HOUSTON, August 1, 2024—The SLB and Aker Carbon Capture joint venture (SLB-ACC JV) today announced a contract award by its partner CO280 Solutions for front end engineering and design (FEED) of a large-scale carbon capture plant at a pulp and paper mill on the U.S. Gulf Coast. The project, which aims to remove 800,000 tonnes of carbon emissions annually, will also deliver permanent, verifiable and affordable carbon dioxide removals (CDRs).

North America’s pulp and paper industry represents a carbon removal opportunity of up to 130 million tonnes per year. By capturing and storing these emissions permanently, the industrial activity achieves negative emissions as more carbon dioxide is removed from the atmosphere than is being emitted from the process.

“This contract represents a key milestone in our partnership with CO280 to deliver large-scale carbon capture solutions for the North American industry,” said Egil A. Fagerland, chief executive officer, SLB-ACC JV. “We look forward to continuing our collaboration with CO280 and their pulp and paper partner to prepare for a full-scale carbon capture plant through the FEED.”

The concept design for the FEED of the carbon capture plant is based on the SLB-ACC JV’s modularized Just Catch™ 400, a standardized and modular technology that enables the pre-fabrication of carbon capture units. The JV is already delivering both Just Catch™ and Big Catch™ solutions to several industrial sites in the bioenergy, cement and waste-to-energy sectors.

“Partnerships are the key to removing megatons of carbon before 2030: We are proud of the partnerships we have established in both the pulp and paper industry and CDR markets and of our collaboration with the SLB-ACC JV as a key technology partner,” said Jonathan Rhone, chief executive officer, CO280. “By capturing and permanently storing biogenic CO₂ at mills, we can unlock a vast carbon removal opportunity in the pulp and paper industry and scale up the CDR market.”

This contract follows recent announcements by the SLB-ACC JV and CO280 on their collaboration to develop large-scale CDR projects in the United States and Canada pulp and paper industries and their collaboration with Microsoft to scale the full value chain of carbon removal in the United States and Canada by capturing and permanently sequestering biogenic CO₂ at pulp and paper mills.

About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About SLB and Aker Carbon Capture Joint Venture
SLB and Aker Carbon Capture Joint Venture is dedicated to carbon removal and reduction solutions. The company’s proven modular technologies enable industries to deploy capture technology at speed and scale, meeting the requirements of tomorrow and the opportunities of today. The company is currently delivering seven carbon capture plants to bioenergy, waste to energy, and cement facilities.  
Visit the SLB-ACC JV website.

About CO280
CO280 Solutions Inc. is a developer of large-scale carbon removal projects. In partnership with pulp and paper companies, we develop, finance, own, and operate carbon removal projects that deliver a new standard of permanent, verifiable, and affordable CDR credits to customers in the voluntary carbon market. Learn more at co280.com.

Media
Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
media@slb.com

Hanne Rolén – Head of Communication and Sustainability
SLB-ACC JV
Tel: +47 990 02 571
hanne.rolen@akercarboncapture.com

Investors
James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
investor-relations@slb.com