Aker BP

Capital/Financing Update • Dec 7, 2016

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 7 December 2016 (the "Distribution Event Date"), the Issuer made a

distribution to its shareholders in the aggregate amount of NOK 524,668,750.

This notice constitutes a Distribution Event Notice.

The Leverage Ratio as shown in the latest Compliance Certificate is 2.06x.

The maximum aggregated number of Bonds to be repurchased by the Issuer is equal

to 524,668,750 divided by the Face Value, being 524,668,750 (the "Distribution

Put Bonds").

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 524,668,750, 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 currently owns 0 Bonds.

The Distribution Put Option must be exercised by each Bondholder within 22

December 2016.

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: Geir Bjørlo, Corporate Communications, tel.: +47 915 40 000

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, Skarv, Valhall, Hod, Ula and Tambar, in addition to the

Ivar Aasen field development. 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.