Aker BP

Earnings Release • May 6, 2015

DET NORSKE Highlights

Finance

• Q1 EBITDA USD 256 million, EPS 0.01 (USD)
• DETNOR02 loan agreement amended
• USD 500 million RCF fully underwritten
• Contemplating USD 300 million subordinated bond issue

Operations

• Total production of 64.9 mboepd in Q1 2015
• Production commenced on Bøyla in January

Development Projects

• Ivar Aasen development on schedule
• Johan Sverdrup PDO submitted, contracts currently being awarded
• Viper-Kobra project sanctioned

Financials

FINANCIALS Statement of income

Income statement (USD mill)	Q1 2015	Q1 2014	FY 2014
Revenues	324	26	464
Production costs	39	7	67
Other operating expenses	14	1	49
EBITDAX	271	18	365
Exploration expenses	15	20	158
EBITDA	256	-2	208
Depreciation	122	15	160
Impairment losses	53	27	346
Operating profit/loss (EBIT)	81	-44	(299)
Net financial items	0	-10	(77)
Profit/loss before taxes	81	-54	(376)
Tax (+) / Tax income (-)	79	-51	(93)
Net profit/loss	2	-3	(279)
EPS	0.01	-0.02	(1.68)

FINANCIALS Statement of financial position

Assets (USD mill)	31.03.15	31.03.14	Equity and Liabilities (USD mill)	31.03.15	31.03.14
Goodwill	1 134	54	Equity	654	530
Other intangible assets	940	367	Other provisions for liabilities incl. P&A (long)	498	145
Property, plant and equipment	2 679	591	Deferred tax	1 363	-
Calculated tax receivables (long)	-	25	Bonds	233	413
Deferred tax asset	-	133	Bank debt	2 144	359
Receivables and other assets	314	205	Exploration facility	-	114
Calculated tax receivables (short)	-	237	Other current liabilities incl. P&A (short)	478	187
Cash and cash equivalents	412	137	Tax payable	110	-
Total Assets	5 480	1 748	Total Equity and Liabilities	5 480	1 748

FINANCIALS Amending current debt instruments

Net debt of USD 2 billion

• Outstanding debt of USD 2.4 billion (bonds and bank debt) at the end of Q1 2015
• Cash, cash equivalents and undrawn credit of about USD 1.0 billion at the end of Q1 2015

DETNOR02 (2013/2020) NOK 1.9 billion bond

• Amended loan agreement to harmonize with the RBL facility covenants
• Margin increased to NIBOR + 6.5%

USD 3.0 bn RBL facility

• The company had drawn USD 2.2 billion at the end of Q1 2015
• Amendments in the RBL loan agreement result in more predictable availibility
• Borrowing base availability increased to USD 2.8 billion

FINANCIALS Further diversifying the capital structure

May 2015 Target

New USD 500 million RCF fully underwritten by bank consortium Four-year tenor and 1+1 extension option Utilization fee of 1.5% and margin of 4%, stepping up by 0.5% after 3, 4 and 5 years Completion expected in May Contemplating subordinated bond issue of USD 300 million Roadshow in the coming days These initiatives represent an integral part of diversifying the company's capital structure RCF - undrawn DETNOR02 RBL - undrawn RBL - drawn 0.50 2.20 0.25 0.30 Subordinated debt 3.85 0.50 0.25 0.90 2.95 1.90 Debt capital structure Overview RBL - undrawn RBL - drawn DETNOR02

Production

PRODUCTION Net production

Net production (boepd)

Q1 production

• Q1 2015 production of 64.9 mboepd
• Production availability was 96.4%, above target
• Realized oil price of USD 58/bbl

New wells and work-overs

• Bøyla put on stream in January, and had an average production of 8,300 boepd (net) in Q1
• Drilling of second Bøyla well completed and is expected to commence production in Q3 2015
• East Kameleon L4 came on stream mid April
• KB3 work-over ongoing
• 2015 production guidance:
• 58-63,000 boepd

PRODUCTION Continuing to develop the Alvheim area

Near-term wells on Alvheim

• Kneler 1: Planned to commence production around year-end
• BoaKamNorth: Planned to commence drilling in Q4 2015 and to come on stream mid 2016
• Viper Kobra: Development project ongoing, will come on stream Q4 2016

Extending rig capacity

• Tendering rig to secure drilling capacity from summer 2016 and onwards
• Will enable the company to continue to develop profitable projects in the Alvheim area

Alvheim area

Development Projects Q1 2015

IVAR AASEN (~35%*) Development on track

IVAR AASEN (~35%*) First geo-pilots in line with expectations

• Drilling of the geo-pilots in Ivar Aasen commenced in January
• First geo-pilots were broadly in line with expectations
• Provided valuable information for the placement of production wells
• Drilling of pilot wells will be concluded by the summer
• After the pilot wells, the drilling of production wells will commence

IVAR AASEN (~35%*) Jacket ready for installation

Jacket completed in January 2015

On time and on cost with no major incidents

Jacket has arrived in Rotterdam

Will remain in Rotterdam until the installation on the Ivar Aasen field

The Thialf vessel will install the jacket

• The Wei-Li vessel will also be used during the jacket installation campaign
• Jacket to be installed in Q2 2015

IVAR AASEN (~35%*)

Topside construction about 60% completed

Topside on schedule

• Detailed engineering in its final stage
• Key equipment packages arrived on site as planned
• Start commissioning this autumn
• Mechanical complete by year-end 2015
• Sail-away during spring 2016

* 34.78% in PL 01B/242/457, 35% in Hanz PL 028B

JOHAN SVERDRUP (11.89%, preliminary working interest) PDO submitted, contracts being awarded

PDO submitted in February 2015

• Production start-up: Q4 2019
• Volumes: 1.7-3.0bn boe (~80% from Phase 1)
• Capex: NOK 117bn in Phase 1, NOK 170-220bn in total

First contracts have been awarded

• Aker Solutions
• Kværner
• Aibel
• ABB

NPD is reviewing the working interest distribution

MPE to decide on the unitization split

Exploration

EXPLORATION & APPRAISAL 2015 drilling activity

License	Prospect	Share	mmboe	Rig	Timing
PL 272/035	Krafla North & Main	25 %	-	Transocean Leader	Q4 14/Q1 15
PL 001B	Løvstakken	35%	-	Maersk Interceptor	Q1 15
PL 627	Skirne East	20 %	50-171	Leiv Eiriksson	Q2 15
Gina Krog	East 3	3.3 %	27-82	Songa Trym	Q2 15
PL 672	Snømus	25 %	14-94	Maersk Giant	Q2 15

• Discoveries at Krafla North and Main
• Small gas discovery at Skirne East:
• Encountered a 10-metre gross gas column
• Preliminary volume estimates of 3-10 mboe
• Drilling commenced on Snømus and Gina Krog East 3 in April

2015 Drilling schedule 2015 wells in the North Sea

Outlook Q1 2015

COST EFFICIENCY PROGRAMME Identified 2015 reductions exceed USD 100m

• Cost efficiency programme progressing well
• Measures identified currently exceed USD 100 million
• 35 people offered redundancy packages or early retirement packages
• Will continue to improve supply chain and optimize work processes going forward
• Take advantage of the adverse market environment where we can

OUTLOOK Summary and outlook

Financial

• Finalize the USD 300 million subordinated bond issue and the USD 500 million RCF
• Continue to optimize the capital structure of the company going forward

Development projects

• Ivar Aasen progressing according to plan
• Johan Sverdrup PDO submitted, unit agreement to be concluded
• Viper Kobra development has commenced

Cost Efficiency

• Measures identified currently exceed USD 100 million
• Will continue to improve supply chain and optimize work processes going forward