Aker BP

Capital/Financing Update • May 19, 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 19 May 2017 (the "Distribution Event Date"), the Issuer made a dividend

payment to its shareholders in the aggregate amount of NOK 530,775,000. 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 530,775,000 divided by the Face Value, being 530,775,000 (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 530,775,000, 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 1.27x.

The Distribution Put Option must be exercised by each Bondholder within 6 June

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.

Contacts:

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

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.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.