I had the compressor mess up which also screwed up the clutch on my 92 960. The clutch got so hot the wire insulation melted. I had to replace the compressor and clutch and have the system cleaned out to make sure no metal remained. I put in a rebuilt compressor (about $550) with a 1yr warranty. A new compressor would have cost me around $950 with a 1yr warranty. Total cost for everything was around $1000. The labor wasn't that much in this case.

You need to take of this quickly as you don't want the serpentine belt to break. There was a post earlier this year where a 960 owner had the serpentine belt break and the belt somehow took out the timing belt. You don't want this to happen.

I say it is the compressor. They dragged in an 850 last weekend that had the comp frozen, same results. The bearing and clutch were so screwed up, that the clutch couldn't disengage, and eventually all the coolant fizzed out, the clutch locked up, and the thing ate the belt.

There are different failure modes; it varies. If the comp siezed, you'll have to clean the junk out of the system. Check the outlet for metal shavings.
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a Brickboard.com Expat

I'm working on my A/C now, on the 965, and I've got a new evap, condenser and accumulator. I'll probably get new high pressure pipes as well.

Check www.fcpgroton.com for parts and www.ackits.com for info on black compresser death. If the commpresser seized, it may have put metal bits into the condenser and pipes.

Taking the compresser out from below isn't too bad. I've done this too.
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Warren Bain - '99 V70GLT G-Valve > 80K mi, '96 965 >120Kmi, near Manassas Va.. Check the 700/900 FAQ via the 'features' pull down menu.

Had the A/C Compressor on our 95 960 freeze up solid one hot day with about 110,000 on the clock. Had to have the compressor replaced, it cost us between $350-450 done with Volvo OEM parts at an independent Volvo mechanic.

DEWFPO
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1998 S90 065,800 and 1995 964 149,450

I'd have to assume your compressor seized. With the car off, will it turn by hand? I know it's a little hard to get at on the 2.9 motor but maybe you can tell if it's the compressor or the clutch that way.
With power off, the clutch ought to release from the compressor.
Hopefully then you can replace the belt, and pull the fuse for the AC and still be able to drive the car until you can get the compressor replaced.
Don't drive too far with the broken belt- obviously it's not charging the battery.
Fortunately the water pump is still driven by the timing belt, so the engine won't overheat at least.
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Rob Bareiss, New London CT ::: '87 244DL/M47- 221K, 88 744GLE- 202K, 91 244 181K, 88 244GL 145K