Aker BP

Capital/Financing Update • Jan 8, 2020

Aker BP ASA announces pricing of Senior Notes Offering

Aker BP ASA announces pricing of Senior Notes Offering

Aker BP ASA (the "Company") is pleased to announce that it has priced its

offering (the "Offering") of $500 million aggregate principal amount of 3%

Senior Notes due 2025 (the "2025 Notes") at a price equal to 99.696% of the

aggregate principal amount thereof and $1 billion aggregate principal amount of

its 3¾% Senior Notes due 2030 (the "2030 Notes") at a price equal to 99.802% of

the aggregate principal amount thereof (the 2025 Notes and 2030 Notes together,

the "Notes"). Interest will be payable semi-annually. The Offering is expected

to close on or about January 15, 2020, subject to customary conditions precedent

for similar transactions. In connection with the Offering, the initial

purchasers may engage in stabilizing transactions with a view to supporting the

market price of the Notes at a level higher than that which might otherwise

prevail. Any stabilization action must be conducted in accordance with all

applicable laws and rules.

The Company intends to use the gross proceeds of the Offering to partially repay

outstanding amounts under the Company's revolving credit facility (without

reducing commitments), for general corporate purposes, and to pay the initial

purchasers' discount and fees and expenses related to the Offering.

For further information, please contact:

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

John Ole Hægeland, VP Corporate Finance, tel.: +47 906 06 169

Cautionary Statements

This press release is for information purposes only and does not constitute a

prospectus or any offer to sell or the solicitation of an offer to buy any

security in the United States of America or in any other jurisdiction. This

announcement is not for public release, publication or distribution, directly or

indirectly, in or into the United States (including its territories and

possessions, any state of the United States and the District of Columbia),

except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A

under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This

announcement does not constitute or form a part of any offer of, or solicitation

to purchase or subscribe for, any securities in the United States. Any such

securities have not been, and will not be, registered under the Securities Act.

Any such securities may not be offered or sold in the United States, except that

the securities may be offered for sale in the United States to QIBs in reliance

on the exemption from registration under Rule 144A. No public offering of

securities will be made in the United States or in any other jurisdiction where

such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;

(ii) that have professional experience in matters relating to investments

falling within Article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005 (the "Order"); (iii) falling within Article

49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.")

of the Order or (iv) to whom this announcement may otherwise be directed without

contravention of Section 21 of the Financial Services and Markets Act 2000 (all

such persons together being referred to as "relevant persons"). This

announcement must not be acted on or relied on by persons who are not relevant

persons. Any investment or investment activity to which this announcement

relates is available only to relevant persons and will be engaged in only with

relevant persons.

In member states of the European Economic Area ("EEA"), this announcement is

directed only at persons who are "qualified investors" under Regulation (EU)

2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market

(MIFID II product governance) is eligible counterparties and professional

clients only (all distribution channels). No PRIIPs key information document

(KID) has been prepared as not available to retail in EEA.

This press release may include projections and other "forward-looking"

statements within the meaning of applicable securities laws.  Any such

projections or statements reflect the current views of the Company about further

events and financial performance.  No assurances can be given that such events

or performance will occur as projected and actual results may differ materially

from these projections.

Neither the content of the Company's website nor any website accessible by

hyperlinks on the Company's website is incorporated in, or forms part of, this

announcement. The distribution of this announcement into certain jurisdictions

may be restricted by law. Persons into whose possession this announcement comes

should inform themselves about and observe any such restrictions. Any failure to

comply with these restrictions may constitute a violation of the securities laws

of any such jurisdiction.