Global energy services company SLB has reported a substantial financial loss tied to one of its carbon capture projects, highlighting the commercial and execution risks still facing large-scale CCS deployment.
In its fourth-quarter financial results, SLB disclosed a “significant loss” on a project developed by SLB Capturi, the company’s carbon capture joint venture with Aker Carbon Capture. The impairment resulted in a goodwill write-down of approximately $210 million related to the business unit.
SLB Capturi was established as a dedicated carbon capture platform, with SLB holding an 80% stake and Aker Carbon Capture retaining the remaining 20%.
The venture focuses on delivering capture solutions for hard-to-abate sectors such as cement, waste-to-energy, gas-to-power and biogenic emissions. While SLB did not name the specific project responsible for the loss, the announcement underscores the financial exposure associated with early-stage CCS commercialisation.
Industry observers note that while CCS deployment is accelerating across Europe, many projects remain first-of-a-kind developments that carry elevated technical complexity and cost risk.
Operational Progress Continues Despite Financial Setback
Despite the reported impairment, SLB Capturi has continued to expand its project portfolio across several European markets. In Denmark, the company is delivering five modular capture units at Ørsted’s bioenergy facilities in Kalundborg, targeting the removal of up to 500,000 tons of CO2 annually.
In Norway, SLB Capturi has completed what is widely recognised as the world’s first full-scale carbon capture facility integrated into a cement plant.
The Brevik project enables Heidelberg Materials to capture up to 400,000 tons of CO2 per year as part of its net-zero cement strategy. The company has also deployed capture technology at Hafslund Celsio’s waste-to-energy plant near Oslo, with capacity of around 350,000 tons annually.
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Meanwhile in the Netherlands, SLB Capturi has commissioned a carbon capture system at Twence’s waste-to-energy facility in Hengelo, designed to capture approximately 100,000 tons of CO2 per year.
While the impairment highlights the financial hurdles associated with scaling CCS infrastructure, SLB’s expanding project footprint indicates continued momentum in commercial deployment. The contrasting signals reflect a broader reality for the sector: rapid growth in announced projects, paired with ongoing challenges around cost control, delivery risk and long-term commercial viability.
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