Aker Carbon Capture proposes a cash dividend of NOK 3.5 billion
Rhea-AI Summary
Aker Carbon Capture (AKHOF) has announced a proposed extraordinary cash dividend of NOK 3.5 billion, with Aker Horizons expected to receive approximately NOK 1.5 billion based on its 43.27% ownership stake. This follows the completion of a transaction in June 2024 where ACC combined its carbon capture business with SLB in a joint venture, now called SLB Capturi, where ACC maintains a 20% ownership while SLB holds 80%.
The company recorded a gain of NOK 4.9 billion from the sale in its consolidated accounts. ACC will maintain sufficient cash reserves post-dividend to support its minority owner responsibilities in SLB Capturi and back its pro-rata guarantee exposure for pre-JV projects. The proposed dividend requires approval at an extraordinary general meeting scheduled for March 7, 2025.
Positive
- Extraordinary cash dividend of NOK 3.5 billion proposed to shareholders
- Substantial gain of NOK 4.9 billion recorded from JV transaction
- Strategic 20% stake retained in SLB Capturi joint venture
Negative
- Reduction in ownership control from full ownership to 20% minority stake in carbon capture business
FORNEBU, Norway, Feb. 12, 2025 /PRNewswire/ -- Aker Carbon Capture ASA (ACC), an Aker Horizons portfolio company, today announced that the Board of Directors of ACC has proposed an extraordinary cash dividend of
In June 2024, ACC and SLB announced the completion of a transaction combining their carbon capture businesses in a joint venture (JV), since renamed SLB Capturi. ACC retains a
Going forward, ACC 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 ACC following the proposed dividend distribution will enable ACC to retain a sufficiently robust balance sheet to fulfill its role and responsibilities as a minority owner of SLB Capturi, and will back ACC's remaining pro-rata guarantee exposure for projects awarded prior to the formation of the JV.
ACC's proposed cash dividend is among other things subject to approval by an extraordinary general meeting in ACC, expected to be held on or about 7 March 2025. Please refer to ACC's announcement for more details.
For further information, please contact:
Jonas Gamre, Investor Relations, Tel: +47 97 11 82 92
jonas.gamre@akerhorizons.com
Mats Ektvedt, Media, Tel: +47 41 42 33 28
mats.ektvedt@corpcom.no
About Aker Horizons:
Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and sustainable industrial assets. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu,
About Aker Carbon Capture:
Aker Carbon Capture ASA was established as a separate entity in 2020, building on more than 20 years long experience and maturation of the carbon capture technology within Aker. Following an agreement with SLB, a joint venture between SLB and Aker Carbon Capture was established
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FAQ
What is the amount of Aker Carbon Capture's (AKHOF) proposed dividend in 2025?
When will AKHOF's extraordinary general meeting be held to approve the dividend?
How much will Aker Horizons receive from AKHOF's proposed dividend?
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How much profit did AKHOF record from the SLB joint venture transaction?
