SLB SLB, an American oilfield services company, in collaboration with Aker Solutions, has won an engineering, procurement, construction, installation and commissioning contract from Hafslund Celsio to deliver a carbon capture solution at Norway’s largest waste-to-energy plant in Klemetsrud, Oslo. The project is a part of Longship, Norway’s full-scale carbon capture and storage (CCS) initiative.

The contract includes the installation of a carbon capture plant, liquefaction system, temporary storage, and ship-loading infrastructure at Oslo harbor. SLB Capturi will deploy its modular Just Catch 400 unit, designed to optimize space and reduce costs. Once operational, the facility will capture 350,000 metric tons of CO2 annually, contributing significantly to Norway’s decarbonization efforts.

Egil Fagerland, CEO of SLB Capturi, highlighted that standardization and modularization are crucial for enhancing the economic feasibility of carbon capture projects. He expressed strong support for the collaboration with Hafslund Celsio and Aker Solutions, noting that the project could set a global benchmark for industrial decarbonization.

This marks the second Longship project for SLB Capturi, which is also delivering a carbon capture plant at Heidelberg Materials’ Brevik cement facility. Aker Solutions CEO Kjetel Digre highlighted the project’s role in advancing Norway’s CCS industry, stating that the collaboration between public and private entities is crucial for building a sustainable carbon capture value chain.

Hafslund Celsio’s CEO, Martin S. Lundby, expressed confidence in SLB and Aker Solutions, citing their extensive CCS expertise. The project is expected to be operational by the third quarter of 2029, marking a significant step toward achieving Norway’s climate goals.

SLB’s Zacks Rank & Key Picks

Currently, SLB carries a Zack Rank #4 (Sell).

Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Sunoco LP SUN and Range Resources Corporation RRC. While SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, Range Resources carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.

Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. Sunoco is poised to benefit from the strategic acquisitions aimed at diversifying its business portfolio.

Range Resources is among the top 10 natural gas producers in the United States. Its diversified portfolio is spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. With expanded LPG export capacity, RRC is well-positioned to meet the rising global demand, capitalizing on the role of natural gas as a clean-burning fuel amid a low-carbon shift. 

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