Aker BP

Capital/Financing Update • Sep 30, 2016

Funding update

Funding update

Det norske oljeselskap ASA ("DETNOR") provides an update on its debt funding.

Subject to closing of the BP Norge transaction, the company has made certain

changes to its two bank facilities, including an increase in its reserve-based

lending ("RBL") facility from USD 3.0 to 4.0 billion and certain amendments to

the documentation. In addition, the RBL facility includes an uncommitted

accordion option of USD 1.0 billion.

The dividend restriction has been removed from the loan agreements, but an

incurrence test of 4.5x (Net interest-bearing debt / EBITDAX) has been

introduced.

Subject to perfection of the security package, the new borrowing base has been

set at USD 3.6 billion until the end of 2016.

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 Det norske:

Det norske is a fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf (NCS). We are building

one of Europe's largest independent E&P companies.

Det norske is the operator of the producing Alvheim field and for the Ivar Aasen

field development. In addition, the company is partner in the Johan Sverdrup

field. Det norske has an active exploration programme on the Norwegian shelf and

an ambitious strategy for growth.

Det norske's headquarters are located in Trondheim, with branch offices in

Stavanger, Oslo and Harstad. Det norske is listed on Oslo Børs with ticker

'DETNOR'. More about Det norske at www.detnor.no/en/.

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

of the Norwegian Securities Trading Act.