Aker BP

Regulatory Filings • Jun 10, 2019

AKERBP: Restated first quarter 2019 report

AKERBP: Restated first quarter 2019 report

This report replaces the first quarter financial reporting announced by Aker BP

ASA on 26 April 2019.

The reissuance of these condensed consolidated interim financial statements has

been triggered by a Notes offering involving the preparation of a prospectus,

including an ISRE 2410 limited review performed by the Company's independent

auditor. As a result, the Company evaluated events subsequent to the original

approval date of 25 April 2019 by the board of directors of the Q1 2019 interim

financial statements for new information that, if known at the original approval

date, would have resulted in adjustment to the financial statements and for

other information that would have resulted in additional disclosures. These

events have been considered through the date of this report and have been

disclosed in Note 19.

Note 19 now includes the following paragraphs:

Dividend

At the Annual General Meeting in April 2019, the Board was authorized to approve

the distribution of dividends based on the company's annual accounts for 2018.

On 25 April 2019 the Board of Directors declared a quarterly dividend of USD

187.5 million.The dividend was disbursed on 16 May 2019.

Exploration wells

The JK exploration well on the Utsira high in the North Sea was completed in the

second quarter. The Freke-Garm exploration well in the North Sea was also

completed in the second quarter. Both wells are classified as dry, and the

associated capitalized values will be expensed in Q2 2019.

Refinancing of the Reserve Based Lending facility

On 23 May 2019, the Company entered a new USD 4.0 billion Senior Unsecured

Revolving Credit Facility ('RCF'). The RCF comprises a 3-year USD 2.0 billion

Working Capital Facility and a USD 2.0 billion 5-year Liquidity Facility. The

Liquidity Facility includes two 12-month extension options. The Company

initially drew $1.5 billion of the RCF to repay the Reserve Based Lending

('RBL') facility in full, and the RBL has been cancelled. The RCF will also be

used for general corporate purposes including working capital, as well as

providing a liquidity reserve.

Notes offering

On 10 June 2019, the Board of Directors approved an offering of Senior Notes.

The Notes will be senior unsecured debt of the Company and will rank pari passu

in right of payment with all of the Company's existing and future senior

obligations and senior right of payment to all of the Company's future

subordinated obligations. The interest rate of the Notes has not been determined

as of the date of this report.

AkerBP Q1 2019

Restated (https://mb.cision.com/Public/1629/2837367/bee2085822d1b4d8.pdf)

Contacts:

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

About Aker BP:

Aker BP is a fully-fledged 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

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

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.