08:07 AM EDT, 06/14/2024 (MT Newswires) -- Schlumberger ( SLB ) and Aker Carbon Capture said Friday the joint venture combining the company's portfolios and platforms has closed.

The new company combines Aker's carbon capture facilities with SLB's technology portfolio, the companies said, adding that it has seven installations in progress that have the capacity to capture up to 1 million tons of carbon emissions annually.

The joint venture will be headquartered in Oslo, the companies said.

SLB previously said it paid 4.12 billion Norwegian kroner ($386.8 million) for 80% of the business, while Aker owns the remaining 20% stake.

Price: 43.65, Change: -0.16, Percent Change: -0.37