Aker BP

Earnings Release • Nov 3, 2021

Ærfugl phase 2 starts production ahead of schedule and on budget

Ærfugl phase 2 starts production ahead of schedule and on budget

Operator Aker BP and partners Equinor, Wintershall Dea?Norge and?PGNiG?Norway

report?that?production?has?started?from Ærfugl?phase?2 in?the?Norwegian Sea.

With this start-up, the entire?Ærfugl?field is now in production.

"I am very proud of the deliveries from the project team and our alliance and

licence partners. This highly profitable project has been completed safely and

efficiently, within budget and ahead of schedule. Major parts of the development

project have taken place during the corona pandemic. This truly is One Team at

its best,"?says CEO in Aker BP, Karl Johnny?Hersvik.

"Aker BP's goal is to produce oil and gas with as low cost and emissions as

possible to maximize value creation for our owners and for the society at large.

The?Ærfugl?project demonstrates our ability to deliver on this strategy,"

says?Hersvik.

The?Ærfugl?development is tied into the existing production vessel (FPSO) on

the?Skarv?field, which is located approx. 210 km west of?Sandnessjøen. The field

has been developed in two phases, with three wells in the southern part as phase

1 and another three wells in the northern part of the field in phase 2.

The?Ærfugl?field development adds five years of lifetime to the Skarv FPSO, and

reduces the CO2 emissions by 30-40% per barrel produced.

The Ærfugl project has brought significant local ripple effects for suppliers in

the Helgeland region. The subsea modules, which consist of world leading

technology and building blocks from around the world, have been assembled for

completion in Sandnessjøen and then transported offshore.

Read more about the Ærfugl project (https://akerbp.com/en/project/aerfugl-2/)

Contacts:

Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

About Aker BP:

Aker BP is an independent E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The

company is also a partner in the Johan Sverdrup field. Aker BP is headquartered

at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker

'AKRBP'. More about Aker BP at www.akerbp.com.