Norway’s Aker Announces Strategic Agreements to Enhance Industrial Investments

Norway’s industrial investment company Aker has recently finalized two significant agreements aimed at strengthening its position in the market. The first agreement involves the sale of a stake in its joint venture with SLB, while the second deal pertains to a merger with its green energy-focused affiliate Aker Horizons.

Aker’s Acquisition of Stake in SLB Capturi

Aker Carbon Capture (ACC) will be selling a 20% ownership interest in its joint venture with SLB, known as SLB Capturi, to Aker. This strategic move follows a thorough review process that determined this transaction to be the most beneficial for ACC and its shareholders.

As part of the deal, Aker will acquire the stake held by ACC’s subsidiary Aker Carbon Capture AS for a cash consideration of NOK 635 million (approximately $61 million). The transaction is expected to close by the end of Q3 2025, subject to shareholder approval.

ACC Chairman, Karl Erik Kjelstad, expressed that this transaction provides shareholders with early access to capital in a volatile market environment, delivering significant value ahead of schedule.

Aker Horizons Merger

Under the second agreement, Aker Horizons’ subsidiary, AKH Holding, will merge with Aker’s subsidiary AKH MergerCo, with the latter surviving as the entity post-merger. Shareholders of Aker Horizons will receive a combination of cash and shares in Aker upon completion of the merger.

The merger decision was driven by a strategic review process that highlighted the challenges faced by Aker Horizons in raising financing and managing debt obligations. Aker’s President and CEO, Øyvind Eriksen, emphasized the long-term perspective behind the merger, focusing on protecting and rebuilding shareholder value.

Furthermore, Aker Horizons has decided to redeem its NOK 2.5 billion green bond using existing cash reserves, independent of the merger. The redemption is expected to be finalized by the end of May 2025.

Lone Fønss Schrøder, Independent Director of Aker Horizons, emphasized that the transaction aligns with the company’s long-term interests amidst evolving market conditions, enabling a more focused capital deployment strategy.

Post-merger, Aker plans to continue realizing value from AKH Holding’s investments, focusing on key areas such as Mainstream Renewable Power and the Narvik green ammonia projects. The company aims to manage risks and opportunities within its portfolio to drive sustainable growth.

The merger is anticipated to be completed in Q3 2025, subject to customary closing conditions.

Projects in the North Sea

In parallel, Aker’s affiliate, Aker BP, has initiated major projects in the North Sea. The Deepsea Stavanger rig has commenced a five-year drilling assignment at the Yggdrasil area after undergoing significant upgrades. Additionally, a spool destined for the Valhall field as part of the Valhall PWP-Fenris project aims to extend the field’s operation beyond 2028.

Overall, Aker’s strategic agreements and project developments underscore its commitment to driving industrial growth and sustainability in the energy sector.