Aker BP

M&A Activity • Oct 14, 2015

Det norske acquires Svenska Petroleum's Norwegian subsidiary

Det norske acquires Svenska Petroleum's Norwegian subsidiary

Det norske oljeselskap ASA («Det norske») has entered into an agreement to

acquire Svenska Petroleum Exploration AS («Svenska») for a cash consideration of

USD 75 million on a cash free, debt free basis.

Svenska has 15 employees in Norway, of which all will be transferred to Det

norske.

Svenska holds 13 licenses in Norway, including the Krafla/Askja (25%),

Garantiana (20%), Frigg Gamma Delta (40%) and Fulla/Lille-Frigg (25%)

discoveries in the North Sea. In addition, the company holds four exploration

licenses in the Norwegian Sea.

"This transaction states our ambition of growth on the Norwegian Continental

Shelf, and is a solid contribution to building Det norske as an independent E&P

company. This increases our ownership in attractive discoveries with resource

upside potential and is a logical bolt-on acquisition for Det norske, given the

overlap in our asset portfolios", says Karl Johnny Hersvik, Chief Executive

Officer of Det norske.

Potential investment decisions on the Krafla/Askja and Garantiana discoveries

are expected around 2018.

"The acquisition fits very well in our existing portfolio as investments

decisions on the these new developments will occur after start-up of Ivar Aasen

and the majority of the CAPEX will thus be funded by Johan Sverdrup cash flow",

says Hersvik.

The transaction will be funded through existing cash and undrawn debt

facilities.

The transaction will have tax effect from the fiscal year 2015. At the end of

2014, Svenska held a tax loss carry forward equal to an after-tax value of

approximately NOK 130 million, which is expected to be offset against Det

norske's taxes paid for the fiscal year 2015.

The transaction is expected to close in the first quarter 2016, subject to

regulatory approvals.

Contacts:

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

Media contact: Rolf Jarle Brøske, SVP Communications, tel.: 47 911 12 475

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.