Aker BP

Capital/Financing Update • Aug 9, 2017

DETNOR02: Distribution event notice

DETNOR02: Distribution event notice

To the bondholders in the Det norske oljeselskap ASA 13/20 FRN (ISIN

NO 001068414.5) (the "Bond Issue") issued by Aker BP ASA (the

"Issuer") pursuant to the bond agreement dated originally dated 1

July 2013 and as amended and restated from time to time (the "Bond

Agreement")

All capitalized terms used herein shall have the meaning assigned to

them in the Bond Agreement.

On 9 August 2017 (the "Distribution Event Date"), the Issuer made a

dividend payment to its shareholders in the aggregate amount of NOK

493,018,750. This notice constitutes a Distribution Event Notice as

defined in the loan agreement.

The maximum aggregated number of Bonds to be repurchased by the

Issuer is equal to 493,018,750 divided by the Face Value, being

493,018,750 (the "Distribution Put Bonds").

As a consequence of this dividend payment, each Bondholder may

require the Issuer to acquire Bonds at a price of 107% of par plus

accrued interest, up to its pro rata share of 493,018,750, based on

the proportion that such Bondholder's holding of Bonds as of the

Distribution Event Date (less Bonds owned directly by the Issuer)

bear to the Distribution Put Bonds. The Issuer holds NOK 3,776,390

nominal worth of DETNOR02.

The Leverage Ratio as shown in the latest Compliance Certificate is

1.11x.

The Distribution Put Option must be exercised by each Bondholder

within 23 August 2017.

Detailed information on how to exercise the Distribution Put Option,

including each Bondholder's pro rata proportion of the Distribution

Put Bonds, will promptly be forwarded to all Bondholders as

registered in the Securities Depository (VPS) through the systems of

VPS (the "VPS Notice").

Bondholders (as registered directly in VPS) who do not receive a VPS

Notice may contact the Bond Trustee at mail@nordictrustee.com to

receive a copy of its VPS Notice.