Aker BP

Capital/Financing Update • Jun 28, 2017

AKER BP ASA ANNOUNCES PRICING OF SENIOR NOTES OFFERING

AKER BP ASA ANNOUNCES PRICING OF SENIOR NOTES OFFERING

Aker BP ASA (the "Company") is pleased to announce that it has priced its

offering (the "Offering") of $400 million aggregate principal amount of 6.00%

senior notes due 2022 at par (the "Notes"). The size of the offering has been

decreased from $500 million, indicated at launch on Wednesday, June 14, 2017, to

$400 million. Interest will be payable semiannually. The Offering is expected to

close on or about July 5, 2017, subject to customary conditions precedent for

similar transactions. In connection with the Offering, the initial purchasers

may engage in stabilizing transactions with a view to supporting the market

price of the notes at a level higher than that which might otherwise prevail.

Any stabilization action must be conducted in accordance with all applicable

laws and rules.

The Company intends to use the net proceeds of the Offering to repay the

Company's existing subordinated bond due 2022 (the "Subordinated Bond") in full

and use the balance to repay (without cancelling) drawn commitments under the

Company's revolving borrowing base credit facility (the "RBL Facility") and pay

the costs, fees and expenses related to the Offering. The Company has not yet

issued a definitive redemption notice with respect to its Subordinated Bond (the

terms of which require a minimum 30-day redemption notice period) and the

Company's final decision to do so remains subject to market conditions and

approval by the Company's board of directors. Pending the final application of

the portion of the proceeds of the Offering to redeem the Subordinated Bond, the

Company expects to use such proceeds to reduce temporarily drawings outstanding

under the RBL Facility.

For further information, please contact:

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

Cautionary Statement

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.

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.

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.