Aker BP

Business and Financial Review • Feb 7, 2018

Further increasing value of Johan Sverdrup

Further increasing value of Johan Sverdrup

Aker BP ASA ("Aker BP") is pleased to announce that the operator Statoil and the

partnership  (Aker BP 11,57 per cent working interest) further increase the

value of the Johan Sverdrup field as a result of continued high quality in

project execution, good drilling efficiency and further maturation of the

resource base.

The Johan Sverdrup development is now nearly 70% complete, which is according to

plan, and investment costs are continuing its positive trend. This is a result

of good cooperation between Statoil, the partners and the suppliers.

Total investments in Phase 1 of the project are currently estimated at NOK 88

billion (capex numbers in nominal terms based on fixed currency), which amounts

to a reduction of NOK 35 billion or close to 30 percent since the plan for

development and operation (PDO) was approved in February 2015.

Break-even oil price is reduced to below USD 15 per barrel for the first phase

of the Johan Sverdrup project.

Since the PDO for the first phase was submitted, the range of the full-field

resource estimate has improved from 1.7 - 3.0 to now 2.1 - 3.1 billion barrels

of oil equivalents.

The Johan Sverdrup project will be developed in several phases, and the PDO for

phase 2 will be submitted to Norwegian authorities in the second half of 2018.

Further maturation has reduced the estimated investment costs for phase 2 to

below NOK 45 billion.

With this, the break-even oil price for the full-field development of Johan

Sverdrup has been improved to below USD 20 per barrel.

A more streamlined operation and maintenance model, combined with increased use

of digital and automated solutions, has also helped reduce estimated yearly

operating costs by nearly NOK 1 billion or approximately 30 percent since since

the PDO was approved in February 2015.

Facts about Johan Sverdrup

· Johan Sverdrup is one of the five biggest oil fields on the Norwegian

continental shelf.

· With expected recoverable resources of between 2.1 - 3.1 billion barrels of

oil equivalent, it will be one of the most important industrial projects in

Norway over the next 50 years.

· Johan Sverdrup will be developed in several phases. Concept decision for

Phase 2 was made last year and the selected concept consists of another process

platform (P2), modifications to the riser platform and subsea wells.

· Phase 1 is expected to start up in late 2019 with production capacity

estimated at 440,000 barrels of oil per day.

· Phase 2 is expected to start up in 2022, with full field production

estimated at 660,000 barrels of oil per day. Peak production on Johan Sverdrup

will be equivalent to 25% of all Norwegian petroleum production.

The Johan Sverdrup partnership

· Statoil 40,0267% (operator)

· Lundin Norway 22,6%

· Petoro 17,36%

· Aker BP 11,5733%

· Maersk Oil 8,44%

Contacts:

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

Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.