Aker BP

Capital/Financing Update • Mar 12, 2018

AKER BP ASA ANNOUNCES LAUNCH OF $500 MILLION SENIOR NOTES OFFERING

AKER BP ASA ANNOUNCES LAUNCH OF $500 MILLION SENIOR NOTES OFFERING

Aker BP ASA (the "Company") announced today that it has launched an offering of

senior notes (the "Offering") in an aggregate principal amount of $500 million

(the "Notes"). Interest will be payable semi-annually. The interest rate,

offering price and other terms will be determined at the time of pricing of the

Offering, subject to market conditions. The Company intends to use the net

proceeds of the Offering to partially repay (without cancelling) drawn

commitments under the Company's reserves-based lending facility (the "RBL

Facility") and pay the costs, fees and expenses related to the Offering.

For further information, please contact:

John Ole Hægeland, VP Corporate Finance, +47 90 606 169

Kjetil Bakken, VP Investor Relations, +47 91 889 889

Cautionary Statements

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

offer to sell or the solicitation of an offer to buy any security in the United

States or in any other jurisdiction. The Notes have not been and will not be

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

Act"), or applicable state or foreign securities laws and may not be offered or

sold in the United States absent registration under federal or applicable state

securities laws or an applicable exemption from such registration requirements.

The Notes will be offered in the United States to qualified institutional buyers

pursuant to Rule 144A under the Securities Act and outside the United States

pursuant to Regulation S under the Securities Act. This press release is being

issued pursuant to and in accordance with Rule 135c under the Securities Act.

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.

This communication is directed only at (i) persons who are outside the United

Kingdom, (ii) persons who 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") or (iii) high net worth

entities, and other persons to whom it may lawfully be communicated, falling

within Article 49(2) of the Order (all such persons together being referred to

as "relevant persons"). Any investment activity to which this communication

relates will only be available to, and will only be engaged in with, relevant

persons. Any person who is not a relevant person should not act or rely on this

document or any of its contents.

Solely for the purposes of the product governance requirements contained within:

(a) EU Directive 2014/65/EU on markets in financial instruments, as amended

("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU)

2017/593 supplementing MiFID II; and (c) local implementing measures (together,

the "MiFID II Product Governance Requirements"), and disclaiming all and any

liability, whether arising in tort, contract or otherwise, which any

"manufacturer" (for the purposes of the MiFID II Product Governance

Requirements) may otherwise have with respect thereto, the notes which are the

subject of the Offering (the "Securities") have been subject to a product

approval process, which has led to the conclusion that: (i) the target market

for the Securities is eligible counterparties and professional clients only,

each as defined in MiFID II; and (ii) all channels for distribution of the

Securities to eligible counterparties and professional clients are appropriate.

Any person subsequently offering, selling or recommending such Securities (a

"distributor") should take into consideration the manufacturers' target market

assessment; however, a distributor subject to MiFID II is responsible for

undertaking its own target market assessment in respect of the Securities (by

either adopting or refining the manufacturers' target market assessment) and

determining appropriate distribution channels.

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.