186
Accumulated depreciation
Balance as of 1 January		(7)	(1)
Amortization for the year		(4)	(6)
Disposal of business	3	11	—
Balance as of 31 December		—	(7)
Total carrying value as of 31 December		—	179

	25	Annual Report 2024	CONTENTS

NOTE 10 Interest in associates

As described in note 3 Discontinued operations, Aker Carbon Capture ASA owns 20 percent of SLB

Capturi AS following the transaction that closed on 14 June 2024. The 20 percent interest is

defined as an associated company that is reported using equity-method.

The revenue relates to delivery of technology, engineering, procurement and construction services

within the carbon capture, storage and utilization (“CCUS”) value chain. Deliveries include studies,

Front End Engineering and Design (FEED) contracts, as well as full scale Engineering, Procurement

and Construction (EPC) contracts related to the full carbon capture value chain. Revenue from

performance obligations is recognized according to progress.

The tables below show the associate recognized in the Group’s consolidated financial statements,

the carrying amount of the investments as well as the share of profit or loss, and the stand-alone

financial information for company.

The interest in associate was initially recognized at fair value NOK 1,024 million, as reflected in the

transaction on the day Aker Carbon Capture ASA ceased to have control of the business that was

combined in in SLB Capturi.

Amounts in NOK million	Office	Ownership	Book value 2024	Share of net profit (loss) 2024
SLB Capturi AS	Fornebu, Oslo	20%	886	(143)

See below for further information about summarized financial information (100 percent figures) for

the associate. Income statement represents the period after formation of the JV.

Amounts in NOK million	2024
Revenue	844
Depreciations and amortizations	(41)
Interest income	—
Interest expense	36
Income tax expense	—
Net profit (loss)	(714)
Total comprehensive income (100%)	(690)
Group's share of total comprehensive income	(138)

Amounts in NOK million	2024
Current assets	1,204
- of which cash and cash equivalents	440
Non-current assets	832
Current liabilities	(1,056)
- of which current financial liabilities (excluding trade and other payables and provisions)	—
Non-current liabilities	(1,530)
- of which non-current financial liabilities (excluding trade and other payables and provisions)	(1,530)
Net assets (100%)	(549)
Share of net assets, net of NCI	(110)
Goodwill	883
Intangible assets	113
Carrying amount of interest in associate	886

The cooperation between Aker Carbon Capture ASA and SLB as shareholders of the combined

business is governed by a shareholders’ agreement. As part of the shareholder agreement, the

shares are subject to a three-year lock-up and certain exit mechanisms, which is accounted for as

derivative financial instruments. See note 11 Derivative financial instruments for more information.

	26	Annual Report 2024	CONTENTS

NOTE 11 Derivative financial instruments

The cooperation between Aker Carbon Capture ASA and SLB as shareholders of the combined

business in SLB Capturi is governed by a shareholders’ agreement. After a lock-up period of three

years, Aker Carbon Capture ASA will be entitled to sell its stake in company to SLB during a period

of six months (put option). The put option price will be based on the fair market value of the

combined business with a floor equal to the purchase price agreed in the transaction as disclosed

in note 3 (on a per share basis, and not including any performance-based payments)

corresponding to approximately NOK 1.0 billion for the retained 20 percent stake, and a ceiling at

2.0x this price. Conversely, SLB will after expiry of the put option have a right to purchase Aker

Carbon Capture ASA's 20 percent stake in the combined business during the following six months

(call option). The call option price will be based on the fair market value of the combined business

with a higher floor than the put option floor and a ceiling at 2.5x. The shareholders' agreement also

has customary buy-out rights for both shareholders in the event of a change of control in the other

shareholder.

The put and call options are recognized as financial instruments for Aker Carbon Capture ASA (with

the investment in associate, SLB Capturi, as the underlying exposure) within the scope of IFRS 9,

and will be separately accounted for at fair value through profit and loss. Correspondingly, the two

options are presented gross in the balance sheet as a derivative financial asset and a derivative

financial liability.

The derivative financial instruments were both initially recognized at a fair value of NOK 232

million. As of 31 December 2024, the derivative financial asset (put option) and liability (call option)

were valued at NOK 252 million and NOK 200 million, respectively, resulting in a gain in financial

items of NOK 51 million.

The estimated fair value is calculated based on an internally developed option pricing model, using

unobservable input such as fair value of SLB Capturi, discount rate and volatility, categorizing the

fair value measurement as a Level 3 fair value. The fair value of SLB Capturi has been determined

using a multiple approach based on Revenue, EBITDA, and Cash Flow from Operations from the

business plan, averaging calculations across the years 2028 to 2030. Volatility assumption based

on the the Company’s historical share prices as well as volatility for peers, and is reflected by 60

percent.

The change in option value of NOK 51 million primarily reflects time value, with the underlying asset

value remaining largely unchanged from initial recognition.

NOTE 12 Current operating assets and liabilities

Following the disposal of the business to SLB, the group’s operating assets and liabilities are

significantly reduced and reflects only the parent company’s balance sheet.

Accounting principles

Trade and other receivables are recognized at the original invoiced amount, less impairment

losses. The invoiced amount is considered to be approximately equal to the value derived if the

amortized cost method would have been used. Impairment losses are estimated based on the

expected credit loss method (ECL) for trade receivables, contract assets (with or without a

significant financing component) and other receivables. Trade and other payables are recognized

at the original invoiced amount. The invoiced amount is considered to be approximately equal to

the value derived if the amortized cost method would have been used.

Judgments and estimates

Judgment is involved when determining the impairment losses on doubtful receivables. The impairment

is based on individual assessments of each customer and default risk in the industry and the country in

which the customer operates. The customers of the group are mainly large companies with low credit

risk, and no material impairment losses have been recognized for the reporting periods presented.

Trade and other receivables

Amounts in NOK million		2024	2023
Trade receivables		—	95
Public duties and taxes refund		—	31
Other receivables		—	2
Prepaid expenses		—	3
Total		—	130

Trade and other payables

Amounts in NOK million		2024	2023
Accrued project and operating expenses		6	455
Public duties and taxes		5	14
Trade payables		10	104
Total		20	573

	27	Annual Report 2024	CONTENTS

NOTE 13 Leases

Following the disposal of the business to SLB, the group no longer is party to lease contracts. See

note 19 Related parties for more information about the lease contracts for the disposed business.

Right-of-use assets (ROU)

Amounts in NOK million	Note	2024	2023
Historical cost
Balance as of 1 January		64	21
Additions and remeasurement		2	43
Disposal of business	3	(66)	—
Balance as of 31 December		—	64
Accumulated depreciation
Balance as of 1 January		(23)	(15)
Depreciation		(3)	(7)
Disposal of business	—	26	—
Balance as of 31 December		—	(23)
Total carrying value as of 31 December		—	41

NOTE 14 Capital and reserves

Share capital

The total number of outstanding shares in Aker Carbon Capture ASA at 31 December 2024, is

604,242,218 at a nominal value of NOK 1.00 per share. All issued shares are fully paid. Aker Carbon

Capture ASA has one class of shares, ordinary shares, with equal rights for all shares. The holders

of ordinary shares are entitled to receive dividends and are entitled to one vote per share at

general meetings.

Other paid-in capital

Other paid-in capital include share premium net of transaction costs.

Currency translation reserve

The foreign currency translation reserve comprises the aggregate effect since incorporation or

acquisition of translating the equity of subsidiaries that have a functional currency different than its

parent company to the currency of the parent company, including the group’s share of joint venture

and associate foreign exchange variations. Following the disposal of the business to SLB, the

Group no longer has a translation reserve.

NOTE 15 Capital management

The objective of Aker Carbon Capture's capital management is to optimize the capital structure to

enable the Company to retain a sufficiently robust balance sheet to fulfill its role and

responsibilities as a minority owner of SLB Capturi, and will back Aker Carbon Capture ASA's

remaining pro-rata guarantee exposure for projects awarded prior to the formation of the JV.

Aker Carbon Capture had a liquidity reserve at 31 December 2024 of NOK 4.6 billion in cash and

cash equivalents, compared to 1.1 billion at 31 December 2023. The increase in liquidity is

explained by the proceeds from sale of 80 percent of SLB Capturi AS, see note 3 Discontinued

operations.

See also 10 Subsequent events in Parent company accounts for information about proposed

dividends announced on 13 February 2025.

	28	Annual Report 2024	CONTENTS

NOTE 16 Financial risk management and exposure

The objective of financial risk management is to manage exposure from financial risks, to increase

predictability of earnings and minimize potential adverse effects on financial results and

performance. The group is or may be exposed to a variety of financial market risks, such as

currency risk, credit risk, interest rate risk and liquidity risk.

Risk management

Aker Carbon Capture has implemented a risk-based management system with clear policies and

procedures to facilitate risk management. The overarching governance policy requires the group to

ensure active identification and management of risks in activities to ensure safe operations and

achievement of strategic objectives.

Market risks

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market prices. Market risk includes interest rate risk and foreign currency

risk. The group’s market risk is currently limited to interest on bank deposits.

Credit risk

Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and

financial instruments fails to meet contractual obligations.

The Group transacts with a variety of highly credit rated financial institutions for the purpose of

placing deposits. The Group’s objective is to primarily trade with counterparties that have an

investment grade rating and with which the Group has a longstanding relationship. Furthermore,

exposure per financial institution is capped in accordance with Treasury Policy.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of an asset or liability will

fluctuate because of changes in market interest rates. Aker Carbon Capture’s interest rate

exposure mainly arises from deposits in bank. Most of the deposits has floating interest.

Liquidity risk

Liquidity risk is the risk that the group is unable to meet the obligations associated with its financial

liabilities. The group’s approach to managing liquidity is to ensure, as far as possible, that it will

always have sufficient liquidity reserves to meet its liabilities when due.

Guarantees

Following the transaction with SLB, Aker Carbon Capture holds a pro-rata share of the Parent

Company Guarantees (PCG) for projects awarded prior to the formation of the JV (Heidelberg

Materials Brevik CCS project and the Ørsted Kalundborg CCS project). A PCG is a contractual

agreement where the parent company guarantees the performance of its subsidiary’s obligations

under a contract. If the subsidiary fails to meet its contractual obligations, the parent company will

step in to fulfil them. The guarantee period lasts until the end of the warranty period, which varies

from contract to contract. Based on the current situation, the most significant warranties will expire

in the period 2027-2028.

The guarantees are considered contingent liabilities and the likelihood of payments under these

guarantees is currently assumed to be low.

The Company no longer holds any bank guarantees related to project execution in SLB Capturi AS.

All such guarantees are transferred to SLB.

NOTE 17 Hedge accounting

Following the disposal of the business to SLB, the group no longer holds foreign currency hedge

instruments. The disposed operations hedged cash flow exposure in foreign currencies and applied

a net hedging strategy where all known and highly probable cash flows was included. The group’s

hedging reserve relates to currency derivatives and movements are specified in the table below:

Amounts in NOK million	2024	2023
Balance as of 1 January	3	6
Change in fair value of hedging instruments recognized in OCI	7	11
Reclassified from OCI to profit and loss	—	(13)
Reclassified from OCI to profit and loss, disposal of business, included in Discontinued operations	(11)	—
Balance as of 31 December	—	3

	29	Annual Report 2024	CONTENTS

NOTE 18 Group companies

Accounting principles

The consolidated statements include all entities controlled by Aker Carbon Capture ASA. Control

exists when the company has the power, directly or indirectly, to govern the financial and operating

policies of an entity so as to obtain benefits from its activities. The financial statements of the

subsidiaries are included in the consolidated financial statements from the date control

commences until the date control ceases.

Group companies

If not stated otherwise, ownership equals the percentage of voting shares.

			2024	2023
Company	Location	Country	Ownership
Aker Carbon Capture Holding AS1	Oslo	Norway	—	100%
Aker Carbon Capture Norway AS1	Oslo	Norway	—	100%
Aker Carbon Capture Denmark A/S1	Copenhagen	Denmark	—	100%
Aker Carbon Capture UK Ltd1	Leeds	UK	—	100%
Aker Carbon Capture India Pvt Ltd1	Mumbai	India	—	100%
Aker Carbon Capture Netherlands BV1	Amsterdam	Netherlands	—	100%
Aker Carbon Capture Sweden AB1	Stockholm	Sweden	—	100%
Aker Carbon Capture AS2	Oslo	Norway	100%	—

1) Company disposed to SLB, see note 3 Discontinued operations

2) New company in 2024, renamed from Spiksmed AS

NOTE 19 Related parties

Accounting principles

Related party relationships are those involving control (either direct or indirect), joint control or

significant influence. Related parties are in a position to enter into transactions with Aker Carbon

Capture that would not necessarily be undertaken between unrelated parties.

Aker Carbon Capture ASA at 31 December 2024 is a parent company with control of the group

entities as listed in note 18 Group companies. Any transactions between the parent company and

the group entities are eliminated in the consolidated financial statements.

Remuneration and transactions with directors and executives are summarized in the Remuneration

report for 2024.

The largest shareholder of Aker Carbon Capture ASA is Aker Horizons Holding AS which in turn is

controlled by Kjell Inge Røkke through Aker ASA, TRG Holding AS and The Resource Group TRG AS.

The Resource Group TRG AS is the ultimate parent company of Aker Carbon Capture ASA. In this

respect, all entities controlled by Aker ASA and entities which Kjell Inge Røkke controls through The

Resource Group TRG AS are considered related parties to Aker Carbon Capture ASA and referred

to as "Aker entities" in the table below.

Agreements with related parties to Aker (discontinued operations only)

• Global framework agreement: In 2022, the Group signed a global framework agreement for

engineering services with Aker Solutions, subject to a two-year term with an option to renew

for one year.

• Brevik CCS Project: In December 2020, Aker Carbon Capture awarded Aker Solutions a

contract for engineering, procurement and management assistance services to realize the

carbon capture plant at the Brevik cement factory in southern Norway.

• Twence CCU project: In June 2021, Aker Carbon Capture entered into a pass-through

agreement with Aker Solutions relating to the design and construction of the CO2 capture and

liquefaction project with Twence B.V. The formal contractor position remains with Aker

Solutions, whereas Aker Carbon Capture assumes all risks, obligations and benefits under the

agreement with Twence B.V.

	30	Annual Report 2024	CONTENTS

Agreements with Aker entities (discontinued operations only)

Aker Carbon Capture has entered into a cooperation and shared service agreement with Aker

Horizons Holding AS. The agreement includes finance and accounting services, business

development and M&A support, and other support functions. Further, the group has entered into a

sublease agreement with Aker Horizons Holding AS for its headquarter offices at Fornebu.

Further, the group has entered into an IT service agreement with Aker ASA for delivery of IT

services to the group.

See note 8 Related parties in Aker Carbon Capture ASA parent company accounts for information

about related party agreements entered into after the sale of business to SLB.

Significant related party transactions

Summary of transactions and balances with significant related parties:

Amounts in NOK million	Aker entities	Related parties to Aker	Total
2024
Income statement
Revenues	7	1	7
Operating expenses	(31)	(108)	(139)
Balance sheet
Trade and other payables	(2)	—	(2)
2023
Income statement
Revenues	1	12	13
Operating expenses	(63)	(279)	(342)
Net financial items (lease liability)	—	—	—
Balance sheet
Trade and other receivables	1	5	6
Trade and other payables	(15)	(21)	(36)
Lease liabilities	(41)	—	(41)

NOTE 20 Subsequent events

On 27 January 2025, SLB Capturi was awarded an engineering, procurement, construction,

installation and commissioning (EPCIC) contract from Hafslund Celsio AS to deliver a carbon

capture solution at their waste-to-energy facility at Klemetsrud, Oslo. The award triggered a

milestone based earn-out payment of NOK 71 million including interest, and is considered a non-

adjusting event for the 2024 consolidated financial statements. The amount will be recognized as

additional gain from the transaction in first quarter 2025.

	31	Annual Report 2024	CONTENTS

Parent company financial statements

Parent company income statement
Parent company balance sheet
Parent company cash flow statement
Notes to the parent company financial statements
1	Company information
2	Basis of accounting
3	Expenses
4	Tax
5	Investments in group companies
6	Cash pool arrangement
7	Shareholders equity
8	Related parties
9	Shareholders
10	Subsequent events

	32	Annual Report 2024	CONTENTS

Parent company income statement

Statement for the period ended 31 December

Amounts in NOK million	Note	2024	2023
Revenues		6	—
Operating expenses	3	(49)	(12)
Operating profit (loss)		(43)	(12)
Financial income	6	138	42
Sale of subsidiary	5	2,947	—
Financial expenses	6	(5)	(13)
Net financial items		3,080	29
Profit (loss) before tax		3,037	17
Tax benefit (expense)	4	(13)	—
Profit (loss) for the period		3,024	17

	33	Annual Report 2024	CONTENTS

Parent company balance sheet

Statement for the period ended 31 December

Amounts in NOK million	Note	2024	2023
Assets
Non-current assets
Investment in group companies	5	279	1,013
Total non-current assets		279	1,013
Current assets
Current operating assets	6	—	78
Cash and cash equivalents	6	4,596	1,112
Total current assets		4,596	1,190
Total assets		4,875	2,203

Amounts in NOK million	Note	2024	2023
Equity and liabilities
Equity
Share capital		604	604
Share premium		1,212	1,212
Retained earnings		3,025	1
Total equity	7	4,842	1,818
Current liabilities
Tax payable	4	13	—
Current operating liabilities	6	20	386
Total current liabilities		34	386
Total equity and liabilities		4,875	2,203

Fornebu, 27 March 2025

Board of Directors and Chief Executive Officer of Aker Carbon Capture ASA

Kristian Røkke		Liv Monica Stubholt		Oscar Fredrik Graff		Valborg Lundegaard
Chair		Director		Director		Chief Executive Officer

	34	Annual Report 2024	CONTENTS

Parent company cash flow statement

Statement for the year ended 31 December

Amounts in NOK million	Note	2024	2023
Profit (loss) before tax		3,037	17
Adjustment for gain sale of business		(2,947)	—
Changes in operating assets and liabilities		17	1
Cash flow from operating activities		108	18
Investment in group companies	5	(382)	—
Proceeds sale of subsidiaries	5	4,063	—
Cash flow from investing activities		3,681	—
Changes in borrowings to/from group companies	6	(305)	8
Cash flow from financing activities		(305)	8
Net cash flow in the period		3,484	26
Cash and cash equivalent at the beginning of the period		1,112	1,086
Cash and cash equivalent at the end of the period		4,596	1,112

	35	Annual Report 2024	CONTENTS

Notes to the parent company financial statements

Note 1 Company information

Aker Carbon Capture ASA is the parent company of Aker Carbon Capture group, and is domiciled

at Fornebu, Norway. The company is listed on the Oslo Stock Exchange under the ticker ACC.

On June 14, 2024, the company sold 80 percent of its shares in Aker Carbon Capture Holding AS

(later renamed to SLB Capturi AS), which held the operational business in Aker Carbon Capture, to

a subsidiary of SLB. The company transferred its ownership of the remaining 20 percent of the

shares in SLB Capturi AS to a fully owned subsidiary in November 2024.

Going forward, Aker Carbon Capture ASA will, through its indirect ownership in SLB Capturi,

continue to support the development of the carbon capture business of SLB Capturi.

Note 2 Basis of accounting

The financial statements of the parent company are prepared in accordance with Norwegian

legislation and Norwegian Generally Accepted Accounting Principles. Financial reporting principles

for notes to these financial statements are included in the relevant notes. For other financial

reporting principles, see below.

Functional currency and presentation currency

The parent company’s financial statements are presented in NOK, which is Aker Carbon Capture

ASA’s functional currency. All financial information presented in NOK has been rounded to the

nearest thousand (NOK thousand), except when otherwise stated. The subtotals and totals in some

of the tables in these financial statements may not equal the sum of the amounts shown due to

rounding.

Foreign currency

Transactions in foreign currencies are translated at the exchange rate applicable at the date of the

transaction. Monetary items in a foreign currency are translated to NOK using the exchange rate

applicable on the balance sheet date. Foreign exchange differences arising on translation are

recognized in the income statement as they occur.

Classification

Current assets and current liabilities include items due within one year or items that are part of the

operating cycle. Other balance sheet items are classified as non-current assets/liabilities.

Measurement of borrowings and receivables

Financial assets and liabilities consist of investments in other companies, trade and other

receivables, cash and cash equivalents and trade and other payables. Trade receivables and other

receivables are recognized in the balance sheet at nominal value less provision for expected

losses.

Cash flow statement

The statement of cash flow is prepared according to the indirect method. Cash and cash

equivalents include cash, bank deposits, cash pool arrangements (2023 only) and other short-term

liquid investments.

Note 3 Expenses

Aker Carbon Capture ASA has no employees and hence no personnel expenses. The CEO is

seconded from Aker Horizons Holding AS and the Company is currently purchasing CFO services

and other services from Aker Horizons Holding AS. See 8 Related parties for more information.

In 2024, NOK 1.7 million has been allocated to fees payable to the Board of Directors and members

of the Nomination Committee (2023: NOK 2.5 million). For more information about remuneration to

and shareholding of CEO and Board of Directors, see Remuneration report for 2024.

Other operating expenses relate mainly to listing fees as well as advisory and audit fees. See note

4 Expenses in the consolidated financial statements for information about fees paid to auditors.

	36	Annual Report 2024	CONTENTS

Note 4 Tax

Accounting principles

Tax income or expense in the income statement comprise current tax and changes in deferred tax.

Deferred tax is calculated as 22 percent of temporary differences between accounting and tax

values as well as any tax losses carried forward at year-end.

Calculation of taxable profit (loss)

Amounts in NOK million		2024	2023
Profit (loss) before tax		3,037	17
Permanent differences		(2,943)	—
Taxable income (loss)		94	17

Reconciliation of effective tax rate

Amounts in NOK million	2024	2023
Profit (loss) before tax	3,037	17
Income tax 22 percent	(668)	(4)
Tax effects of:
Permanent differences1	648	—
Utilization of unrecognized losses carried forward	7	4
Tax benefit (expense)	(13)	—

1) Permanent differences are related to gain from disposal of subsidiary, see note 5 Investments in group companies.

Note 5 Investments in group companies

Accounting principles

Shares in subsidiaries are measured at cost. The investments are written down to fair value when

impairment is not considered to be temporary. Impairment losses are reversed if the basis for the

impairment is no longer present.

Amounts in NOK million	Reg. office	Ownership	2024	2023
SLB Capturi AS1	Fornebu, Norway	20%	—	1,013
Aker Carbon Capture AS2	Fornebu, Norway	100%	279	—
Total			279	1,013

1) Renamed from Aker Carbon Capture Holding AS. An equity injection of NOK 381 million was made in the subsidiary before the disposal.

2) New 100 percent owned subsidiary in 2024. Renamed from Spiksmed AS in 2025.

On 14 June 2024, the Company sold 80 percent of its shares in SLB Capturi AS (former Aker

Carbon Capture Holding AS), which held the operational business in Aker Carbon Capture, to a

subsidiary of SLB. The parties combined their respective carbon capture businesses to support

accelerated industrial decarbonization at scale. Aker Carbon Capture ASA maintains ownership of

the remaining 20 percent of the shares in SLB Capturi AS. At closing, SLB paid NOK 4.1 billion in

cash, and a gain of NOK 2.95 billion, net of transaction costs, was recognized in the accounts of

Aker Carbon Capture ASA.

The cooperation between Aker Carbon Capture ASA and SLB as shareholders of the combined

business are  governed by a shareholders’ agreement. As part of the shareholder agreement, the

shares are subject to a three-year lock-up and certain exit mechanisms whereby Aker Carbon

Capture ASA can sell its shares to SLB within a certain timeframe at fair market value within a

minimum and maximum value, with a discount of up to 20 percent to be applied depending on the

return of investment achieved during the lock-up period.

The 20 percent shareholding in SLB Capturi AS was transferred as contribution-in-kind to the

newly acquired Aker Carbon Capture AS on 20 November 2024. In addition to the 20 percent

shareholding, the transfer also included Aker Carbon Capture’s contractual positions under the

share purchase agreement and shareholders' agreement with SLB.

	37	Annual Report 2024	CONTENTS

Note 6 Cash pool arrangement

Aker Carbon Capture ASA was, until the disposal of 80 percent of its shareholding in SLB Capturi

AS to SLB, the owner of the cash pool arrangement with DNB. The arrangement covered most

companies within the group. As of 31 December 2024, Aker Carbon Capture AS is no longer

participant in any cash pool arrangement.

Amounts in NOK thousand		2024	2023
Group companies' borrowing in the cash pool arrangement		—	(64)
Group companies' deposits in the cash pool arrangement		—	369
Aker Carbon Capture ASA's net deposits in the cash pool arrangement		—	807
Cash in the cash pool arrangement		—	1,112

Any debit balance on a sub account could be set off against any credit balance. Hence, a debit

balance represented a claim on Aker Carbon Capture ASA and a credit balance a borrowing from

Aker Carbon Capture ASA.

Note 7 Shareholders equity

The share capital of Aker Carbon Capture ASA is divided into 604,242,218 shares with a nominal

value of NOK 1.00. All issued shares are fully paid. The shares can be freely traded. See note 9

Shareholders for an overview of the company's largest shareholders.

Amounts in NOK million	Share capital	Share premium	Retained earnings	Total equity
Equity as of 1 January 2023	604	1,212	(16)	1,800
Profit (loss) for the period	—	—	17	17
Total equity as of 31 December 2023	604	1,212	1	1,818
Profit (loss) for the period	—	—	3,024	3,024
Total equity as of 31 December 2024	604	1,212	3,025	4,842

See note 10 Subsequent events for information about proposed dividends announced on 13

February 2025.

	38	Annual Report 2024	CONTENTS

Note 8 Related parties

Related party relationships are those involving control (either direct or indirect), joint control or

significant influence. Related parties are in a position to enter into transactions with the company

that would not be undertaken between unrelated parties. All transactions with related parties to

Aker Carbon Capture ASA have been based on arm’s length terms.

Transactions with related parties

Remuneration to Chief Executive Officer and Board of Directors are described in the Remuneration

report for 2024.

The Company has entered into a shared service agreement with Aker Horizons Holding AS. The

agreement includes services within finance and accounting, communication, legal and other

support functions. Also, the CEO is seconded from Aker Horizons to Aker Carbon Capture ASA.

Further, Aker Carbon Capture ASA has a service agreement with Aker Insurance Services AS for

insurance brokerage.

Note 9 Shareholders

Shareholders with more than 1 percent shareholding per 31 December 2024 are listed below.

Company	Nominee	Number of shares held	Ownership
Aker Horizons Holding AS		261,438,859	43.27%
Morgan Stanley & Co. Int. Plc.	Nominee	33,958,016	5.62%
Clearstream Banking S.A.	Nominee	26,710,466	4.42%
State Street Bank and Trust Comp	Nominee	31,522,139	5.21%
Nordnet Bank AB	Nominee	14,516,387	2.40%
The Bank of New York Mellon	Nominee	8,729,807	1.44%
Nordnet Livsforsikring AS Suomen s	Nominee	8,271,434	1.37%
JPMorgan Chase Bank N.A. London	Nominee	7,666,498	1.27%
The Northern Trust Comp London Br	Nominee	6,786,346	1.12%

Note 10 Subsequent events

On 13 February 2025, the Board of Directors of Aker Carbon Capture ASA proposed an

extraordinary cash dividend of NOK 5.80 per share, in total NOK 3.5 billion. The dividend was

approved on extraordinary general meeting in the Company on 7 March 2025.

	39	Annual Report 2024	CONTENTS

Declaration by the Board of Directors and CEO

The board and Chief Executive Officer have today considered and approved the Annual and sustainability report and financial statements for the Aker Carbon Capture group and its parent company Aker

Carbon Capture ASA for the year ended 31 December 2024. The board has based this declaration on reports and statements from the group’s Chief Executive Officer, Chief Financial Officer and on the

results of the group’s activities, as well as other information that is essential to assess the group’s position which has been provided to the Board of Directors.

To the best of our knowledge:

• The financial statements for 2024 for Aker Carbon Capture group and its parent company have been prepared in accordance with all applicable accounting standards.

• The information provided in the financial statements gives a true and fair portrayal of the group and its parent company’s assets, liabilities, profit and overall financial position as of 31 December 2024.

• The Annual and sustainability report provides a true and fair overview of the development, profit and financial position of Aker Carbon Capture group and its parent company, as well as the most

significant risks and uncertainties facing the group and the parent company.

Fornebu, 27 March 2025

Board of Directors and Chief Executive Officer of Aker Carbon Capture ASA

Kristian Røkke		Liv Monica Stubholt		Oscar Fredrik Graff		Valborg Lundegaard
Chair		Director		Director		Chief Executive Officer

	40	Annual Report 2024	CONTENTS

Independent Auditor’s Report

	41	Annual Report 2024	CONTENTS

 

Aker Carbon Capture ASA

John Strandrudsvei 10,

1366 Lysaker, Norway

akercarboncaptureasa.com

All photos in this report courtesy of:

Aker Carbon Capture and SLB Capturi