Aker BP

Capital/Financing Update • Dec 22, 2017

Update on financing

Update on financing

Reference is made to the stock exchange notices dated 22 December 2017 regarding

Aker BP's acquisition of Hess Norge and the sale of 10 percent interest in the

Valhall and Hod fields.

Following these transactions, Aker BP holds 90 percent interest in the Valhall

and Hod fields. Aker BP has also assumed Hess Norge's tax positions which

included a tax loss carry forward with an estimated net value of USD 1.5

billion, as booked in Hess Norge's 2016 annual accounts.

In relation to these transactions, Aker BP has obtained a new USD 1.5 billion

bank facility in line with the terms described in the stock exchange notice

dated 30 October 2017. The facility has a duration of 18 months, carries an

interest of Libor + 1.5 percent (the margin increases to 2.0 percent after nine

months), and is secured by pledge in the shares of Hess Norge AS. Aker BP

expects the tax losses from Hess Norge to be settled during 2018. Such

settlement would trigger a mandatory repayment of the USD 1.5 billion bank

facility.

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Investor contacts:

Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292

Kjetil Bakken, IR Manager, tel.: +47 91 889 889

Media contact:

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

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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.