Aker BP

M&A Activity • Jul 31, 2018

Aker BP acquires licence portfolio from Total

Aker BP acquires licence portfolio from Total

Aker BP has entered into an agreement with Total E&P Norge to acquire its

interests in a portfolio of 11 licences on the Norwegian Continental Shelf for a

cash consideration of USD 205 million. The portfolio includes four discoveries

with net recoverable resources of 83 million barrels oil equivalents ("mmboe"),

based on estimates from the Norwegian Petroleum Directorate.

Two of the discoveries, Trell and Trine, are located near the Aker BP-operated

Alvheim field and are expected to be produced through the Alvheim FPSO. The Alve

Nord discovery is located north of the Aker BP-operated Skarv field, and can be

produced through the Skarv FPSO. The Rind discovery is part of the NOAKA area

where the total recoverable resources are estimated to more than 500 mmboe, and

where Aker BP is working towards a new area development. In addition to these

discoveries, the transaction also provides the company with increased interest

in exploration acreage near the Aker BP-operated Ula field. The transaction is

subject to approval by Norwegian authorities.

Karl Johnny Hersvik, CEO of Aker BP comments:

"We see a huge value creation potential in maximizing production through our

operated production hubs. This requires continuous development and optimisation

of the existing reserves and resources, as well as adding new resources through

exploration and acquisitions of existing discoveries. With this transaction, we

get access to new tie-back opportunities in the Alvheim and Skarv areas, we

strengthen our resource base in the NOAKA area, and we increase our interest in

exploration acreage near the Ula field. These new resources will further

strengthen our long term production profile and contribute positively to future

earnings."

The following table sets out the licence interests covered by the transaction:

+--------+--------+--------+--------+--------------------+----------+

|Area |Licences|Interest|Previous|New Aker BP interest|Discovery |

| | |acquired|Aker BP | | |

| | | |interest| | |

+--------+--------+--------+--------+--------------------+----------+

|Alvheim | 036 E | 64% | | 64% |Trine |

+--------+--------+--------+--------+--------------------+----------+

|Alvheim | 102 D | 40% | 10% | 50% | |

+--------+--------+--------+--------+--------------------+----------+

|Alvheim | 102 F | 40% | 10% | 50% |Trell |

+--------+--------+--------+--------+--------------------+----------+

|Alvheim | 102 G | 40% | 10% | 50% |Trell |

+--------+--------+--------+--------+--------------------+----------+

|Alvheim | 102 C | 40% | 10% | 50% | |

| |(part of| | | | |

| |licence)| | | | |

+--------+--------+--------+--------+--------------------+----------+

|Ula | 906 | 20% | 40% | 60% | |

+--------+--------+--------+--------+--------------------+----------+

|Ula | 907 | 20% | 40% | 60% | |

+--------+--------+--------+--------+--------------------+----------+

|Skarv | 127 | 50% | | 50% | |

+--------+--------+--------+--------+--------------------+----------+

|Skarv | 127 B | 50% | | 50% | |

+--------+--------+--------+--------+--------------------+----------+

|Skarv | 127 C | 100% | | 100% |Alve Nord |

+--------+--------+--------+--------+--------------------+----------+

|NOAKA  | 026 | 62.13% | 30% | 92.13% |Rind |

+--------+--------+--------+--------+--------------------+----------+

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Media contact:

Tore Langballe, VP Communications, tel.: +47 907 77 841

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.