Aker BP

Capital/Financing Update • May 13, 2015

Successful placement of new subordinated bond

Successful placement of new subordinated bond

Reference is made to the announcement on 6 May 2015 regarding a contemplated

subordinated bond issue.

Det norske oljeselskap ASA has successfully completed a new issue of USD 300

million subordinated 7 year PIK Toggle bonds with a fixed rate coupon of 10.25%.

The bonds are callable from year 4 and includes an option to defer interest

payments. The bond issue was significantly oversubscribed.

"We are very pleased to see the interest and support from both existing and new

bond investors. The company's capital structure has been strengthened with the

introduction of a subordinated layer into our capital structure. The new

subordinated bond issue, together with the new USD 500 million RCF and available

amounts under the USD 3.0 billion RBL will provide the company with USD 1.4

billion of undrawn facilities, in addition to cash of USD 412 million at the end

of Q1 2015. We have now secured funding for our work program until first oil at

Johan Sverdrup", comments CFO Alexander Krane.

Expected settlement date is 27 May 2015. An application will be made for the

bonds to be listed on the Oslo Stock Exchange.

DNB Markets, Nordea Markets, Pareto Securities, SEB and Swedbank Norway acted as

Joint Lead Arrangers in connection with the placement of the new bond issue.

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.