Aker BP

Annual Report • Apr 8, 2025

Annual report 2024

Contents

Company profile	03
Letter from the CEO	04
Board of directors and executive management team	06
Board of directors	07
Executive management team	12
Board of directors' report	18
Business description	20
The annual accounts	24
Other reporting	26
Risk factors	27
HSSEQ in Aker BP's operations	32
Sustainability statement	33
General	34
Environment	51
Social	104
Governance	126
Independent auditor's statement	138

Transparency Act statement	140
Financial statements	146
Notes to the accounts Independent auditor's statement	156 203
Remuneration report	206
Independent auditor's statement	215
Board of directors' report on corporate governance	216
Reporting of payments to governments	226
Appendix	229
Cautionary statement	230
Lists of figures and tables	231

Definitions and abbreviations 232

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Company profile

About the company

Aker BP ASA is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf (NCS). The company has its headquarters at Fornebu, outside Oslo, Norway. We also have offices in Harstad, Trondheim, Sandnessjøen and Stavanger.

Aker BP is listed on the Oslo stock exchange (AKRBP), and major shareholders are Aker ASA (21 percent), BP PLC (16 percent) and Nemesia S.A.R.L (14 percent).

Production

With a total production of 439 mboepd in 2024, Aker BP is one of the largest independent listed exploration and production companies in Europe. The company operates the field centres Alvheim, Grieg Aasen, Skarv, Ula and Valhall, and is a partner in the Johan Sverdrup field. Please see our website for more information about our assets and development projects.

Letter from the CEO

Excellent results – continued improvement

Dear reader,

The Aker BP team continues to deliver exceptional operational performance while constantly seeking new ways to improve and seize opportunities. This relentless pursuit of excellence is the foundation for sustained value creation.

Executive summary:

• – In 2024, Aker BP achieved further operational improvements and strong performance, strengthening our platform for long-term value creation
• – We remain one of the industry's lowest upstream greenhouse gas emitters per barrel produced and are committed to further reductions while ensuring secure and affordable energy for Europe
• – Our project portfolio is progressing as planned and within budget
• – Years of investment in digital technologies have positioned Aker BP to leverage cutting-edge innovations, including artificial intelligence
• – Our strong financial position and resilient business model allows us to turn market fluctuations into opportunities
• – Aker BP is ideally positioned to drive increased value creation and maximise shareholder returns

Geopolitical instability and market fluctuations have shaped the business environment in recent years, and I believe this uncertainty has become the new normal. Aker BP's business model is built for resilience, ensuring we remain strong in the face of volatility.

Energy security, affordability and transition remain key topics globally. While renewable energy sources are expanding rapidly, they will not fully satisfy the world's growing energy demand for decades. We cannot wait for wind and solar to scale before reducing greenhouse gas emissions—we must act now while continuing to provide secure and affordable energy. Aker BP is ideally positioned to contribute to and benefit from this transition by reducing emissions from our operations, supplying energy to Europe and maximising value creation for shareholders and the Norwegian society.

Operational performance

Aker BP's sole focus is the exploration and production of oil and gas, and operational excellence is at the core of our business. I am proud to report another year of strong performance.

• – Production: Total output for the year averaged 439 thousand barrels per day, compared to 457 thousand in 2023.
• – Cost efficiency: Our production cost remained low at USD 6.2 per barrel, in line with 2023.
• – Emissions: We remain one of the industry's leaders in upstream greenhouse gas emission intensity. In 2024, we further reduced greenhouse gas emissions intensity to 2.6 kg CO2 equivalents per barrel, down from 2.9 kg in 2023.
• – Project execution: The field development projects initiated in 2022 are progressing on schedule and within budget. These projects will unlock approximately 800 million barrels of new reserves with a total investment of USD 19 billion over five years.
• – Financials: Total income was USD 12.4 billion, with EBITDA of USD 11.1 billion for the year, compared to USD 13.7 billion and USD 12.3 billion, respectively, in 2023.

Safety remains our highest priority. In 2024, our total recordable injury frequency (TRIF) improved to 1.9, down from 2.4 in 2023, while our serious incident frequency (SIF) remained stable at 0.4. With approximately 3,000 employees and 1,000 hired consultants, we are fully committed to strengthening our safety culture and ensuring that everyone returns home safely.

Financial strength

Strong operations, a disciplined approach to capital allocation and robust results provide financial flexibility.

In 2024, we strengthened our liquidity by issuing bonds, extending our average maturity to nine years. Our first-ever 30-year bond issuance was a major milestone, demonstrating strong investor confidence.

A robust balance sheet and investment-grade credit rating remain top financial priorities, ensuring we can fund our high-return, low breakeven projects.

Over time, our value creation will continue to be returned to shareholders through attractive dividends.

Navigating an uncertain market requires strict capital discipline. Our investment strategy is designed to ensure profitability even in a low-price environment while providing the flexibility to capitalise on opportunities. This financial strength gives me confidence as we prepare for the next wave of profitable growth.

Foundation for success

Beyond the numbers, I want to highlight three factors that drive our continued progress:

• – One Team culture: Highly skilled people working together in well-functioning teams are at the heart of Aker BP. The One Team approach extends beyond employees to partners and suppliers – we succeed together, and we learn together. Trust, collaboration, and inclusivity define our culture. Despite substantial growth following the 2022 merger with Lundin Energy, our team performance has never been stronger.
• – Alliance model: Strategic partnerships with key suppliers have evolved over the years, delivering substantial value through joint

improvements and aligned incentives to deliver on common goals and share benefits and risks.

– Relentless improvement: The pursuit of operational excellence is embedded in our culture. A great example is Skarv, where we have successfully enhanced infrastructure, improved operational flexibility, and extended the FPSO's production life. High activity levels and simultaneous operations – including the world's largest flotel connected to the Skarv FPSO – demonstrate our ability to execute complex projects safely and efficiently.

Ideally positioned for the future

For years, I have genuinely believed in the enormous potential that digital technology can unlock in this industry. Back in 2019, I was quoted by Forbes saying, "we are a technology company that just happens to produce oil". This mindset has made us embed digitalisation into everything we do. What we are experiencing now is more than an evolution of how we operate – it is a fundamental shift in the industry. Our small, agile structure, combined with years of strategic work, positions us well to capitalise on transformative technologies such as artificial intelligence. I expect Aker BP to become an improvement machine, driving significant efficiency gains and increasing value creation in the years ahead.

A key focus for 2025 is scaling artificial intelligence (AI). AI is set to reshape the industry, and in 2024, we explored its applications in exploration, reservoir development and operations, leveraging vast datasets to enhance decision-making. Our simple and agile structure gives us a competitive edge in adopting these innovative technologies.

Another priority is growing and maturing our resource base. Unlocking the full potential of the Norwegian continental shelf requires innovative approaches to smaller accumulations and complex reservoirs. The ability to combine operational efficiency with the expertise to turn challenging fields into profitable developments will be critical to future success.

As our current project portfolio moves into production, we are freeing up capacity to pursue new opportunities and shift our focus beyond 2027. With the right people, strong partnerships, high-quality assets, an advanced digital ecosystem, a proven track record for project execution and a solid financial position, we are well-prepared for the future. With 800 million barrels in discoveries (contingent resources), an active exploration strategy and potential acquisitions, we have all the ingredients for success as we enter the 2030s.

I am excited about the direction Aker BP took in 2024. Our success is driven by the dedication and performance of our people, who consistently deliver strong results and have a clear path to further improvements in 2025. I firmly believe we have the best team in the industry, and we are ideally positioned to lead, achieve our goals and create long-term value for our shareholders.

KARL JOHNNY HERSVIK Chief executive officer

Board of directors and executive management team

Board of directors

Board of directors (1/5) * Number of shares in Aker BP ASA as of 31 December 2024

Øyvind Eriksen

Shareholder-elected chair and chair of the organisational development and compensation committee

Experience, skills and education:

Øyvind Eriksen joined Aker ASA as president and CEO in 2009. Eriksen holds a law degree from the University of Oslo. He is a former partner, director and chairman of the law firm BAHR.

Key external appointments:

Eriksen currently chairs several of the boards of the Aker Group's industrial and financial businesses. In addition, Eriksen is on the board of a number of non-profit organisations, including the Norwegian Cancer Society and Accenture Global Energy Board.

Anne Marie Cannon

Shareholder-elected deputy chair and member of the audit and risk committee and the organisational development and compensation committee

Experience, skills and education:

Cannon is a senior advisor in the strategic advisory business at PJT Partners. She has over 40 years of experience in the oil and gas sector through senior roles within both investment banking and executive and non-executive director roles with private and quoted companies. She holds a BSc Honours Degree from Glasgow University and is a Fellow of the Energy Institute.

Key external appointments:

Cannon is the senior independent director and a board member of BlackRock Energy and Resources Income Trust plc.

• ** Family relations to other members of the BoD or members of the EMT
• *** Though exposure to the Aker BP share price through shareholding in Aker ASA

Kjell Inge Røkke

Shareholder-elected member

Experience, skills and education:

Røkke has been a driving force in the development of Aker since the 1990s. He launched his business career with the purchase of a 69-foot trawler in the United States in 1982, and gradually built a leading worldwide fisheries business. In 1996, the Røkke-controlled company RGI became Aker ASA's largest shareholder and later merged with Aker. Røkke controls 68.2 percent of Aker ASA through The Resource Group TRG AS and subsidiaries.

Key external appointments:

Røkke is currently chair of The Resource Group TRG AS, TRG Holding AS and Aker ASA, as well as director of several Aker companies.

Aker BP shares*:	None***
Member of the BoD since:	2016
Independent of major shareholders:	No
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1964

Aker BP shares*:	12,078
Member of the BoD since:	2013
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	British
Residency:	UK
Born:	1957

Aker BP shares*:	1,200***
Member of the BoD since:	2013
Independent of major shareholders:	No
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Switzerland
Born:	1958

Board of directors (2/5)

Trond Brandsrud

Shareholder-elected member and chair of the audit and risk committee

Experience, skills and education:

Brandsrud serves as a non-executive director and industry advisor. Brandsrud holds a master's degree in finance from the Norwegian School of Economics (NHH).

From 2016 to 2019, he held several CEO and CFO roles in the financial services companies Lindorff, Intrum and Lowell. From 2010 to 2015, he served as the group chief financial officer of Aker. In the period from 2007 to 2010, he served as the CFO of the Seadrill Group. Prior to these roles, Brandsrud had 23 years of experience from leading finance positions at Shell.

Key external appointments:

Brandsrud is a non-executive director and board member of TGS ASA, the Lowell Group (Simon Midco Ltd), Lowell Finans AS, Aker Horizons ASA and Waterise AS.

Aker BP shares*:	None
Member of the BoD since:	2016
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1958

Kate Thomson

Shareholder-elected member and member of the audit and risk committee

Experience, skills and education:

Thomson is the chief financial officer of BP p.l.c. Prior to joining BP p.l.c., Thomson qualified as a chartered accountant with Deloitte. She moved into international tax with Charter plc, where she became head of tax in 1998, before joining Ernst & Young in 2001 in M&A tax.

Key external appointments:

Thomson is a director of several BP p.l.c. Group companies and a member of the Institute of Chartered Accountants in England and Wales.

Aker BP shares*:	None
Member of the BoD since:	2018
Independent of major shareholders:	No
Family relations BoD/EMT**:	No
Citizenship:	British
Residency:	UK
Born:	1968

* Number of shares in Aker BP ASA as of 31 December 2024

• ** Family relations to other members of the BoD or members of the EMT
• *** Though exposure to the Aker BP share price through shareholding in Aker ASA
  • Charles Ashley

Shareholder-elected member

Heppenstall

Experience, skills and education:

Heppenstall is the previous president and CEO for Lundin Petroleum AB (2002–2015). Heppenstall is a graduate of Durham University, where he obtained a Bachelor of Science in mathematics.

From 1984 until 1990, he worked in the banking sector, where he was involved in project financing of oil and mining businesses. He has worked with public companies associated with the Lundin family since 1993.

Key external appointments:

Heppenstall is a board member of Lundin Mining and Lundin Gold, and the chair of the board in International Petroleum Corporation.

Aker BP shares*:	852,587
Member of the BoD since:	2022
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	British
Residency:	UK
Born:	1962

Board of directors (3/5)

Valborg Lundegaard

Shareholder-elected member and member of the audit and risk committee

Experience, skills and education:

Lundegaard is the CEO of Aker Carbon Capture, a pure-play carbon capture company, and a board member of the company's joint venture with SLB, SLB Capturi.

She has more than 30 years' experience in the energy industry, including executive management positions at Aker Solutions. Her experience includes corporate and project management, international business development and development projects.

Lundegaard began her career in Equinor and gained experience in both business development and offshore operations. She holds a master's degree in chemical engineering from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

None

Aker BP shares*:	None
Member of the BoD since:	2022
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1960

Doris Reiter

Shareholder-elected member

Experience, skills and education:

Reiter is BP p.l.c.'s senior vice president for UK North Sea, being the first female to hold this position. She is responsible for the company's strong oil and gas portfolio on the UK continental shelf.

Reiter is a reservoir engineer by background and holds a PhD in petroleum engineering from Texas A&M University. She joined BP p.l.c. in 1998, and her career has taken her across the globe, from the Gulf of Mexico to Angola, working in multiple engineering and technical leadership roles.

Key external appointments:

Reiter is a director of several BP p.l.c. Group companies and a member of the Offshore Energies UK board.

Aker BP shares*:	None
Member of the BoD since:	2024
Independent of major shareholders:	No
Family relations BoD/EMT**:	No
Citizenship:	Austrian
Residency:	UK
Born:	1970

* Number of shares in Aker BP ASA as of 31 December 2024

• ** Family relations to other members of the BoD or members of the EMT
• *** Though exposure to the Aker BP share price through shareholding in Aker ASA

Ani Isabel Chiang

Employee-elected member

Experience, skills and education:

Chiang has been employed by Aker BP since 2014. She works in the commercial and sales team, with main responsibility for commercial and terminal operation at Alvheim and Skarv. Prior to this role, she served as a hydrocarbon management engineer, focusing on Alvheim and Ivar Aasen. Chiang also brings experience from the supplier industry, within project management for both topside and subsea commissioning and decommissioning deliveries.

Chiang holds a degree in gas and energy technology from the University of Southeast Norway, in addition to a trade certificate in process and chemical processing.

Chiang has been a union representative since 2019, and has more than 13 years of experience within the oil industry.

Key external appointments:

Aker BP shares*:	1,671
Member of the BoD since:	2023
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1988

Board of directors (4/5)

Marit Hargemark

Employee-elected member and member of the organisational development and compensation committee

Experience, skills and education:

Hargemark works as a senior geologist. For more than ten years, the Johan Sverdrup field has been her primary focus. She has been following the field closely and has previously represented the company in the Johan Sverdrup license partnership.

Hargemark holds a Master of Science in applied geophysics and has over 25 years of experience in the oil industry, both from oil companies and software companies. Her technical experience ranges from seismic processing to reservoir modelling. She currently holds several leadership roles and responsibilities as union representative at Aker BP.

Key external appointments:

None

Aker BP shares*:	706
Member of the BoD since:	2023
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1971

Ingard Haugeberg

Employee-elected member

Experience, skills and education:

Haugeberg serves as a full-time employee representative. Haugeberg is trained as an electromechanical repair technician at the Royal Norwegian Air Force Technical School at Kjevik and has a company-approved bachelor's degree in mechanics.

Prior to his current position, he served as the HSSE site lead for the Ula field. Haugeberg has experience from the Royal Norwegian Air Force in Bodø, where he worked as a technical grenadier and later as department manager for Safelift A/S. He began his career in Amoco Norge as a mechanic on the Valhall field in 1991 and has held various positions in BP p.l.c. Norge since 1998.

Haugeberg has also held several directorships in BP p.l.c. Norge, Industrimaskiner A/S, Global Clean Energy, I/E Media and trippEl A/S.

Key external appointments:

None

Aker BP shares*:	1,663
Member of the BoD since:	2018
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1962

* Number of shares in Aker BP ASA as of 31 December 2024

• ** Family relations to other members of the BoD or members of the EMT
• *** Though exposure to the Aker BP share price through shareholding in Aker ASA

Thomas Husvæg

Employee-elected member

Experience, skills and education:

Husvæg has been employed by Aker BP since 2018 and is currently the project manager for the Atlas and Poseidon carbon capture and storage projects on the Norwegian continental shelf. Husvæg has a Master of Science degree in industrial economics from the Norwegian University of Science and Technology (NTNU), and he has more than 15 years of industry experience.

Husvæg started his career at Deloitte as a management consultant before moving to GE Oil&Gas/BakerHughes GE and then Aker BP. At Aker BP, he has previously held roles as project manager in operations, business manager for the fixed facilities alliance, SPS delivery lead and finance manager for projects.

Key external appointments:

Aker BP shares*:	847
Member of the BoD since:	2023
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1985

Board of directors (5/5)

Tore Vik

Employee-elected member

Experience, skills and education:

Tore Vik has been part of Aker BP since 2013, serving as a full-time employee representative. He holds a certification as an electrician from Bergen Maritime School. Prior to his current position, he worked as an electrician on the Ivar Aasen platform. With over 30 years of experience, Tore possesses expertise in both high-voltage and low-voltage systems. His professional background includes roles as an electrician and automation specialist on drilling rigs and vessels.

Key external appointments:

Vik is a member of the nomination committee at Kongsberg Automotive.

Aker BP shares*:	6,954
Member of the BoD since:	2021
Independent of major shareholders:	Yes
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1970

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

*** Though exposure to the Aker BP share price through shareholding in Aker ASA

Executive management team (1/6) * Number of shares in Aker BP ASA as of 31 December 2024

Karl Johnny Hersvik

Chief executive officer

Employment, experience, skills and education: Karl Johnny Hersvik has been the CEO of Aker BP since 2014.

Prior to joining Aker BP, he served as head of research for Statoil. Hersvik has held a number of specialist and executive positions with Norsk Hydro and StatoilHydro.

Hersvik holds a cand.scient. (second cycle) degree in industrial mathematics from the University of Bergen.

Key external appointments:

Hersvik chairs the board of RunwayFBU and is a member of the board of directors at Offshore Norway.

Aker BP shares*:	12,528
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1972

David Tønne Chief financial officer

Employment, experience, skills and education:

has been with Aker BP since 2017.

and the Middle East.

None

School of Economics (NHH). Key external appointments:

Tønne has been the chief financial officer of Aker BP since 2019, after advancing from the position of VP corporate controlling. Tønne

Prior to joining Aker BP, Tønne worked for the Boston Consulting Group, where he co-led the Nordic Energy Practice Area, supporting clients in oil and gas, private equity, shipping and industrial goods across a wide range of functional topics in Europe, North America

Tønne holds a master's degree in finance from the Norwegian

Chief operating officer

Per Harald Kongelf

Employment, experience, skills and education:

** Family relations to other members of the BoD or members of the EMT

Kongelf is the chief operating officer and is responsible for strategic supply chain and logistic, as well as following up on cross-asset operational and cross-functional improvement programmes. He is also overseeing capital project execution at Aker BP.

Prior to joining Aker BP in 2016, he served as the head of Norwegian operations at Aker Solutions, where he had been part of the executive management team since 2007. He has more than 35 years of industrial leadership experience from numerous technical and management positions at Aker Solutions and Aker BP.

Kongelf holds a master's degree from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

Aker BP shares*:	27,041
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1985

Aker BP shares*:	5,546
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1959

Executive management team (2/6)

Paula Doyle

Chief digital officer

Employment, experience, skills and education:

Doyle has been the chief digital officer since joining the company in 2022. She came from the position of SVP of sales and marketing at Cognite, where she was also part of the executive management team.

She has held a variety of roles within the oil and gas industry for companies such as ABB and Siemens in Norway and the Middle East. During her time in the Middle East, Doyle established and ran a non-profit industrial technology organisation.

Doyle has deep knowledge of industrial software space and digitalisation processes in heavy-asset industries, and holds a PhD in computer engineering from the University of Limerick.

Aker BP shares*: 1,402 Family relations BoD/EMT**: No Citizenship: Irish Residency: Norway Born: 1979

Key external appointments:

None

Thomas D. Hoff-Hansen

Chief information officer

Employment, experience, skills and education:

Hoff-Hansen has been serving as chief information officer since February 2024. Prior to this, he served as SVP Ula. Hoff-Hansen has worked for the company since 2009 and has broad experience from various technical roles, as well as management roles both offshore and onshore.

Before Hoff-Hansen started at Aker BP, he worked with automation and instrumentation at ExxonMobil.

Hoff-Hansen holds a Master of Science degree in cybernetics from the University of Stavanger.

Key external appointments:

None

Aker BP shares*: 7,620 Family relations BoD/EMT**: No Citizenship: Norwegian Residency: Norway Born: 1962

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

Employment, experience, skills and education:

Sandvik has been the SVP projects at Aker BP since 2019. He has more than 30 years' experience in the oil and gas industry. Throughout his career, Sandvik has held various senior project and leadership positions across Aker Solutions, including four years as a member of the executive management team.

Sandvik holds a degree in mechanical offshore engineering from Heriot-Watt University in Scotland.

Key external appointments:

Executive management team (3/6)

Tommy Sigmundstad

SVP drilling and wells

Employment, experience, skills and education: Sigmundstad has been the SVP drilling and wells at Aker BP since 2016. Prior to this, he was VP wells at BP Asia Pacific.

Sigmundstad has broad experience within the oil and gas industry from companies such as Baker Hughes and Philips, before joining BP in 2000. Within BP, Sigmundstad has held various operational, engineering and management positions in Norway, the United Kingdom, Azerbaijan and Indonesia.

Sigmundstad holds a master's degree in petroleum engineering from the University of Stavanger.

Key external appointments:

Sigmundstad is a member of the board of directors at Fishbones.

Per Øyvind Seljebotn

SVP exploration and reservoir development

Marit Blaasmo

SVP people and safety

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

Employment, experience, skills and education:

Blaasmo has been the SVP people and safety since 2022. She was previously the SVP HSSEQ from 2019. Prior to this, she held the position as responsible for the drilling and wells performance and improvement agenda. Blaasmo has been with the company since 2017.

She holds more than 18 years' experience from Equinor and Baker Hughes INTEQ and has held multiple operational and management positions within drilling and wells disciplines.

Blaasmo holds a master's degree in petroleum engineering from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

None

Aker BP shares*:	1,439
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1970

Aker BP shares*: 1,712 Family relations BoD/EMT**: No Citizenship: Norwegian Residency: Norway Born: 1973

Aker BP shares*:	9,046
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1975

Employment, experience, skills and education:

Seljebotn has been the SVP exploration and reservoir development since joining the company in 2022.

Seljebotn has more than 20 years of experience in exploration activity and oil recovery on the Norwegian continental shelf and the UK continental shelf. He previously spent 10 years at Lundin in various positions. He was responsible for reservoir development at Lundin starting in 2015, and in 2020 he also took on responsibility for exploration at Lundin. Seljebotn has also worked for Marathon Oil, Noreco and ExxonMobil.

Seljebotn holds a master's degree in geophysics from the Norwegian University of Science and Technology (NTNU).

Key external appointments: None

Executive management team (4/6)

Thomas Øvretveit

SVP operations

Employment, experience, skills and education: Øvretveit assumed the position of SVP operations in May 2024, after serving as SVP Skarv since 2022.

Øvretveit has more than 25 years of experience from various positions at Equinor, including head of the process plant at Mongstad refinery, production manager on Troll and Oseberg, improvements manager, offshore installation manager (OIM), superintendent and O&M manager, as well as process engineer and process technician. He started out as an apprentice at Mongstad in 1996.

Øvretveit is a process engineer and skilled worker, and has completed military officer training.

Key external appointments:

None

Aker BP shares*:	2,110
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1978

Georg Vidnes SVP Grieg Aasen

Employment, experience, skills and education:

Vidnes has been the SVP Grieg Aasen since May 2024, after heading up operations since 2020. Vidnes started working for the company in 2019, where his first role was as project manager for establishing the company's operating model.

Vidnes has more than 25 years of experience from operating companies such as Statoil, Talisman and Repsol Sinopec, with an emphasis on drilling and wells, asset management, operations and major change projects. He has held positions as offshore installation manager (OIM), VP production, area director, and has been at the helm of major organisational transition projects.

Vidnes holds a master's degree in mechanical engineering from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

None

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

Ine Dolve

SVP Alvheim

Employment, experience, skills and education:

Dolve has been the SVP Alvheim since 2022, coming from the position of SVP operations and asset development. She has worked with the company since 2010 and has been involved in various key projects to develop and improve both company and industry performance.

Before joining Aker BP, she worked in management consulting (PwC) within finance, management of change and digitalisation for oil and gas. She also has several years of experience from the armed forces, nationally and internationally.

Dolve holds a master's degree in finance and international management from Norwegian School of Economics (NHH)/Esade, Barcelona. She is also educated at the Air Force Officer Candidate School and the Norwegian Naval Academy in Bergen.

Key external appointments:

Aker BP shares*:	9,065
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1975

Executive management team (5/6)

Lars Høier

SVP Yggdrasil

Employment, experience, skills and education: Høier has been the SVP Yggdrasil since 2020. He joined Aker BP in 2019 as VP for concept development and technology.

Høier has more than 20 years of experience from Equinor, with positions as SVP for R&D, as well as production director for several assets, including the Troll field.

Høier holds a Master of Science degree in physics from the University of Oslo and a PhD in petroleum technology from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

None

Aker BP shares*:	12,701
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1967

Ole Johan Molvig SVP Valhall

Employment, experience, skills and education: Molvig has been the SVP Valhall since 2020, coming from the

Molvig has worked for the company since 2009, and came to Aker BP via Det Norske, where he held the position of VP subsurface.

Molvig has extensive and varied experience in the oil and gas industry. He has worked for companies such as ExxonMobil, Statoil and Marathon Oil.

Molvig has a master's degree in mechanical engineering from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

position of SVP reservoir.

None

22,065
No
Norwegian
Norway
1972

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

SVP Ula

Employment, experience, skills and education:

Arif has been the SVP Ula since February 2024. She comes from the position of HSSEQ manager for field operations, where she held responsibilities for HSSEQ, occupational health and environmental aspects related to Aker BP's producing assets. Arif has been with the company since 2015 and brings extensive expertise in risk management, HSSEQ, performance and improvement.

Prior to joining Aker BP, Arif worked with HSSEQ at Shell. She also gained experience in supply chain management, maintenance and data management at BP Norge.

Arif holds a bachelor's degree in computer engineering and a master's degree in security and risk management from the University of Stavanger.

Key external appointments:

Aker BP shares*:	5,883
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1986

Executive management team (6/6)

* Number of shares in Aker BP ASA as of 31 December 2024

** Family relations to other members of the BoD or members of the EMT

Marte Mogstad

SVP Skarv

Employment, experience, skills and education:

Marte Mogstad assumed the role of SVP Skarv in May 2024. She joined the company from her position as executive vice president at Aker Solutions.

She brings over 20 years of experience from the oil and gas and renewable energy sectors. Throughout her career, Mogstad has held several leadership positions in operational management and business development, including three years as a member of the executive management team at Aker Solutions, responsible for Engineering and, most recently, New Energies.

Mogstad holds a master's degree in mechanical engineering from the Norwegian University of Science and Technology (NTNU).

Key external appointments:

Aker BP shares*:	3,281
Family relations BoD/EMT**:	No
Citizenship:	Norwegian
Residency:	Norway
Born:	1976

Board of directors' report

Business description
The annual accounts
Other reporting
Risk factors
HSSEQ in Aker BP's operations
Sustainability statement
Independent auditor's statement

Aker BP is a pure-play oil and gas company that has expanded to become the second-largest operator on the Norwegian continental shelf (NCS) through a combination of organic growth and mergers and acquisitions. The company's vision is to be the exploration and production (E&P) company of the future, characterised by safe and efficient operations, low costs, low emissions and a leading role in the transformation of the industry.

Environmental, social and governance (ESG) issues are of the highest importance to Aker BP's board of directors (BoD). The BoD recognises its responsibility for the safety of people and the environment, devoting appropriate time and resources to comply with all regulations and adhering to the highest standards in the oil and gas industry concerning health, safety, security, environment and quality (HSSEQ).

OPERATIONS AND PROJECTS

Aker BP delivered strong operational performance in 2024, marked by high production efficiency, low costs and low emissions. The high production levels of 439 (457) mboepd per day were driven by strong contributions from Johan Sverdrup and

the ramp-up of Tyrving in the Alvheim area. Our field development projects progressed as planned, with capital expenditures in line with guidance.

Average production efficiency across the portfolio remained high at 93 (94) percent, as the capacity realisation rebounded following seasonal maintenance in the third quarter.

The strong operational performance was reflected in low production cost and greenhouse gas emission intensity, which stood at USD 6.2 (6.2) per boe and 2.6 (2.9) kg CO2e per boe, respectively.

The portfolio of field development projects progressed as planned and within budget. Onshore, the primary focus is on construction activities and assembling topsides and jackets at the yards. Offshore, subsea installation activities are underway, and drilling campaigns are being planned and executed.

Beyond the current producing fields and ongoing development projects, several promising projects are being matured. Among others, these include new tie-backs at Skarv, as well as Wisting, Johan Sverdrup phase 3, Garantiana and Frigg East.

Exploration activities remained high throughout the year. A total of 15 exploration and appraisal wells were completed, of which six resulted in discoveries with commercial potential.

FINANCIAL PRIORITIES

Aker BP's capital allocation framework is built around three key priorities to maximise long term value creation. The first priority is to minimise cost of capital and maintaining financial flexibility throughout economic cycles by protecting the company's investment grade credit profile. The second is to fund the company's investment programme, designed to drive profitable growth and maximise long-term value creation. The third priority is to return value to shareholders, primarily through a resilient and growing dividend.

In 2024, Aker BP retained its investment-grade credit ratings from the three leading rating agencies. The company executed multiple bond market transactions, issuing an EUR 750 million 8-year bond, a USD 750 million 10-year bond and a USD 750 million 30-year bond while repurchasing short-term maturities. Additionally, the company extended its undrawn revolving credit facility (RCF) by three years to 2029, with option

to further extend the final maturity to 2030. By the end of 2024, Aker BP's financial position was stronger than ever, with total available liquidity of USD 7.5 billion and a conservative leverage ratio of 0.29.

The company is currently in a phase of high investment activity, driven by major field development projects at Yggdrasil and Valhall PWP-Fenris, as well as several tieback projects at Skarv and Grieg Aasen. These projects remained on track in 2024 and are set to significantly boost production and cash flow from 2027. Based on current plans, Aker BP's production is expected to reach 525,000 boe per day in 2028.

The BoD remains focused on maximising longterm shareholder value and believes that Aker BP is well-positioned for further value-accretive growth on the NCS. Over time, the value created will be distributed to shareholders through dividends, potentially supplemented by share buybacks. In 2024, Aker BP paid a dividend of USD 2.40 per share. The ambition is to increase the dividend by at least five percent annually throughout the current investment cycle, supported by strong operational cash flow and a strong balance sheet.

Business description

DESCRIPTION OF THE COMPANY

Aker BP is a Norwegian oil and gas company engaged in exploration, development and production activities on the NCS. As of 31 December 2024, its market capitalisation was USD 12.4 (18.4) billion (NOK 140.1 (186.8) billion). The headquarter is located at Fornebu, outside Oslo, Norway, with branch offices in Stavanger, Trondheim, Sandnessjøen and Harstad, Norway. Aker BP had approximately 3,000 (2,700) employees and a portfolio of 196 (182) licences, with 132 (127) as the operator and 64 (55) as a partner as of 31 December 2024.

PRODUCTION ASSETS AND FIELD DEVELOPMENTS

In 2024, Aker BP's average oil and gas production totalled 439.0 (456.8) mboepd. Of the volumes sold, 86 (86) percent was oil and liquids, while 14 (14) percent was natural gas. The production primarily comes from six major hubs: Alvheim, Grieg Aasen, Johan Sverdrup, Skarv, Ula and Valhall.

Table 1: Production per asset in 2024 and 2023

Production (mboepd)	2024	2023
Alvheim	57.5	38.6
Johan Sverdrup	238.6	237.9
Valhall	47.4	50.0
Skarv	33.6	39.4
Ula	5.9	8.5
Grieg Aasen	55.9	82.4
Total	439.0	456.8

Figure 2: Key figures 2024

Production cost

6.2 USD/boe

Equity share scope 1 and 2 GHG intensity 2.6

kg CO2e/boe

Total recordable injuries frequency

1.9

2,962 employees

Serious incident frequency

Remaining 2P reserves

Johan Sverdrup

The Johan Sverdrup field, operated by Equinor, started production in October 2019. Phase 1 included four bridge-linked platforms, oil and gas export pipelines, three subsea water injection templates, and 20 pre-drilled wells. Phase 2 added a second processing platform, upgraded the riser platform, installed five subsea templates and boosted power from shore supply capacity from 100 to 300 MW.

Processing capacity began at 440 mbblpd in 2019 and was successfully increased to 755 mbblpd in 2023 after the addition of the Phase 2 platform and several other de-bottlenecking activities.

The field has since produced with high regularity at or around the new capacity level. In 2024, production from Johan Sverdrup reached a new all-time high and surpassed the oil production record by any field on the NCS in a single year. By the end of 2024, the field had produced more than one billion barrels over five years of production, 90 percent of which had been exported to the European market.

Drilling activity has remained high, with the field expected to reach 41 producers within the first quarter 2025. Drilling from the field centre will continue in the years to come and in 2025 there are plans to add another four lateral branches to existing production wells.

Furthermore, the Johan Sverdrup Phase 3 project passed final concept selection in December 2024. The project aims to add two new subsea

templates, comprising a total of eight wells tied back to existing infrastructure. Final investment decision is scheduled for the second quarter 2025.

Based on strong production performance and enhanced recovery measures, the operator has raised its ambition of total ultimate volume recovery to 75 percent. This is an increase from the previous ambition of 70 percent and the original PDO estimate of 65 percent.

In accordance with the unit agreement, the partners Aker BP and TotalEnergies in January 2025 called for a redetermination process in the Johan Sverdrup unit. The purpose is to review and, if relevant, revise and re-allocate each unit owner's equity share in the Johan Sverdrup unit based on the new knowledge acquired through drilling and production since the unit agreement was established in 2015.

Johan Sverdrup's 300 MW power from shore facilities also serve several surrounding fields in the greater Utsira High area, including Grieg Aasen, operated by Aker BP. In total, it is estimated that this will lead to an annual reduction of nearly 1.2 million tonnes of carbon dioxide emissions across the various fields.

Alvheim area

The Alvheim area consists of the fields Alvheim, Volund, Vilje, Bøyla, Skogul and now Tyrving, which was successfully added to production in 2024. All fields are operated by Aker BP and are being produced through the Alvheim FPSO. The oil is exported by shuttle tankers, and the

produced gas is exported through the Scottish Area Gas Evacuation (SAGE) system.

Production from the Alvheim area increased to 57.5 (38.6) mboepd in 2024. The main drivers behind the increase were high production efficiency as the fields recovered from maintenance activities in 2023 and strong contributions from the new fields Kobra East & Gekko (KEG) and Tyrving.

The Tyrving development project started production in September, five months ahead of plan. All three wells are now in production. This marks the end of a successful string of projects in the recent history of the Alvheim area, with both Frosk and Kobra East Gekko coming on stream in 2023, and now Tyrving in 2024. A key denominator across the projects has been successful and advanced drilling and excellent work in the subsea alliances, with special recognition to be made for the strong performance on KEG and Tyrving. An effective handling of the complex drilling programmes and acceleration of subsea scopes resulted in lower costs and better economics than original expectation for both projects.

In parallel to the tie-in projects, the partnership is continuously evaluating measures to increase oil and gas recovery. In the fourth quarter 2024 an infill target passed final investment decision, with first oil planned for fourth quarter 2025.

Valhall area

The Valhall area, operated by Aker BP, includes the Valhall and Hod fields in the southern Norwegian

North Sea. The infrastructure features a field centre with three bridge-connected platforms and five unmanned flank platforms. Oil is exported via pipeline to Teesside, and gas via Norpipe to Emden, Germany.

In 2024, Aker BP's net production from Valhall averaged 47.4 (50.0) mboepd, with production efficiency stable at 85 (85) percent.

The partnership continues to identify upside potential in the area, and two new infill targets have been matured towards an investment decision in the first quarter 2025. Additionally, the permanent plugging and abandoning of eight wells at Hod A was completed in 2024.

Valhall PWP-Fenris

The Valhall PWP-Fenris project progressed as planned throughout the year, with fabrication and construction activities advancing at multiple sites. Modification work continued at the existing Valhall facilities, while key offshore campaigns for the Fenris field, including trenching and subsea rock installation, were completed. The first well on the Fenris field was finalised, and drilling of the second well commenced in the fourth quarter.

The project includes a new production and wellhead platform (PWP) at Valhall and an unmanned installation at Fenris, tied back to the PWP. It aims to recover 230 mmboe gross, with production expected to start in 2027. The modernisation will extend Valhall's operations beyond 2028, utilising the power-from-shore system to keep emissions below 1 kg CO2 per boe.

Skarv area

The Skarv area in the northern part of the Norwegian Sea consists of several fields, including Skarv, Idun, Tilje, Ærfugl, Gråsel and Idun Tunge, which are all produced through the Skarv FPSO, and is operated by Aker BP. The oil is offloaded to shuttle tankers, while the gas is transported to the Kårstø terminal in a pipeline connected to the Åsgard Transport System.

Net production from the Skarv Area was 33.6 (39.4) mboepd in 2024 with a production efficiency of 89 (96) percent. The reduction compared to last year was driven by planned maintenance in the third quarter, coinciding with a turnaround at Kårstø.

During the shutdown, Skarv completed its largest turnaround to date, focusing on essential maintenance, integrity work, and project preparations to support the ongoing Skarv Satellite Project.

In parallel, the Skarv Satellite project made strong progress during the year and is now preparing for the 2025 subsea installation and drilling campaigns. The project encompasses three separate developments in the Skarv area – Alve Nord, Idun Nord, and Ørn – which will be tied back to the Skarv FPSO. Aker BP is the operator of the 120 mmboe (gross) sized project, with production expected to begin in 2027.

Meanwhile, measures to increase recovery at Skarv are continuously being evaluated. Two new infill wells were planned during 2024 and drilled in the fourth quarter. The first well was completed and successfully put on stream during the quarter,

while the second suffered damage to the wellbore during drilling and has been temporarily plugged.

Grieg Aasen

Grieg Aasen is situated in the North Sea and consists of two fields, Edvard Grieg and Ivar Aasen. In 2022, Aker BP acquired the operatorship of Edvard Grieg from Lundin Energy and is now operating both fields as one organisational unit. At Ivar Aasen, initial processing takes place on the platform itself, with partially processed fluids then transported to the Edvard Grieg platform for final processing and export. The fields are powered with electricity from shore.

Aker BP's net production from Grieg Aasen averaged 55.9 (82.4) mboepd in 2024. The reduction from 2023 is largely due to natural decline. Production efficiency was sustained at high levels of 95 (94) percent, with only minor impact from the scheduled maintenance on the SAGE gas export system in the third quarter.

The Hanz project was completed and put on stream in the second quarter in 2024. Hanz is a subsea field development tied into the Ivar Aasen platform about fifteen kilometres to the south.

The Utsira High project, which was sanctioned in December 2022, is well into the execution phase. Currently, testing of subsea equipment is progressing well, alongside preparations for the subsea installation and the 2025 drilling program. The project features two subsea tiebacks: Symra, which will connect to the Ivar Aasen platform, and Solveig Phase 2, which will tie into the Edvard Grieg platform. Total recoverable reserves are

estimated to 87 mmboe (gross), with production from both fields anticipated to start in 2026.

Ula area

The Ula area consists of the fields Ula, Tambar, Blane and Oda, which are all being produced through the Ula field centre. Aker BP is operator for the Ula and Oda field, as the operatorship for Oda was transferred to Aker BP early 2025. The oil is exported via Ekofisk to Teesside, while the gas is reinjected into the Ula reservoir to enhance oil recovery.

Net production for Aker BP from the Ula area averaged 5.9 (8.5) mboepd in 2024. The production efficiency was 69 (77) percent, impacted by planned well maintenance activities in the third quarter.

A sidetrack well in the Tambar area is nearing completion, with first oil expected towards the end of the first quarter 2025.

Production in the Ula area is expected to cease by 2028. A decommissioning project has been initiated and is progressing towards a concept select decision in the second half of 2025.

Yggdrasil area

The Yggdrasil area, currently under development by Aker BP and its partners, is estimated to contain approximately 700 mmboe in recoverable resources, included in the current development scope. There is further upside potential in the area, and Aker BP's ambition is to raise the total recoverable resources to above one billion barrels. The development encompasses a central

processing platform (Hugin A), two unmanned platforms (Munin and Hugin B), extensive subsea infrastructure and over 50 planned wells. The facilities will be powered by renewable electricity from shore, resulting in minimal greenhouse gas emissions. Production is expected to commence in 2027.

Now two years into the execution phase, the Yggdrasil development is progressing according to plan. Construction and assembly activities for the topside modules and jackets are a primary focus, with significant milestones achieved in 2024. The assembly of the Hugin A topside began at the yard at Stord, while in Haugesund, the assembly of the Munin topside is progressing well. Ongoing engineering, procurement and fabrication activities remain on schedule.

Extensive new data from Ocean Bottom Node (OBN) seismic surveys and exploration wells gathered in recent years have significantly enhanced the subsurface team's understanding of the Yggdrasil reservoir. This improved reservoir model has reduced risks and enabled optimal well placement and further upside potential in the area. Detailed well planning is underway, with drilling operations set to start after the summer of 2025, when the first two rigs will begin drilling production wells in the area.

Development of the 2023 oil discovery at Frigg East is also advancing. This discovery is planned to be integrated into the Yggdrasil project, with the development concept already selected and the project moving towards a final investment decision in the second quarter of 2025.

Court of Appeal Ruling on Temporary Injunction

In January 2024, Oslo District Court ruled that the Ministry of Energy's approvals of the PDOs for the Breidablikk, Tyrving, and Yggdrasil fields were invalid due to procedural errors, specifically the failure to assess end-user combustion emissions. A temporary injunction initially halted the issuance of new permits based on these PDOs. However, the injunction was lifted by Borgarting Court of Appeal, allowing permitting to continue. This decision has been appealed to the Supreme Court, with proceedings scheduled in March. The main case, including an advisory opinion from the EFTA Court, is anticipated to be heard in 2025.

Aker BP, operator of Yggdrasil and Tyrving, is not involved in the court case. The PDO approvals remain valid for the company, which continues both projects as planned. Tyrving began production in September 2024, and Yggdrasil is progressing on schedule.

EXPLORATION ACTIVITIES

Aker BP is among the most active exploration companies on the NCS, participating in 10 to 15 exploration wells annually. The NCS remains a highly attractive basin with substantial potential

for new discoveries. The latest report from the Norwegian Offshore Directorate estimates up to 22 billion barrels recoverable resources are yet to be found.

The company's exploration strategy is driven by two primary objectives. The first is to discover commercial resources close to existing infrastructure. These types of discoveries typically offer short lead times, strong economics, and enhanced capacity utilisation at host facilities, contributing to lower unit costs. The second objective is to identify resources large enough to support new stand-alone field developments. While the activity level within each category may vary from year to year, Aker BP aims to maintain approximately 80 percent of its exploration efforts within the first category over time.

In 2024, Aker BP participated in a total of 15 exploration and appraisal wells, of which six resulted in discoveries with commercial potential. Several key results were in areas of existing infrastructure such as the Storjo, Sabina and Adriana wells, which all will be considered as future tie-ins to the Skarv FPSO. The Trell North well, which was drilled in the first quarter and confirmed upside potential in the Tyrving development, was put on stream in the second half of the year.

Aker BP also participated in several other interesting discoveries such as Othello/Falstaff and Ringhorne North. The company holds 20 percent interest in each of them.

In January 2025, Aker BP was offered interests in 19 new production licences offshore Norway, of which 16 as operator, through the APA 2024 licencing round. Of the 19 production licences awarded to Aker BP, 14 are in the North Sea (11 as operator) and 5 in the Norwegian Sea (5 as operator). Notably, Aker BP was allocated new acreage in the Frigg area, which is close to the ongoing Yggdrasil development, further increasing the upside potential in the area.

RESEARCH AND DEVELOPMENT

Advanced technology plays an important role in Aker BP's vision of becoming the E&P company of the future. To drive innovation and build expertise in next-generation technologies, Aker BP manages a corporate-level R&D portfolio, overseen by an R&D Council comprising members from various business units.

The company invests in R&D across the entire value chain, maintaining a balanced portfolio

that spans knowledge and methodology development, physical technology advancements, and digital/software innovations. In 2024, Aker BP spent approximately USD 36 million on its R&D portfolio.

In 2024, Aker BP advanced its R&D efforts, driving innovation and technological progress to enhance operational efficiency, develop marginal fields, and reduce emissions.

Our focus spanned key technology areas across the entire value chain, including seismic imaging and data processing, robotics and drones for both topside and subsea applications, efficient drilling and well operations, as well as cost-effective plug and abandonment (P&A) and decommissioning solutions.

The initiatives sanctioned in 2024 were designed to unlock remaining resources, reduce operational costs, and increase production efficiency. A key priority is maximising value creation through digitalisation and automation. Our efforts are particularly concentrated on subsea intervention, seismic data imaging, and processing. Looking ahead, we are evaluating technologies for next-generation subsea tiebacks and downhole processing.

The annual accounts

The group and parent prepare its financial statements in accordance with IFRS® Accounting Standards as adopted by EU and the Norwegian Accounting Act. Figures in brackets apply to the previous year.

INCOME STATEMENT

The group's total income amounted to USD 12,379 (13,670) million. Total production volume was 160.7 (166.7) mmboe. The average realised liquids price was USD 80.1 (81.6) per barrel, while the realised price for natural gas averaged USD 62.9 (74.3) per boe.

Production costs for the oil and gas sold in 2024 were USD 916 (1,060) million. Production costs per boe produced in 2024 amounted to USD 6.2 (6.2). Exploration expenses amounted to USD 327 (266) million, mainly related to dry and non-commercial wells, seismic data, field evaluation and general exploration activities. Depreciation amounted to USD 2,398 (2,407) million.

Impairments amounted to USD 422 (890) million, mainly related to Grieg Aasen area, Valhall area and Johan Sverdrup. For more information about the impairment charges, see note 14 in the financial statements.

Other operating expenses amounted to USD 54 (58) million.

Net financial expenses amounted to USD 215 (225) million, mainly related to interest expenses and accretion, while net currency gains are largely offset by impacts from related currency derivatives. Financial items are further outlined in note 10 in the financial statements.

The group reported an operating profit of USD 8,264 (8,989) million. The pre-tax profit amounted to USD 8,049 (8,764) million. Tax expense amounted to USD 6,221 (7,428) million, of which USD 3,883 million is tax payable.

The tax rules and tax calculations are described in note 1 and note 11 in the financial statements.

The net profit was USD 1,828 (1,336) million, while other comprehensive income amounted to USD 0 (0) million.

The BoD proposes that the profit for the year is transferred to retained earnings.

STATEMENT OF FINANCIAL POSITION

Total assets at year end amounted to USD 42,193 (39,047) million.

Equity amounted to USD 12,691 (12,362) million at the end of 2024, corresponding to an equity ratio of 30 (32) percent. Net interest-bearing debt, including lease debt, was USD 3,929 (3,114) million.

The bond debt increased to USD 7.4 (5.8) billion. In 2024, the company issued three new bonds totalling USD 1.5 billion and EUR 750 million. Subsequently, USD 668 million of the proceeds were used to repurchase parts of the company's outstanding bonds with maturities in 2025 and 2026.

At the end of the year, the company had total available liquidity of USD 7.5 (6.8) billion, comprising USD 4.1 (3.4) billion in cash and cash equivalents and USD 3.4 (3.4) billion in undrawn credit facilities. For information about terms on

the credit facilities, see note 19 in the financial statements. Financial covenants for the company's debt instruments were comfortably within applicable thresholds. The company has a robust balance sheet and ample financial flexibility.

Three credit rating agencies, S&P, Fitch, and Moody's currently rate Aker BP. All agencies have assigned BBB/Baa2 credit rating with stable outlook.

STATEMENT OF CASH FLOW

Net cash flow from operating activities amounted to USD 6,423 million, an increase from USD 5,407 million in 2023, positively impacted by USD 2,691 million in decreased tax payments partly offset by lower petroleum revenues and negative working capital movements.

Net cash flow used in investment activities amounted to USD 5,315 (3,468) million. The main item was investments in fixed assets of USD 4,774 (3,172) million.

Net cash outflow used in financing activities was USD 284 million, compared to an outflow of USD 1,309 million in 2023. The main items consisted of the issuance of new bonds amounting to USD 2,289 million, repayment of bonds amounting to USD 646 million and dividend disbursements of USD 1,517 (1,390) million.

ACCOUNTING STANDARDS

The accounting principles used for the 2024 annual financial statements are consistent with the principles used in the 2023 annual financial statements.

THE GOING CONCERN ASSUMPTION

Pursuant to the Norwegian Accounting Act section 2.2 no.8, the BoD confirms that the requirements of the going concern assumption are met and that the annual accounts have been prepared on that basis. The BoD considers the financial position and the liquidity of the company to be sound. Cash

flow from operations, combined with the total available liquidity, is expected to be more than sufficient to finance the company's commitments in 2025.

In the BoD's view, the annual accounts give a true and fair view of the company's assets and liabilities, financial position, and results. The BoD is not aware of any factors that materially affect the assessment of the company's position as of 31 December 2024, or the result for 2024, other than those presented in the BoD's report or that otherwise follow from the financial statements.

EVENTS AFTER THE REPORTING PERIOD

The company has not identified any event with significant accounting impacts that have occurred between the end of the reporting period and the date of this report, that require accounting recognition or disclosure in the financial statements.

Other reporting

CORPORATE GOVERNANCE

Aker BP believes that strong corporate governance, with clearly defined roles and responsibilities for the shareholders, the BoD and the EMT, is essential to delivering on the company's long term value creation plan.

The BoD of Aker BP is responsible for maintaining the highest corporate governance standards. The BoD carries out an annual review of the company's principles. The company complies with relevant rules and regulations for corporate governance, including the most recent version of the Norwegian Code of Conduct for Corporate Governance, published on 14 October 2021, unless otherwise specified. The Board of directors' report on corporate governance is included in the annual report.

RESERVES AND RESOURCES REPORTING

Aker BP complies with guidelines from Oslo Stock Exchange and the Society of Petroleum Engineers' (SPE) classification system for quantification of petroleum reserves and contingent resources. Total net P90/1P reserves are estimated at 1,071 (1,127) mmboe, while net P50/2P reserves amounted to 1,568 (1,716) mmboe at year end 2024. The contingent resources (2C) remained stable at 802 mmboe from 804 mmboe at the end of 2023. This combined 2P/2C resource base represents an excellent opportunity set for

profitable growth. See note 31 in the financial statements for a more detailed review of the resource accounts, as well as the separate reserves report. The reserves have been certified by an independent third party.

OTHER REPORTING REQUIREMENTS

In addition to this BoD report, the corporate governance report and the financial statements, the annual report includes other mandatory reporting, such as:

• – EU taxonomy reporting (included in section 2 Climate change of the sustainability statement)
• – Transparency Act statement
• – Reporting of payments to governments
• – Remuneration report

DIRECTORS AND OFFICERS LIABILITY INSURANCE

The directors and officers of Aker BP are covered under directors and officers liability insurance (D&O). This insurance extends to personal legal liabilities, including defence and legal costs. The coverage applies to officers and directors of the parent company and all subsidiaries worldwide (owned more than 50 percent). Additionally, the insurance includes employees in managerial positions or employees who become named in a claim or investigation.

Risk factors

Response and measures used to manage or mitigate our risks are embedded in our governance and business management system complemented by our risk management framework. Risk management is integrated in our activities and permeates and supports our decision-making. Communication of risks arising across the value chain and assets is ensured by our enterprise risk process, which encompasses all business units.

The risk factors highlighted below could have a material adverse effect separately, or in combination, on our financial condition. They are classified according to four categories: operational, financial, strategic and ethics and compliance. Aker BP must manage these risks effectively to sustain its longterm success and growth. This requires continuous monitoring, assessment, and management of risks, as well as the implementation of appropriate mitigation strategies to reduce exposure to these risks. Some of the key company risks are summarised in the section below.

OPERATIONAL RISKS

Operational risks are risks associated with the day-to-day operations of the company, including health, safety, security, environment and quality (HSSEQ) risks, production disruptions, and technological challenges.

Health, Safety, Environment and Quality

Exploration, development, and production of oil and gas involve numerous safety and environmental hazards that may affect our people, the

environment, as well as cause material losses or additional expenditures. Examples of such hazards are fires, process-related events, collisions or well control issues, which are all significant risks within the oil and gas industry.

Impact

Occurrence of any such serious events go against our values and our safety first priority. They may lead to harm to personnel and also directly or indirectly result in material losses and adversely impact our cashflow and financial position.

Mitigation in place

The company has a business management system (BMS) in place which is fundamental for safe operations and execution of safety critical activities. The BMS is continuously improved by incorporating lessons learned through the execution of work and by implementing improvements identified through assurance activities. The company also works continuously to improve the HSSEQ culture in all parts of its operations, onshore and offshore. Further details on HSSEQ risks are included in the sustainability statement, in particular within the Environment and Social section.

Security

Security threats can cause significant harm to the company's employees, operations and assets both onshore and offshore. These threats can for example include terrorism, unauthorised access, sabotage, insider threats, activism and acts of violence.

Impact

Possible consequences of physical security breaches include damage to critical infrastructure, disruption of operations, and potential harm to personnel. Such incidents could adversely impact the company's business performance, reputation, and financial losses.

Mitigation in place

Aker BP prioritises physical and personnel security, with the BoD and management actively addressing this concern. The company has implemented a holistic security governance, as described in our Security policy. The company employs comprehensive security measures to protect its assets, including technical monitoring systems, access controls, preventive insider threat controls and security personnel. Aker BP is also cooperating with different Norwegian authorities and relevant external parties to reduce the risk of external threats to the company's assets. Further details on the company's holistic security approach can be found in section 10.5 within the Governance section of the sustainability statement.

Information and cyber security risk

In all industries, the potential for cyber intrusion poses risks such as economic loss, information data loss, data privacy infringement, and system irregularities.

Impact

Possible consequences include misappropriation of proprietary information, opportunities for financial fraud, and disruptions to the company's activities, including a potential reduction or halt

in production. Threats may involve adversaries gaining access to company systems, the introduction of malicious computer code, or denial-of-service attacks. Such security breaches, whether actual or perceived, could adversely impact the company's business performance, reputation, and create exposure to information loss, litigation, and potential liability.

Mitigation in place

Aker BP prioritises cybersecurity, with the BoD and management actively addressing this concern. All employees, including the BoD, are mandated to undergo annual cybersecurity training.

Further details on the company's cybersecurity impact and risks are detailed within the Governance section of the sustainability statement.

Project execution and fabrication

Aker BP's current activity portfolio includes many development projects. Oil and gas projects may be curtailed or delayed for many reasons such as health and safety incidents, quality issues, changes in installation schedules, delays in the supply chain or missed targets.

Impact

The impact of issues in development projects includes the risk of cost overruns and a delay in production that could affect liquidity. Delays and cost overruns would also reduce the value of the project portfolio and future operations.

Mitigation in place

A highly competent project organisation is following the Business Management System (BMS) processes of Aker BP and our alliance partners for developing and delivering projects. The alliance model facilitates alignment of interests between alliance partners and the company, with risksharing between the parties resulting in higher efficiency and fewer cost overruns. Efforts to improve the alliance model and optimise incentive structures are continuously ongoing.

Supply chain

Post-pandemic supply chain bottlenecks persist, affecting capacity and resources across various industries. Long lead times in manufacturing are causing delays in the availability of spare parts and the execution of development projects. Concurrently, the oil and gas industry in Norway is experiencing increased activity, driven in part by the temporary changes to the Norwegian petroleum tax system introduced in 2020. Additionally, there is a noticeable shift in supplier prioritisation toward the military market.

Integrity-related risks pose potential threats to the supply chain, encompassing concerns such as corruption, sanctions, human rights violations, and the maintenance of decent working conditions.

Impact

The high demand and limited capacity in the supply chain may lead to higher labour and fabrication costs, as well as delays in the supply of critical deliverables.

Mitigation in place

Close follow-up of key suppliers, along with the identification and securing of capacity, contributes to mitigating supply chain risks. Our alliance model also enhances a more predictable and reliable supply chain. Aker BP has a robust supplier due diligence process in place to identify and address integrity risks related to suppliers should they occur.

Operational and technical challenges risk

The company operates in a complex environment, where it may face operational and technical challenges that could affect its production, performance and reputation. These challenges include equipment failures, human errors, accidents, weather conditions, and could lead to various consequences, including HSSEQ incidents, production and other performance metrics below expectations, as well as impacting other parts of the organisation such as delays to the project portfolio.

Impact

Operational and technical challenges could result in harm to people or the environment, loss of production, increased costs, reduced efficiency, damage to assets, or delays to some critical phases of the project portfolio.

Mitigation in place

The company has robust operating procedures, maintenance programs, quality assurance systems, contingency plans and crisis management protocols to prevent, detect and respond to operational and technical challenges. The company also invests in technology development, innovation and digitalisation to enhance its operational excellence and resilience. The company fosters a culture of continuous improvement and learning from incidents.

Business continuity

Business continuity risk refers to the potential for disruptions in the company's operations due to unexpected events such as natural disasters, cyber-attacks, or other crises. For the company, these disruptions could impact the company's ability to maintain essential functions, meet production targets, and uphold its commitments to stakeholders.

Impact

Such disruptions could lead to substantial financial losses, damage to the company's reputation, and a loss of investor confidence, due to reduced efficiency of operations, delays in project execution and a potential decline in market share. The magnitude of the negative impact is often closely related to the business' ability to manage such adverse events.

Mitigation in place

To mitigate business continuity risks, the company has implemented a comprehensive crisis management framework that includes emergency response plans to manage an initial event and business continuity plans to mitigate business disruptions and restore normal operations. Operational resilience through e.g. investments in technology and strong supply chain management.

FINANCIAL RISKS

Financial risks are related to the company's financial performance and stability, including currency risks, interest rate risks, and credit risks. Financial risks can have a significant impact on Aker BP's revenue and profitability, and the company must manage its financial exposure effectively.

Insurance Risk

Aker BP may face potential challenges related to insuring its activities and assets. It could be either insufficient coverage or difficulties in securing insurance at reasonable rates. As a consequence, the company could be exposed to significant financial liabilities in the event of unforeseen incidents.

Impact

Inadequate insurance coverage or difficulties in obtaining insurance could expose Aker BP to substantial financial losses in the event of incidents, natural disasters, or other unforeseen events. Such exposure could negatively affect the company's financial performance, drain resources, and impact its ability to sustain operations.

Mitigation in place

To mitigate insurance risks, Aker BP conducts regular reviews of its insurance policies to ensure adequate coverage and alignment with industry standards. The company engages with multiple insurance providers to secure competitive rates and diversify its insurance portfolio. Additionally, Aker BP employs risk assessment and management practices to minimise potential liabilities and ensure timely adjustments to its insurance strategy.

Reporting risk

Delayed or inaccurate financial and non-financial reporting may increase the risk of regulatory action, fiscal uncertainty, shareholder lawsuits and loss of investor confidence.

Impact

Such errors and omissions, should they be significant, could drain senior management attention and require measures diverting efforts and prospects for growth. Inaccuracies could adversely affect our strategic decision making, productivity, slow growth and therefore may impact our cash flows and financial condition. The company's reputation and goodwill could also be adversely affected.

Mitigation in place

Financial reporting is subject to internal controls, a regular management reporting process and is verified by audits. The Aker BP Audit and Risk Committee (ARC) is responsible for the oversight of the internal controls, risk management and audit process and making recommendations or proposals to improve the integrity of reporting. Details on the committee's work is available in the Board of directors' report on corporate governance. The risk around non-financial reporting is further described in the sustainability statement in

section 1.3.6.

Financial liabilities and financing of the company

Adverse developments in the company's operations or projects, as well as adverse developments in oil and gas prices, may lead to a need for additional capital, which could increase the company's debt levels above industry standards. The company has covenants related to its financial commitments. Failure to comply with financial and other covenants may result in material adverse consequences, including the need to refinance, restructure, or dispose of certain parts of the company's business to meet its financial obligations. There can be no assurances that the company, in such an event, would be able to fulfil its financial obligations.

Impact

If the company's financing proves insufficient to meet its needs, it may be compelled to reduce or delay capital expenditures, research and development expenses, or engage in untimely divestments of assets or businesses under unfavourable conditions. Alternatively, the company may need to seek additional equity capital or undergo debt restructuring or refinancing. Such scenarios could have a material adverse impact on the company's business, prospects, financial condition, results of operations, and cash flows, hindering its ability to adequately fund the development of its business. The measures necessary to mitigate financial liabilities and secure financing may also impact the company's ability to execute its strategy, diminishing the overall value of its activities and preventing the realisation of the full potential of its investments

Mitigation in place

The company embraces a holistic approach to financial planning, conducting thorough financial stress tests on planned activities to ensure compliance with its financial robustness criteria, preventing covenant breaches and ensuring the fulfilment of its financial commitments. The company is working closely with financial advisers to identify threats and opportunities and ensure that the company maintains it financial strength. This includes, but is not limited to, monitoring options for optimising the company's balance sheet and lowering interest expenses.

Financial risk described in the financial statements.

note 28 to the financial statements provides further information about the company's exposure and risks in relation to commodity price risk, currency risk, interest-rate risk, liquidity risk and

credit risk. Reference is also made to note 14 to the financial statements for sensitivity testing of potential impairment based on future development in commodity prices.

STRATEGIC RISKS

Strategic risks are risks that either directly impair our ability to realise our strategy or are created as a result of long-term plans and positioning, affecting valuation and performance in the medium to long-term perspective. For example, the energy sector is undergoing significant changes, with a shift towards renewable energy sources. Aker BP must ensure that it is well-positioned to adapt to these changes to remain competitive and sustain its growth.

Concentration of operations

Aker BP's production comes from a limited number of assets on the NCS. This concentration of operations increases the vulnerability to longterm production and development due to a total portfolio effect of any changes or unexpected events.

Impact

The company's entire portfolio of operations may be simultaneously impacted, disrupting the ability to meet production targets, impacting costs and significantly affecting cash flow and the financial situation.

Mitigation in place

While concentrated on the NCS, the company's assets vary in geographical locations, age, and technical solutions. Aker BP's highly skilled organisation continuously works with our assets to ensure high regularity and minimise the impact of any unexpected events.

Organisational capacity and capability

The company operates in a competitive environment, and its future growth prospect depends upon its ability to access executive and senior management and key personnel.

Executive or senior personnel departing from the company may result in a shortage of critical knowledge and skills. The departure of a considerable number of personnel within a short timeframe could pose a significant challenge in terms of replacement or finding alternatives for recovery. Additionally, a new set of skills and a workforce with a strong ability to change is needed to support the company's transformation and ambitions. Any failure to identify the necessary organisational capacity and efficiently manage business capability may pose a threat to the company realising its medium and long-term goals.

Impact

The inability to fill positions and retain executive and senior management and key personnel with needed skills and expertise could have a longerterm adverse effect on our business, financial position, and results of operations.

A lack of capacity would also potentially jeopardise our ability to deliver on the large portfolio of projects and activities as well as our ability to realise the company transformation and change agenda.

Mitigation in place

It is a strategic priority for the company to be an attractive employer. To attract and retain talent, Aker BP offers competitive salaries and other benefits, and strong career development opportunities to all employees. The company has an active internal job market, which allows for multi-skill competency development and succession plans for key roles in the company. Aker BP prioritises its employees' work-life balance and constantly strives to maintain a supportive corporate culture to the benefit of its employees.

Evaluation of reserves and resources

Uncertainty in the estimates of recoverable reserves and inability to mature resources into reserves represent a risk to future output levels.

Impact

Negative changes in the resources, reserves and estimated cash flows contained in such evaluations would be reduced to the extent that such activities do not achieve the expected value creation, and such reductions may have a material adverse effect on the company's business, results of operations, cash flow and financial condition.

Mitigation in place

The company allocates substantial resources to analysing and understanding its reservoirs and continuously monitors, updates and stress tests its reserve models. Further, the company applies a set of decision criteria to ensure that the projects are economically robust before making investment decisions. These criteria include, but are not limited to, full-cycle NPV breakeven criteria and CO2 emissions intensity targets. The company's reserves are certified by an independent third party on an annual basis.

Maturation of hydrocarbon resources base

Inability to maturate hydrocarbon resources to reserves with robust economics poses a significant risk to the company's ability to maintain and drive growth. As existing oil and gas fields age, production rates naturally decline, and it becomes increasingly challenging to maintain output levels by infield drilling and developing new satellites. Additionally, the exploitation of new resources may face potential technical, regulatory, or environmental hurdles that could delay or limit their development.

Impact

Small remaining pools with challenging reservoirs and fluids, that are too costly to develop, and a decline in production rates from maturing fields could lead to reduced revenue and cash flow, undermining the company's financial stability and its capacity to invest in new projects. The inability to replace produced volumes with new discoveries and development could erode the company's market position and shareholder value. These factors combined may result in a diminished investment appeal and competitiveness in the oil and gas industry.

Mitigations in Place

To mitigate these risks, the company employs technology and digitalisation, including advanced seismic imaging, increased oil recovery methods and continuous monitoring of field performance, to optimise production from existing assets as well as identifying and maturing opportunities for brown- and greenfield developments.

Climate-related risks

The climate-related risks are described in section 2 Climate change in the sustainability statement.

Oil price and market situation

Shareholder value is affected by our inability to meet stakeholder expectations and create value, either through current business strategies or due to market conditions. Prolonged volatility in oil and gas prices or other market uncertainties, could erode the profitability of some of the company's assets; affect financial earnings, cash flow generation and the overall investment and liquidity position.

Impact

Certain development projects could become unprofitable because of a sustained decline in price and could result in the company having to postpone or cancel a planned project or activity, leading to a loss of opportunity or a negative economic impact of specific projects.

Mitigation in place

To mitigate this risk, the company has in place a hedging policy, through which it may secure downside price exposure on oil and gas.

Geopolitical situation

Ongoing conflicts worldwide as well as driving changes in the global agenda and international order present potential threats to global political and economic stability. Such driving forces may exert influence on energy markets both directly through disruptions to supply and demand, through government-imposed sanctions and changes in global trading patterns, and indirectly through changes in market behaviour caused by increased uncertainty.

Impact

The geopolitical situation has caused significant business disruption, volatility in international debt and equity markets, and disruption to the global

economy in the short term. General instability and increased threats related to the geopolitical situation impact many of the other risk factors and various aspects of the business, from oil and gas prices to capacity in the supply chain and the increased complexity of cyber-attacks.

Mitigation in place

To address geopolitical risk affecting the company's operations and business environment, specific mitigating actions have been implemented. These actions are detailed in their respective sections. For example, for impact on the supply chain see Supply chain risk. For cyber security, see Information and cyber security risk.

Robustness and resilience towards potential geopolitical events are evaluated and put in place where deemed necessary. Response plans are established and put in action rapidly when specific situations occur.

Brand risk and stakeholder relationships

Maintaining a strong brand and relationship with stakeholders is key to the company's success. Potential adverse effects could arise from various factors such as negative publicity, operational failures, regulatory non-compliance, environmental incidents, and legal liabilities. Additionally, joint arrangements and contractors play an important role, as their performance, actions and compliance with regulatory and company standards can directly impact the company's brand and stakeholder relationships.

Impact

Loss of trust and reputation among stakeholders can lead to reduced investor confidence, decreased market value, impact access to capital and challenges in attracting and retaining talent. While reliance on joint arrangements and contractors is a key aspect of the company business model such arrangements also introduce risk, as contractor non-compliance or failure can result in legal liabilities and have a cascading effect on the company's reputation and business outcomes.

Mitigation Strategies

Managing the company brand and relationship with stakeholders is a continuous effort with dedicated processes, roles and responsibilities. Communication, support and follow-up of contractors, ability to withstand adverse events are all governed by processes in the business management system to ensure that the company is acting in accordance with core values and requirements at all times.

ETHICS AND COMPLIANCE

Business ethics and compliance

Risk of non-compliance with legal regulations such as anti-corruption, anti-money laundering and data protection, as well as non-ethical business practices like fraud, bribery, and corruption. Non-compliance could lead to investigations and

litigation, as well as negative impacts on reputation with shareholders, lenders, and other stakeholders.

Impact

Any mismanagement, fraud, or failure to satisfy fiduciary or regulatory responsibilities, allegations of such activities, or negative publicity resulting from such other activities, or the association of any of the above with the company could materially adversely affect our reputation and the value of our brand, as well as our business, results of operations, cash flows and financial condition, and our ability to attract and retain talent.

Mitigation in place

Aker BP has implemented a robust anti-corruption program to prevent, detect and mitigate risk of bribery and corruption. The dedicated compliance department conducts regular risk assessments of integrity risks to align the anti-corruption program with the current risk profile. Employees and hired personnel, as well as the BoD, receive regular code of conduct training which includes topics of anti-corruption. The company's integrity channel is available to employees, consultants and external parties to report instances of non-compliance with applicable laws and regulations, the company's code of conduct or generally accepted ethical norms.

Reference is made to section 10 Business Conduct in the sustainability statement for further details.

Laws and regulations

Changes to applicable laws, tax regulations and legislation, or complexity thereof, could negatively affect the company, lead to investigations, litigation, negative financial impact, reputational damage and cancellation or modification of contractual rights.

Impact

The government could require operators to adjust their future production plans, affecting production and costs related to development projects and our operations. We could incur additional costs in the future due to compliance with these requirements or because of violations of, or liabilities under, laws and regulations, such as fines, penalties, clean-up costs and third-party claims.

Changes to the tax regime could lead to new investments being less attractive and challenge further growth of the company.

Mitigation in place

The company continuously monitors developments in the political landscape and is positioned to act promptly to changes.

Legal risk

Lawsuit risk is related to the legal and reputational challenges that the company may face due to an increasing trend to take legal action towards governments and oil and gas stakeholders. The outcome of such cases could have implications

for the company's current project portfolio and future operations as well as its public image and stakeholder relations.

Impact

The impact of climate lawsuit risks could be significant, depending on the ruling and the subsequent actions of the government and the parliament. A possible worst-case scenario would be the abandonment of ongoing projects, resulting in substantial losses of revenue and assets, as well as reduced growth potential. Moreover, the company could suffer reputational damage and face increased pressure from investors, and other stakeholders.

Mitigation in place

The company strives to operate at all times within the bounds of applicable laws, regulations and permits. We continuously monitor developments in the regulatory framework and engage with relevant stakeholders. In addition, Aker BP employs scenario analysis to assess potential impacts of the climate change and energy transition on our business, financial performance, and long-term strategy. We evaluate selected scenarios to assess possible shifts in the macroeconomic outlook, technology developments, policy, and legal implications, and analyse projected demand for our products (oil, gas, and natural gas liquids). We apply these assumptions in our valuation models to test the resilience of our portfolio.

HSSEQ in Aker BP's operations

Health, safety, security, environment and quality (HSSEQ) is always the number one priority in all of Aker BP's activities. The company strives to ensure that all its operations, drilling campaigns and projects are conducted under the highest HSSEQ standards.

Aker BP is committed to preventing any form of harm and ensuring a safe workplace. This commitment extends to everyone associated with the company, including employees and contractors, who should be able to perform their work in a safe environment. Our facilities are maintained in good condition, with planning, design, and maintenance geared towards ensuring their technical integrity.

Aker BP's work on various HSSEQ matters is described in detail in the sustainability statement included in the next sections of this BoD report.

Sustainability statement

General	34
1 General	35

Environment	51
2 Climate change	53
3 Pollution	81
4 Water and marine resources	90
5 Biodiversity and ecosystems	91
6 Resource use and circular economy	97

Social	104
7 Own workforce	106
8 Workers in the value chain	118
9 Affected communities	123

ESRS reference index 135

Governance 126 10 Business Conduct 127

General

Reporting practices
Our sustainability strategy and approach
Governance
Impact, risk and opportunity management
Double materiality assessment
Sustainability due diligence

1 General

Aker BP is a pure-play oil and gas company. Our operations relate to upstream activities, including exploration, development, production and decommissioning, as illustrated in figure 3. In 2024, we produced 439 mboepd and advanced our major development projects, including Yggdrasil and Valhall PWP-Fenris. As a reliable energy supplier to Europe, we are committed to ensuring consistent oil and gas deliveries for decades to come through our ongoing development projects. Throughout this sustainability statement, we outline our value chain and describe our collaborative approach with our own workforce, suppliers and partners to achieve our strategic goals.

1.1 REPORTING PRACTICES

Aker BP's sustainability statement for the 2024 fiscal year (1 January 2024 through 31 December 2024) is prepared in accordance with the Norwegian Accounting Act and the related European Sustainability Reporting Standards (ESRS), which entered into force for the 2024 reporting year. The report also includes the required reporting under the EU Taxonomy Regulation, which became mandatory for the 2023 fiscal year.

The scope of consolidation for the sustainability statement is the same as the financial statements. It includes both Aker BP-operated activities and non-operated activities (e.g., Johan Sverdrup). However, certain ESRSs have specific requirements regarding reporting boundaries. The S1 (own workforce) standard limits reporting to personnel employed or contracted by Aker BP. The E1 (climate change), E2 (pollution) and E4 (biodiversity and ecosystems) standards have additional reporting requirements for licenses operated by Aker BP ('operational control'). The company typically has more detailed data available for operated licenses, whereas reporting on non-operated activities relies more heavily on estimates.

The sustainability statement covers the company's material upstream and downstream value chains. The company has, however, applied the transitional provisions related to value chain metrics, which, under certain conditions, exempt the company from reporting data points from the value chain. Aker BP has reported metrics related to the value chain for E1, as well as for resource inflows under E5. For all other topics, value chain metrics were not available at the time of submitting this report due to an incomplete understanding of value chain-related IROs and

insufficient data maturity of suppliers. During 2025, Aker BP aims to work in cooperation with selected suppliers to further map our value chain for potential impacts, risks and opportunities related to these topics, and gather value chain-related data where possible.

This report has been reviewed by an internal review committee consisting of senior managers from relevant disciplines and business units. It has also been reviewed by the audit and risk committee (ARC), which assists and facilitates the board of directors' (BoD) responsibilities within integrity of reporting, the reporting process, internal controls, company risks, corporate governance, compliance and auditing, prior to review and approval by the BoD. PwC has provided limited assurance on this report in line with legal requirements. PwC is the company's external auditor and is considered to be independent.

1.1.1 Sources of estimation and outcome uncertainty

The metrics are based on actual data whenever possible. However, some figures were not available and have therefore been estimated. Metrics with high level of measurement uncertainty are related to non-operated assets in the environment section of the report, as well as metrics related to our value chain. Estimations are based on the best available techniques, but indicate that the disclosed figures are generally subject to a certain level of measurement uncertainty. We are working to better understand and measure this data to improve accuracy where deemed possible.

Forward-looking statements in this report reflect current views about future events and are, by their nature, subject to significant uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may not be within Aker BP's control.

1.1.2 Comparable figures

For the reporting year 2023, Aker BP prepared a sustainability report in accordance with GRI 11: Oil and Gas Sector 2021. To the extent metrics reported under GRI in the 2023 report were the same as required under ESRS in this report, comparable figures have been included. For other metrics, the company has generally applied the related transitional provision and thus not presented comparative information.

Figure 3: Our activities

1.2 OUR SUSTAINABILITY STRATEGY AND APPROACH

1.2.1 Sustainability in our corporate strategy 1.2.1.1 Sustainability and strategic priorities

Aker BP's vision is to be the exploration and production (E&P) company of the future. This vision is founded on our strategic belief that the world needs affordable, sustainable and reliable energy, and that oil and gas will remain a crucial part of the energy mix for decades to come. Aker BP intends to contribute to the energy transition and energy security through our role as a responsible provider of low-cost oil and gas, produced with industry-leading scope 1 and 2 greenhouse gas (GHG) emission intensity. We only operate within one ESRS sector, which is the fossil fuel sector.

As a pure-play E&P company, we will contribute to the energy transition by

• – Maximising value creation for shareholders and society while producing the energy the world needs
• – Minimising emissions and achieving equity share scope 1 and 2 GHG emission neutrality from 2030
• – Sharing technology and knowledge

Sustainability is an integrated part of Aker BP's strategy. Strategy development in Aker BP follows an annual cycle, where the first half of each calendar year is dedicated to strategy development at both the corporate level and per asset. The process begins with a deep-dive into the company's external context and internal environment. It includes an evaluation of the sustainability-related matters and considerations around key

impacts, risks and opportunities (IROs) that are most relevant and impactful for the company and its stakeholders. This step is followed by defining the target state. Strategic priorities and actions are then identified to bridge the gap between the current state and the defined targets. The update of the sustainability strategy is embedded in the company's annual strategy update and is sanctioned by the executive management team (EMT) and the BoD. The strategic priorities establish the foundation for a set of initiatives, including specific initiatives addressing sustainability, with corresponding key performance indicators (KPIs) for the following year.

Six strategic priorities, which are illustrated in figure 4, have been identified to describe our goals and priorities for the 2022-2027 period. Our priorities and goals related to sustainability reflect the core elements and challenges of our strategy, which is to remain a focused oil and gas producer with a continued growth ambition. Sustainability, being an integrated part of our business, has shaped three of the six strategic priorities, which explicitly address sustainability topics: operating safely and effectively, decarbonising our business and aiming to create the most attractive place to work.

The fact box on the next page shows an overview of our KPIs for 2024, where three of eight directly address key sustainability aspects such as safety, GHG emission intensity and people and organisation.

Our strategic priorities, goals and KPIs represent the broad aspects of sustainability such a safety, climate, environment, people, social responsibility and governance.

Figure 4: Our strategic priorities

Our vision: The E&P company of the future

Operate safely and efficiently	– Zero serious incidents – Production efficiency above 95% – Production cost below 7 USD/boe
Decarbonise our business	– Equity share scope 1 and 2 GHG emission intensity below 4 kg CO₂e/boe – Reduce operational control scope 1 and 2 GHG emissions by 50% by 2030 – Achieve equity share scope 1 and 2 GHG emission neutrality from 2030
Deliver growth on quality, cost and time	– Grow production to above 525 mboepd from projects with low break-even price – Deliver projects on quality, cost and time
Establish the next wave of profitable growth options	– Discover 250 mmboe by 2027 – Grow the resource potential with new technology – Execute value-driven M&A
Lead the transformation of E&P	– Digitalisation – Alliances – Future Operations
Create the most attractive place to work	– #OneTeam – No. 1 employer in the industry – >90% pulse survey score

management process

A dedicated performance management system is used throughout the company to report and monitor progress on the initiatives, corresponding KPIs and project execution for the key field development projects. Delivery on the company initiatives and KPIs feeds into the Aker BP bonus programme and a monetary reward is calculated based on performance. The bonus scheme is defined as variable remuneration and utilises seven of eight equally weighted KPIs, along with initiative achievements and delivery on time, cost and quality through execution of key field development projects, as a basis. The KPI for people and organisation is solely based on employee feedback and does not factor into the bonus

Key performance indicators:

Safety (serious incidents/1 mill. work hours)

Net production from operated assets (mboepd)

Adjusted production cost (USD/boe)

Net reserve additions (mmboe)

Value creation (change in risked NPV)

Relative shareholder return

Equity share scope 1 GHG intensity (kg CO2e/boe)

People and organistation KPIs

• – Build identity
• – Shape organisation
• – Develop people
• – Gender balance

Figure 5: Sustainability framework 1.2.1.2 Sustainability and performance potential to avoid biased feedback. Approximately 22 percent of the bonus potential is dependent on sustainability-related initiatives and targets. The bonus is paid to all permanent employees, including management, and is calculated with the same share of bonus potential for all employees. The organisational development and compensation committee is responsible for ensuring remuneration arrangements support the strategy. We refer to the remuneration report for further information regarding the bonus scheme.

1.2.2 Our sustainability framework

Our company acknowledges the United Nations Sustainable Development Goals (SDGs), which have shaped our sustainability framework. This framework is part of our business management system, aimed at securing value, trust and predictability for our operations.

The framework includes environmental, social and governance (ESG) domains as illustrated in figure 5. These domains are divided into topics that cover the material IROs identified in our double materiality assessment (DMA) and are represented by various policies. They are further embedded and integrated in all layers of our business, including our corporate strategy.

1.3 GOVERNANCE

1.3.1 Board of directors

The BoD oversees the company's overall management, including supervision of the day-to-day management. A key responsibility is sanctioning the corporate strategy and overseeing Aker BP's ESG performance. This includes overseeing the company's material IROs and related policies, actions, metrics and targets. Additionally, the BoD ensures that the company has sound internal control and risk assessment in place. The BoD's responsibilities are further detailed in rules and procedure for the BoD of Aker BP, which is a governing document approved by the BoD.

1.3.2 Subcommittees

The BoD has three subcommittees, all with functions related to sustainability matters. The audit and risk committee (ARC) assists management in evaluating the risk management and effectiveness of internal controls. The organisational development and compensation committee (ODCC) is responsible for ensuring that the remuneration arrangements support the company's strategy, including the integral aspect of sustainability matters. Additionally, the safety and environmental assurance committee (SEAC) works closely with management to identify and address issues related to safety, cyber security and the environment, thereby ensuring the company operates in a responsible and sustainable manner.

1.3.3 Executive management team

The chief executive officer (CEO) is responsible for the day-to-day management of the company's activities. He oversees the management of the IROs and related policies, actions, metrics and targets. The responsibility for monitoring the IROs, executing related action plans and measuring

Table 2: Composition and diversity of the administrative management and supervisory bodies 1)

	Members	Executive members	Employee-elected members	Women	Independent board members 2)
Board of directors (BoD)	13	0	5	46%	50%
Executive management team (EMT)	16	16	N/A	31%	N/A
Audit and risk committee (ARC)	4	0	0	75%	75%
Organisational development and compensation committee (ODCC)	3	0	1	67%	50%
Safety and evironmental assurance committee (SEAC)	11	5	0	27%	N/A

1) The figures reflect the composition as of year end.

2) These numbers are derived from shareholders elected members.

performance, is delegated to the applicable business units, which are managed by members of the executive management team (EMT).

1.3.4 Internal audit and compliance department

Aker BP has an internal audit and compliance department. The head of the department reports to the BoD through ARC and to the CEO.

The 'three lines of assurance' model has been established as Aker BP's assurance framework. The compliance function, as a second line of assurance, comprises an independent team that governs processes, requirements and governing documents at a corporate level. The internal audit (IA) function, as a third line, provides effective independent assurance and oversight of the integrity of the internal control framework for all

operations. IA evaluates whether the business management system operates effectively to respond to significant risks that could affect Aker BP's values, objectives and strategic priorities. Internal audit reports are provided directly to the EMT and presented to the BoD through committees such as the audit and risk committee.

impacts, risks and opportunities

The responsibility for IROs is reflected in the applicable terms of reference for the BoD, ARC and EMT. In particular, the ARC mandate has been updated to reflect the significantly increased responsibility around sustainability reporting, including reported IROs.

Performance against targets and KPIs is published quarterly. The ODCC oversees the setting of targets and monitoring of progress related to KPIs linked to the incentive schemes for EMT remuneration. The full list of IROs is presented to the ARC and EMT twice a year, and to the BoD once a year. Additionally, selected key risks and opportunities are reported to the BoD, ARC and EMT, as detailed in section 1.4. The IROs are an integral part of the annual strategy process and are considered in major business decisions.

Members of the BoD, ARC and EMT have relevant competence in managing sustainability-related IROs. For instance, the chair of the BoD and the ODCC has broad expertise in handling legal risk from his experience as a corporate attorney. Another member of the BoD and the ARC has

Figure 6: Organisational chart 1.3.5 Overall responsibility for managing extensive experience with climate impact through her role as CEO of Aker Carbon Capture. The CFO has an in-depth understanding of financial risks, while the SVP people and safety has expertise in both social-related topics and environmental issues. The sustainability-related competence is considered to be at an appropriate level in Aker BP's administrative, management and supervisory bodies. See Board of directors and executive management team, page 06 for more information about the competence and background of members of the BoD and EMT.

To further address the increased responsibility around sustainability reporting, including the management of IROs, the BoD, ARC and EMT are enhancing their competence in environmental, social and governance matters relevant to the company. Throughout 2024, management provided multiple updates to the ARC regarding the company's progress towards CSRD compliance. The external auditor PwC supported this process by providing relevant insights to the ARC and management on interpretation of reporting requirements, as well as the development of industry practices in the area.

1.3.6 Internal controls over sustainability reporting

Aker BP is exposed to risks related to inconsistent or incomplete reporting on sustainability topics, including the risk of greenwashing. Additionally, there are risks associated with the accuracy of data inputs and the high degree of manual processes involved in aggregating data from multiple systems into the sustainability statement.

Although the control environment in Aker BP is generally deemed to be at a sufficient level, risk assessment and related internal controls over sustainability reporting are generally not at the same maturity level as financial reporting. Regarding CSRD compliance, Aker BP's focus has been on understanding and consistently applying disclosure requirements across our assets and value chain and aligning this understanding with industry peers. We have mapped data points to understand the underlying systems and calculations leading to numerical reporting figures, and we have performed additional quality assurance applying a risk-based approach.

We have implemented internal controls for certain KPIs, mainly related to metrics under the most significant sustainability topics based on the DMA process. Going forward, we plan to perform more structured risk assessments in relation to sustainability reporting, as well as expanding our internal control design and related operational effectiveness to a larger part of the reported data points.

Reference is also made to section 1.1 on reporting practices and the review process of the sustainability statements undertaken at various levels in the organisation.

1.4 IMPACT, RISK AND OPPORTUNITY MANAGEMENT

All business-critical activities involve IRO management to achieve our strategy, goals and sustainability ambitions. Additionally, IRO management supports resilience and adaptation to changing circumstances and uncertainty. The management of IROs follows the company's risk management process and is therefore further described as risk management. Communication of important risks and opportunities across the value chain and assets is ensured by our enterprise risk management process, which forms the basis for regular risk reviews of the company's prioritised risks by the EMT at least bi-monthly. The day-to-day risk management and risk ownership is integrated in the line responsibility according to company organisational principles, as close as possible to the task execution. The overall framework is managed by the people and safety business unit, while the resulting IRO picture is monitored by the EMT in the mentioned risk reviews. Key risks from the EMT reviews are reported to the BoD. Additionally, risk review sessions are held in the audit and risk committee three to four times per year, with overall accountability lying with the BoD, who receives updates from all ARC meetings.

Risk management in Aker BP follows the principles in ISO 31000. IROs are identified, evaluated and mapped into our shared company risk matrix, including impact categories for personnel, environment (including climate), financial, reputation, project cost and schedule consequences.

As part of our risk management process and methodology, we balance potentially conflicting goals by applying a consistent and transparent approach to analysing, evaluating and addressing our risks. We use a shared risk matrix to assess the severity (impact), consequences (risks and opportunity) and related likelihood, considering both negative and positive outcomes. We also consider the potential balance between different categories, such as safety, environment, reputation, finance and compliance, as well as the dependencies between IROs.

We strive to achieve the best possible solution by involving relevant stakeholders and experts in the risk decision-making process. We also monitor and review the effectiveness and efficiency of the risk mitigation measures, adjusting them as needed based on changing circumstances and the context in which we operate.

We recognise that sustainability is an integral part of our decision-making processes and is therefore also integrated in our risk management process. We consider the environmental, social and governance aspects of our IROs and how they may affect our long-term value creation and stakeholder expectations.

1.5 DOUBLE MATERIALITY ASSESSMENT

In 2023, we conducted our first double materiality assessment based on the EU's Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). In 2024, we revised the assessment based on new information, implementation guidance and the draft oil and gas sector standard from the European Financial Reporting Advisory Group (EFRAG).

The assessment included a mapping of IROs, their dependencies and connection to Aker BP's own operations and its value chain. The assessment followed a four-step process described in figure 9. A description of how the identified IROs are integrated in Aker BP's management process is also included in more detail in this section.

Activities, business relationships and geographies are considered when evaluating potential IROs. When evaluating materiality in our own operations, we have focused on oil and gas production as this is the activity with the highest potential for material impact. The material topics in the upstream value chain mainly focus on development projects, given the significant construction activities on several sites around the world. We are working closely with our suppliers and business partners to improve our understanding of our value chain and will update the double materiality assessment as new and relevant information becomes available. In addition, we have impacts throughout our downstream value chain related to the use of petroleum products.

Figure 7: Our material topics

Our stakeholders are those affected by or impacting Aker BP's activities and business relationships – whether in our role as an energy provider, employer, customer or as a business that helps stimulate local and national economies through jobs, investments and taxes paid. Maintaining an open and proactive dialogue with key stakeholders helps us identify risks, opportunities and actual or potential impacts of our activities.

We engage with stakeholders through various channels, both internally and externally. An example is the impact assessment required for all delivered PDOs, which ensures that over 40 key stakeholders receive the impact assessment reports during public consultation processes. This allows stakeholders to present their views, highlight relevant issues and provide input for necessary adjustments. To maintain transparency, we publish impact assessments on our website. Our whistleblowing channel is another avenue for stakeholders to report their concerns. Additional examples of stakeholder engagement are detailed throughout the report.

Figure 8: Key stakeholders 1.5.1 Stakeholder engagement We include our stakeholders' perspectives and priorities in our double materiality assessment. In 2024, this has been achieved through in-depth interviews and workshops with internal management and subject matter experts, who also play a crucial role in stakeholder dialogue. The 2024 process was based on interviews performed in the previous year which involved the following key stakeholders:

• – Owners
• – Key suppliers
• – Customers
• – Non-governmental organisations (NGOs)
• – Authorities

By engaging with key stakeholders through relationships and dialogue, we incorporate their perspectives and priorities into our double materiality assessment. This process can potentially influence related policies, actions, metrics and targets, and ultimately our overall strategy and business model.

The ARC and EMT are kept informed about the views and interests of affected stakeholders through various channels, including the approval process of the double materiality assessment and presentation of cases reported through our integrity channel.

We apply a systematic approach to identify the material IROs for Aker BP and the associated sustainability matters to be reported on.

The double materiality assessment covers both impact and financial materiality:

• – Impacts from our activities on the environment and society (inside-out perspective)
• – Financial risks and opportunities that sustainability issues pose to our business model and performance (outside-in perspective). Financial risks include reputational risk as well as dependencies on natural, human and social resources

The process includes the overall steps shown in figure 9.

Special attention is given to the dependencies between impacts and their potential counterparts in the risks and opportunity categories.

The IRO assessments (severity x likelihood) are similar to risk assessments (consequence x probability) and use company scales similar to the company matrix as per the enterprise risk management process. These assessments are documented in the same tool (risks and opportunities) where they are prioritised and handled together with other company risks. The materiality of the different sustainability topics is evaluated from an impact perspective, a financial perspective or both.

Figure 9: Double materiality assessment 1.5.2 Methodology 1.5.3 Topic specific processes related to the DMA

This section details the additional requirements related to the double materiality assessment as specified in the topic-specific chapters. It includes specific methods and considerations for the DMA of those topics, in addition to the overall process previously described.

1.5.3.1 E1 - Climate change

We identify and manage risks and opportunities across business units and throughout the asset value chain in Aker BP, including climate-related risks and opportunities. Risks are defined in short- (up to three years), medium- (three to 10 years) and long-term (10 to 25 years) perspectives.

Our short-term risks are related to positioning ourselves in the transition towards a low-carbon economy and complying with the emerging obligations for emission reporting and monitoring. This encompasses the addition of Yggdrasil and Valhall PWP-Fenris to our portfolio.

Our medium-term horizon is shaped by achieving our climate-related targets for 2030 as described in section 2.4. Continued implementation of our approach to decarbonisation (avoid – reduce – neutralise) is a key medium-term risk mitigation lever for Aker BP. Except for the decommissioning of Ula and the addition of Yggdrasil and Valhall PWP-Fenris, the portfolio in 2030 is assumed to be similar to today.

Iterate and validate

– Monitor progress and update if circumstances materially change

Our long-term horizon reflects the achievement of our climate-related targets towards 2050, described in section 2.4, in a market still dependent on oil and gas. Supply of electrical power from shore to offshore installations and the transition to zero-emission fuels are long-term strategies for our business. The portfolio in 2050 will be different from today, with Grieg Aasen, Skarv and Alvheim presumably decommissioned by then.

Climate-related impacts are identified and assessed continuously through monitoring of scope 1 GHG emissions and energy use for all assets in our portfolio. The combination of regular monitoring of GHG emissions and the annual reporting of scope 1, 2 and 3 emissions gives a comprehensive understanding of the impact of our total GHG emissions and energy use. Through our DMA, we have evaluated both direct and indirect sources of GHG emissions and their potential impact on climate change.

IROs are identified both as a result of our internal activity set, as well as from various sources such as regulators, industry initiatives, NGOs, public perception and investors. Physical risks are assessed in relation to anticipated changes in weather patterns, potentially affecting the structural integrity of our assets. Climate-related risks and opportunities follow the risk management process described in section 1.4.

To assess and manage climate-related risks, we use scenario analysis, sensitivity testing and an internal carbon price, in addition to reducing our own emissions. We base these scenario analyses on our internal scope 1 emission forecasts towards 2050, which give us an estimate of potential impacts on

the climate in the coming years. Aker BP considers its strategy, emission reduction pathway and portfolio to be resilient to the projected oil and gas prices, as well as carbon prices under the various IEA scenarios. For information regarding how Aker BP assesses climate-related risks using scenario analysis, please see section 2.6 in the climate change chapter.

1.5.3.2 E2 – Pollution

As all Aker BP's own operations are located on the Norwegian continental shelf (NCS), all activities leading to actual or potential pollution by emissions to air, discharges to sea, as well as the use and discharge of substances of concern or very high concern, are strictly regulated by Norwegian law and discharge permits.

Aker BP's enterprise risk management system supports resilience and adaptation to changing circumstances and uncertainty. Our risk-based approach to prevention, reduction and remediation of pollution is triggered by our activities, regulatory requirements, as well as stakeholder expectations.

Thorough planning and execution of our operational, project and drilling activities include identification and management of environmental IROs at all relevant levels of the organisation. Environmental assessments including pollution-related impacts, risks and opportunities are conducted prior to exploration drilling as well as in relation to new projects and field developments. Aker BP acquires information about the ecosystems in areas where we have activity and maps out the potential impact of our activities. This information is used to decide when and how we conduct the activities. All petroleum-related

activities on the NCS are subject to authority approval through an environmental permit consultation process. Stakeholders, local communities and interested parties are entitled to address environmental issues and provide recommendations to the authorities on our planned activities at a public hearing. This consultation process is of value for ensuring co-existence between industrial activities in the area.

For producing fields within own operations, regular environmental evaluations ensure identification of key environmental IROs and related actions. Hence, the identified material pollution-related impacts and risks, as provided in section 3 Pollution, are the result of thorough and continuous screening of sites and activities at producing fields, fields under development, projects and exploration drilling.

1.5.3.3 E3 – Water and marine resources

Aker BP's own operations are located on the NCS. We do not withdraw water from areas in waterstressed regions and none of our own operations are in water-stressed environments. The use of natural resources, such as water, is assessed as part of the DMA process. Water is not considered a material topic for Aker BP in our own operations. Activities in our upstream and downstream value chain could possibly be located in water-stressed areas or in areas where water withdrawal could prove to be a material topic.

1.5.3.4 E4 – Biodiversity and ecosystems

The methodology to identify material IROs and dependencies related to biodiversity, and assessment criteria applied, are guided by the TNFD's recommendations. In our own operations, the actual and potential impacts on biodiversity

are assessed using data from our due diligence processes, environmental monitoring and site surveys, with involvement of relevant stakeholders and consultations with affected communities, where necessary. Based on the preliminary screening of Aker BP's value chain activities, it is assumed that the production and distribution of materials in the upstream value chain, as well as construction activities to support project developments, may have significant impacts on biodiversity and pose biodiversity-related risks to Aker BP. Over the next few years, we will continue mapping our value chain with the ambition of collecting location-specific data. Material biodiversity IROs are summarised in the biodiversity and ecosystems chapter.

Dependencies on ecosystem services at Aker BP's own site locations include assimilation of pollutants from operational discharges (e.g., dilution and microbial breakdown of oil and chemicals), which might be temporarily disrupted, especially at the seabed, in the event of a severe accident such as a well blowout. Another important ecosystem service that Aker BP relies on is global climate regulation provided by nature, which is linked to our physical climate-related risks, as described in section 2 Climate change. Dependencies on biodiversity in the value chain will be assessed as we progress with value chain mapping over the coming years.

Assessment of the transition, physical and systemic risks related to biodiversity is presented in table 27 in the biodiversity and ecosystems chapter.

Production assets in Aker BP's own operations are located outside biodiversity-sensitive areas. In 2024, Aker BP as a partner engaged in two exploration drilling operations in biodiversity-sensitive areas, also known as SVOs1). These operations were thoroughly risk-assessed in terms of potential impacts and planned to avoid any disruptive activities while ensuring adequate oversight. Further information on the activities and the implemented mitigation measures is provided in section 5 Biodiversity and ecosystems.

Two onshore sites in Aker BP's own operations, which supply power to our offshore production installations, are located near biodiversity-sensitive areas and are further described in section 5 Biodiversity and ecosystems.

1.5.3.5 E5 – Resource use and circular economy Assets and activities in Aker BP's own operations are screened to identify material IROs in relation to circular economy as a part of internal processes to map and analyse external environment aspects and risks. The methodologies and assumptions used in the analysis are guided by industry standards and best practices, such as NORSOK S-003:2017 Environmental care and Offshore Norge's guidelines for best available techniques assessments. The material impacts associated with major projects, such as the decommissioning of oil and gas installations, are evaluated in impact assessments that are available for public consultations with the affected stakeholders.

The value chain considerations are based on a preliminary screening, which will be further developed as we continue mapping the value chain and deepening our understanding of resource and material flows beyond our own operations.

Material IROs related to resource use and circular economy are summarised in section 6 Resource use and circular economy.

1.5.3.6 G1 – Business conduct

When identifying material IROs related to business conduct, considering the risk context of the oil and gas sector we operate in, our work follows our risk methodology. We assess an IRO's potential operational, financial, legal and reputational risks for Aker BP based on its likelihood of occurrence. Different IROs necessitate evaluating different criteria, but factors such as location and sector-specific considerations are always taken into account. Aker BP mainly operates in Norway, and generally, we consider the risks related to activities in the Nordic countries to be lower regarding business conduct, with correspondingly higher risks associated with activities in countries that have a lower score on the Corruption Perception Index (CPI). Sector-specific IROs relevant to the oil and gas sector, such as health and safety, anti-discrimination, digitalisation and access to grievance mechanisms, are also assessed in each case.

1.5.4 Impacts, risks and opportunities

table 3 summarises Aker BP's material IROs identified in the double materiality assessment and forms the basis for the content of this report. All material IROs have been reviewed by the BoD, ARC and EMT.

1.5.4.1 Changes

Considering the updated DMA, there have been revisions to the evaluation of material topics, sub-topics, sub-sub-topics and IROs from last year. The most significant changes are as follows:

• – Water and marine resources were not considered material in our 2023 materiality assessment. However, due to the ramp up of construction activity abroad during 2024, we believe that water consumption can be material in parts of our upstream value chain, though not in our own operations
• – Several IROs have been rephrased, some have been added and others have been removed. This has led to some changes in material sub-topics and sub-sub-topics
• – Cyber attacks can disrupt our operations, reduce our performance and prevent us from providing energy to Europe. Consequently, we have decided to include this as an entity-specific IRO and have added 'cyber security' as a sub-topic under Governance

1.5.4.2 Identified material impacts, risks and opportunities

It is challenging to measure the current and future financial effects of our material risks and opportunities on our financial position, performance and cash flows. For instance, it is difficult to isolate the negative impact on oil and gas prices caused by a faster energy transition from other factors affecting the prices. Additionally, measuring the financial effect of reputational damage caused by environmental events is complex, whether it involves major incidents such as blowouts or acute water pollution for other reasons. The same applies to reputational damage that affects our ability to attract and retain our workforce.

In table 3, we have identified those risks and opportunities that are deemed to have current financial effect on our financial position, performance and cash flows in 2024. The remaining risks and opportunities are deemed to have no or insignificant financial effect. The same assessment is expected to apply for the reporting year 2025. In note 3 to the 2024 financial statements, we reference specific sensitivity tests that show the accounting effect of certain changes, such as fluctuations in commodity prices, reserves and borrowing costs. For the applicable risks and opportunities, these sensitivity tests provide an indication of their related financial effects to the extent they will occur.

1) SVOs (in Norwegian 'Særlig verdifulle og sårbare områder') are particularly valuable and vulnerable areas for biodiversity that have been identified and managed in the Norwegian management plan for marine areas. The SVO status does not automatically impose restrictions on industrial activity. In 2024, the SVO areas were extended to cover approximately 55 percent of the Norwegian marine areas, compared to the previous 42 percent.

Table 3: Material topics and related impacts, risks and opportunities

Topic and sub-topics	Impacts1)	Risks	Opportunities
Environment
Climate change – Climate change adaptation – Climate change mitigation – Energy	– GHG emissions in own operations (-) – GHG emissions in upstream value chain (-) – GHG emissions from downstream value chain (-) – Energy use in own operations (-)	– Risk of lower oil and gas prices due to decreased demand for oil and gas and faster energy transition2) – Risk of increased production costs and reduced growth prospects due to changes to regulatory framework – Risk of increased cost of capital and reduced talent attraction due to negative perception from society and stakeholders2) – Risk of operational limitations and disruptions due to acute extreme weather offshore and chronic changes in weather patterns2)	– Opportunity for additional and diversified source of income and improved reputation through carbon capture and storage (CCS) investments – Opportunity for favourable financial terms through industry-leading scope 1 and 2 GHG emission intensity – Opportunity for high productivity through more robust assets adapting to meet climate change
Pollution – Pollution of air Pollution of water – – Substances of concern – Substances of very high concern – Microplastics	– NOX, SOX and nmVOC emissions to air (-) – Discharge of produced water including pollutants, substances of concern, very high concern and microplastics (-) – Use and discharge of drilling and well chemicals (-)	– Risk of financial penalty and reputation damage due to acute pollution of water Risk of temporary stop in production and costs related to clean-up – of pollution due to acute spills to water – Risk of loss of license to operate and major financial impact due to blowout	– No material opportunities identified
Water and marine resources – Water	– Water consumption from value chain (-)	– No material risks identified	– No material opportunities identified
Biodiversity and ecosystems – Direct impact drivers of biodiversity loss – Impacts on the extent and condition of ecosystems	– Potential negative impacts on biodiversity due to accidental discharges from offshore operations (-) – Potential negative impacts on biodiversity related to the construction of oil and gas infrastructure and sourcing materials in the value chain (-) – Potential negative impacts on biodiversity due to contribution to climate change (-)	– Reputational risk due to potential expanding operations in environmentally sensitive areas – Risk of increased operational cost due to stricter regulations on biodiversity conservation and ecosystems restoration – Risk of financial penalties and damage to reputation due to major accidental spills	– No material opportunities identified
Resource use and circular economy – Resource inflows, including resource use – Resource outflows related to products and services – Waste	– Generation and treatment of waste, including drilling waste (-) – Waste throughout the upstream value chain (-) – Large resource inflows for constructing new wells and infrastructure, transport and energy generation (-) – Large resource outflows associated with decommissioning oil and gas installations (-)	– Risk of increased operational cost and financial penalties due to increasingly strict waste handling regulations – Risk of increased costs due to dependency on high quality resources and materials to adhere to safety and security standards – Risk of increased decommissioning costs due to increased complexity of disposal and processing of resources	– Opportunity for reduced costs and positive reputation through increasing level of re-use and resource use efficiency – Opportunity for reduced cost and increased resilience through increased circularity and new business models related to equipment and resources

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

2) These risks and opportunities are deemed to have current financial effect, but as described in section 1.5.4.2 it is not possible to provide a reliable estimate of this effect.

Topic and sub-topics		Impacts1)	Risks	Opportunities
	Social
	Own workforce – Occupational health and safety – Equal treatment and opportunities	– Potential negative impacts on own workforce caused by inadequate working conditions (-) – Gender inequality offshore and onshore (-) – Training and skills development (+) Potential incidents of harassment in the workplace (-) – – Potential health and safety impacts (major accidents, minor incidents and work-related illness) (-)	– Risk of lower productivity and capacity to execute planned activities due to dissatisfaction with working conditions among own workforce – Risk of losing out on skilled workers due to poor reputation caused by failure to deliver on diversity and inclusion in the workplace – Risk of financial penalties and damage to reputation due to adverse health and safety impacts	– Opportunity for increased productivity through training and skills development of own workforce – Opportunity for positive reputation and effect on talent attraction and retention through focus on gender equality and diversity
	Workers in the value chain – Working conditions – Other work-related rights	– Potential impacts from poor working conditions related to construction, logistics, industrial manufacturing in high-risk countries (-) – Potential health and safety impacts on workers in the value chain (-) – Potential human rights violations in the value chain (child, forced or compulsory labour) (-) – Potential incidents of violence and harassment in the value chain (-) – Potential to use leverage to contribute to improving working conditions in high-risk countries (+)	– Risk of reputation damage due to poor working conditions, human rights violations and/or violence or harassment in the value chain	– No material opportunities identified
	Affected communities Communities' economic, social and cultural rights	– Positive impact through investment and job creation in local communities (+) – Positive impact through donations and sponsorships (+)	– Risk of reputation damage due to negative media coverage in affected communities caused by poor stakeholder engagement and failure to demonstrate the positive impact on affected communities – Risk of sanctions, financial penalties and reputation damage due to negative impact on people living in affected communities	– Opportunity for enhanced collaboration with local communities, access to skilled local workforce and positive reputation through the support of local communities2)
	Governance
	Business conduct – Corporate culture – Protection of whistleblowers – Political engagement and lobbying activities Management of relationships – with suppliers – Corruption and bribery – Cyber security (entity specific subtopic)	– Potential impacts from not sufficiently protecting whistleblowers and creating a culture where concerns are not raised (-) – Potential harm caused by unethical and non-transparent behaviour (-) Use leverage and dialogue to improve suppliers' social – and environmental performance (+) – Potential impacts from corruption in dealing with business partners (-) – Providing secure and reliable energy to Europe (+)	– Risk of sanctions, damaged relationship with authorities, and reputation damage due to poor handling and protection of whistleblowers in Aker BP and among alliance partners – Risk of loss of business partnerships and missed opportunities for favourable relationships due to poor business conduct in the value chain – Risk of financial impact and reputation damage due to insufficient ESG screening of suppliers – Risk of financial penalties, damaged relationships and reputation due to corruption and bribery in own operations and/or supply chain – Risk of business disruption and reduced performance due to cyber attacks on critical IT structures caused by increased geopolitical instability	– Opportunity for influence and efficient preparation for regulatory developments through political engagement2) – Opportunity for more resilient supply of products through long term relationships with suppliers2)

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

2) These risks and opportunities are deemed to have current financial effect, but as described in section 1.5.4.2 it is not possible to provide a reliable estimate of this effect.

Actual and potential negative effects of oil and gas operations have shaped the way operations have been performed on the NCS for several years. Reducing the impacts of our operations has always been a focus area for Aker BP and will continue to be so in the future. Aspects across the ESG spectrum are closely monitored by the Norwegian Government in stages of our projects, from development to production to decommissioning. Before starting new projects, Aker BP is required to submit an impact assessment which seeks to identify and minimise potential negative effects on the environment, and actual impacts are regularly monitored by the Norwegian Environment Agency.

Health and safety have been a major focus for several years and will always be Aker BP's highest priority. Minimising risks of injuries and accidents is embedded into our way of working. We also seek to perform our business in an ethical manner and hold our suppliers to the same high standards as we adhere to ourselves. Thus, our business model, value chain, strategy and decision-making have been shaped by ESG-related topics and material IROs. Enhanced focus on the environmental and social impacts in our value chain, gained through sustainability reporting in the

coming years, could impact our business model, value chain, strategy and decision-making. Further information on the current and future effects of IROs on our strategy and business model is included in the various topical chapters.

The material impacts identified are inherent to the E&P value chain and are not unique to Aker BP's specific business model or strategy. The impacts presented across all topics are thus connected to our business model and strategy but will be broadly similar for most E&P companies on the NCS. Our goal is to minimise all negative social and environmental impacts. However, many of the impacts presented in this report cannot feasibly be removed and will therefore to a certain degree always be present in oil and gas production.

Resilience planning is an essential part of our annual strategy work, encompassing thorough analyses of our portfolio to address the potential impact of short-term unexpected drops in oil and gas prices. This process prepares Aker BP to handle uncertainties and enables better prioritisation of mitigating actions to maintain a robust balance sheet. Additionally, we perform portfolio sensitivity analyses to evaluate the long-term

effects of fluctuations in commodity prices, foreign exchange and carbon costs. To prepare for handling disruptive events, we undertake business continuity planning as necessary. This involves implementing preventive measures, establishing redundancies and arranging alternative delivery methods to minimise the potential operational impact of such events. Aker BP's process for business continuity planning is based on recognised principles for preparedness and response as recommended by the Norwegian Directorate for Civil Protection.

We have conducted resilience analyses on our material IROs related to climate change and biodiversity. Further information on these analyses can be found in the climate change chapter and the biodiversity and ecosystems chapter. However, we have not performed resilience analyses on IROs related to other topics.

1.5.4.3 Topics not reported on

Consumers and end-users Aker BP is a pure-play upstream oil and gas company that primarily engages in the production of crude oil and gas, which are subsequently sold and shipped to refineries for use as raw materials

in a variety of different products. Aker BP acknowledges that oil and gas are ingredients in products that may contribute to negative impacts on consumers and end-users, such as plastic products or fuel. However, the raw materials produced by Aker BP are not sold to individuals for personal use. Further, Aker BP does not exert control over the final product, the ultimate composition of these products or determine the final consumer or end-user. Consequently, we have not identified any material impacts, risks or opportunities attributed to this topic, as the impact is fundamentally shaped by the nature of the final product. Hence, consumers and end-users are deemed not material to Aker BP. Note, however, that emissions resulting from the use of our products are included in downstream emissions and are reported in the climate change chapter.

Not material sub-sub topics

Some of the sub-topics or sub-sub-topics defined in ESRS are deemed not material even though the related topic is material. These topics will not be further described in the report.

1.6 SUSTAINABILITY DUE DILIGENCE

It is our responsibility to have systems and procedures in place to identify actual or potential adverse impacts and to take measures to cease, prevent and mitigate such impacts where we are involved. Our sustainability due diligence process is based on the OECD's due diligence guidance for responsible business. This risk-based process aims to avoid and address adverse impacts associated with our business, supply chain and other business relationships.

We strive to integrate the sustainability due diligence process into relevant business processes, such as risk assessments, environmental impact assessments, supplier pre-qualification and due diligence processes, M&A processes and HSSEQ assessments. Before a new project or new business relationship is initiated, we intend to evaluate associated sustainability risks and implement mitigating measures where necessary. For more information about the core elements of our due diligence, see table 4.

Table 4: Sustainability due diligence

Core elements of due diligence	Sections in the sustainability statement	Page
Embedding due diligence in governance, strategy and business model	1.2.1 Sustainability in our corporate strategy 1.3 Governance 1.4 Impact, risk and opportunity management 1.5.4 Impacts, risks and opportunities	37 39 41 46
Engaging with affected stakeholders in all key steps of the due diligence	1.2.1 Sustainability in our corporate strategy 1.3 Governance 1.4 Impact, risk and opportunity management 1.5 Double materiality assessment 7.1.1 Policies and procedures 8.1 Policies and procedures 9.1 Policies and procedures	37 39 41 42 109 119 124
Identifying and assessing adverse impacts	1.5 Double materiality assessment	42
Taking actions to address those adverse impacts	Covered in relevant chapters
Tracing the effectiveness of these efforts and communicating	Covered in relevant chapters

Figure 10: Our due diligence process

Environment

Climate change
Pollution
Water and marine resources
Biodiversity and ecosystems
Resource use and circular economy

ENVIRONMENTAL MANAGEMENT AND COMPLIANCE

Environmental compliance and safeguarding the environment are key priorities for Aker BP. Aker BP's environmental management system is an integral part of the company's sustainability framework and management system. The system covers all our own operations at all locations. Our environmental management system is not certified according to ISO 14001; however, it follows the guiding principles in ISO 14001 and is regularly audited to promote compliance with the standard. Aker BP's external environment policy describes our commitment to safeguarding and avoiding harm to the environment.

In 2024, we performed environmental risk analyses and evaluated appropriate actions when planning exploration and development drilling. We also updated these analyses for assets where changes in activity levels could affect environmental performance. We continuously identify actual and potential environmental impacts and risks, including stakeholders and experts in the evaluation process. Annual health, safety, security, environment and quality (HSSEQ) programmes are in place for both exploration and production drilling, as well as production activities. These plans include environmental objectives, activities and focus areas for each year.

We continuously review and assess the degree to which environmental expectations are met. Environmental performance is followed up and included in our environmental accounting system, NEMS, which follows the guiding principles in ISO 14001.

Aker BP uses the annual submission of reports to authorities, audits performed by regulatory agencies and self-assessments to ensure environmental compliance. The compliance checks in the self-assessment process consider both environmental aspects and regulatory requirements. The audits verify the effectiveness of our environmental management system and are part of our continuous improvement efforts to ensure compliance. Over time, these audits cover all our own operations at all locations.

Discharges to sea from our own operations and exploration activities are governed by our discharge permits issued by the Norwegian Environment Agency. We report on the compliance status for our discharges and emissions to the authorities, for both operating fields and exploration drilling, on an annual basis. Annual reports, along with feedback on these annual reports from the Norwegian Environment Agency, also provide input for continuous improvement of our environmental performance.

Internal and external audits are subject to compliance evaluation against external environmental permits and legislation.

32% reduction

in operational control scope 1 and 2 GHG emissions, compared to our 2017 baseline

2.6 kg CO2e/boe

Equity share scope 1 and 2 GHG emission intensity

Operational control scope 1 methane emission intensity

2 Climate change

Climate change is a material topic for Aker BP as we are a consumer and supplier of energy, which leads to greenhouse gas (GHG) emissions both in our own operations and in our upstream and downstream value chain. GHG emissions contribute to global climate change, which affects the environment and society. Climate change poses both risks and opportunities for Aker BP, and we strive to reduce climate-related risks and materialise climate-related opportunities. Material climate-related impacts, risks and opportunities are presented in table 5.

Emissions factors for calculating CO2e:

Greenhouse gas	Global warming potential (GWP) rates in a 100 year perspective*
CO2	1.0
CH4 fossil origin	29.8
N2O	273.0

* Source: IPCC Sixth Assessment Report (2021)

Emission scopes:

• – Scope 1: Direct emissions from owned or controlled sources
• – Scope 2: Indirect emissions from the generation of purchased energy
• – Scope 3: Indirect emissions (not included in scope 2) that occur in the value chain of the company, including both upstream and downstream emissions

Relevant policies:

Climate and energy policy

Table 5: Material impacts, risks and opportunities: Climate change

Material matters	Scope	Description of materiality
Material impacts1)
GHG emissions in own operations (-)	Own operations	Aker BP's own operations have direct emissions of greenhouse gases which contribute to global GHG emissions, negatively affecting the climate
GHG emissions in upstream value chain (-)	Upstream value chain	Aker BP's operations require resource inflows (e.g., steel, chemicals, cement, fuel use) which have associated GHG emissions, negatively affecting the climate
GHG emissions from downstream value chain (-)	Downstream value chain	Aker BP's sold products contribute to global emissions of greenhouse gases, negatively affecting the climate
Energy use in own operations (-)	Own operations	Aker BP's operations consume energy which could be used for other applications. Aker BP has several electrified assets which use power from the Norwegian electricity grid
Material risks	Scope	Description of materiality	Mitigation actions
Transition risk – market risk and competition: Risk of lower oil and gas prices due to decreased demand for oil and gas and faster energy transition	Own operations	Potential reduced revenues from lower prices of our sold products could negatively impact value creation	– Strict financial framework for investment decisions; sanctioning projects with low break-even oil prices – Scenario analysis and stress-testing on both portfolio and project levels and internal carbon price exceeding IEA's Net Zero Emissions by 2050 scenario
Transition risk – regulatory and legal: Risk of increased production costs and reduced growth prospects due to changes in regulatory framework	Own operations	Potential changes to operating frameworks could lead to reduced revenue or increased costs for Aker BP and hence negatively impact value creation	– Scenario analysis and stress-testing on both portfolio and project levels and internal carbon price exceeding IEA's Net Zero Emissions by 2050 scenario – Energy management and other emission reduction initiatives – Continuous monitoring of developments in the regulatory framework and engagement with relevant stakeholders
Transition risk – reputational: Risk of increased cost of capital and reduced talent attraction due to negative perception from society and stakeholders	Own operations	Ability to attract and retain talent is critical for Aker BP to become the E&P company of the future. Changes in our cost of capital and insurance premiums could lead to increased costs for Aker BP and hence negatively impact value creation	– Efforts in place to secure financial flexibility and maintain investment grade credit rating – Maintaining Aker BP brand as an attractive employer
Physical risk – acute and chronic: Risk of operational limitations and disruptions due to acute extreme weather offshore and chronic changes in weather patterns	Own operations	Increased frequency of extreme weather and changes in weather patterns offshore could affect working environment offshore, increase frequency of shutdowns, as well as require modifications on our existing facilities	– Environmental monitoring, update of metocean data and evaluation of structural design limits are part of the integrity management process – Working environment risks are assessed using best industry practice and form input to infrastructure design for new facilities and working procedures for existing facilities
Material opportunities	Scope	Description of materiality	Actions to realise opportunities
Opportunity for additional and diversified source of income and improved reputation through carbon capture and storage (CCS) investments	Own operations	CCS could represent a potential new revenue stream for Aker BP, and support our customers in decarbonising	– Assess current acreage for CCS development. Aker BP is already the operator on two CCS licenses and partner on a third – Further develop business model and technology related to CCS – Assess possible new acreage suitable for CCS
Opportunity for favourable financial terms through industry-leading scope 1 and 2 GHG emission intensity	Own operations	In an investment environment increasingly shaped by intensifying ESG pressure, Aker BP's industry-leading scope 1 and 2 GHG emission intensity, low production costs and high ESG performance provide a competitive advantage and better opportunities to obtain capital in the future	– Cost reduction initiatives – Energy management and other emission reduction initiatives – Continuous evaluation of electrification using power from shore or from offshore wind, where feasible
Opportunity for high productivity through more robust assets adapting to meet climate change	Own operations	Aker BP has a portfolio of resilient assets with short payback times that will remain profitable even under low oil price scenarios	– Continued investment in digitalisation and business transformation

The Task Force on Climate-related Financial Disclosures (TCFD) has been embedded in Aker BP's climate change disclosure since 2018. The TCFD recommendations have now been fully integrated into the ESRS E1, and we continue to follow the recommended practice for climate-related financial disclosure as prescribed by the ESRS.

2.1 POLICIES AND PROCEDURES

Our climate and energy policy is built on the following core beliefs:

Aker BP acknowledges the Paris Agreement and associated goals, as well as the Norwegian national climate commitments

We acknowledge the conclusions from the Intergovernmental Panel on Climate Change (IPCC) and the goals of the Paris Agreement, which call for a global effort to limit the global temperature increase to 1.5°C above the pre-industrial level. Through our Konkraft collaboration and industry commitment, we contribute to the Norwegian government's national commitment to reduce GHG emissions by a minimum of 55 percent by 2030.

Aker BP believes that oil and gas produced with low scope 1 and 2 GHG emission intensity and at low cost is critical for energy affordability and security We believe the transition to a low-carbon future needs to happen in a responsible manner that ensures affordable and reliable energy for people and societies. While the demand for oil and gas is expected to decrease it will nevertheless remain a significant energy source and feedstock in a low-carbon future for decades to come. Aker BP intends to contribute to the energy transition and energy security through our role as a reliable provider of low-cost oil and gas produced with industry-leading equity share scope 1 and 2 GHG emission intensity. We also aim to have high value creation and support new low-carbon industries by sharing technology and knowledge.

In 2021, we strengthened our management of climate-related matters and issued a separate climate and energy policy. The policy addresses both climate change mitigation and adaptation, as well as energy efficiency, and outlines our commitments to:

• 1. Reduce energy consumption and related emissions to air
• 1. Reduce GHG emissions
• 1. Manage climate-related risks and opportunities
• 1. Evaluate low-carbon innovation solutions to reduce emissions

• Responsible management of our carbon dioxide removal portfolio

This policy covers all climate-related impacts, risks and opportunities as described in table 5, except for the impact related to GHG emissions from the downstream value chain and the opportunity related to advancing carbon capture and storage (CCS). The process related to monitoring of climate-related impacts, risks and opportunities is described in section 1 General. Through this document, Aker BP commits to set short- and long-term targets for reducing scope 1 and 2 GHG emissions. We also aim to cooperate with suppliers and contractors to establish a GHG footprint and implement appropriate measures to reduce upstream scope 3 emissions. The SVP people and safety, who is part of our executive management team, is the owner of this policy and is accountable for its implementation. The policy is publicly available on our website.

Through our obligations to the authorities, our emission levels are controlled and limited by authority permits for each asset, strict environmental regulations and specific Norwegian continental shelf (NCS) standards. Close cooperation with Offshore Norge, the national industry organisation, ensures joint compliance with national commitments and stakeholder expectations.

2.2 CLIMATE TRANSITION PLAN

Aker BP does not have any targets to reduce our scope 3 emissions. As a result, we do not have a climate transition plan in line with the ESRS' requirements and do not have a timeline for if or when we will develop such a plan.

2.3 ACTIONS

2.3.1 Actions to reduce GHG emissions from our own operations

Aker BP has identified GHG emissions from own operations as a material impact, and we have also identified an opportunity related to favourable financial terms through industry-leading scope 1 and 2 GHG emission intensity. In line with the commitments in our climate and energy policy, we have an active energy management process for our operated assets and continuously implement energy and emission-reducing measures when feasible. As a result, we completed several energy efficiency and scope 1 and 2 GHG emission reduction initiatives during 2024 and furthermore identified the main decarbonisation levers to achieve our climate-related targets presented in section 2.4. No metrics presented in this section have been validated by any entity other than the assurance provider.

Figure 11: Operational control GHG emissions across the value chain (in 1000 t CO2e)

2.3.1.1 GHG and energy emission reductions in 2024

Achieving reductions in energy consumption and pursuing energy-efficient solutions and technology through energy management is an integral part of Aker BP's strategy to be the best-in-class producer of oil and gas with an industry-leading equity share scope 1 and 2 GHG emission intensity. Our approach to energy efficiency is embedded in how we work and includes our governing principles, performance and reward framework. Aker BP's climate and energy policy formalises our commitment to energy management and energy efficiency in all aspects of our operations, and it enables us to deliver on our performance goals.

Our energy management system embodies the principles from the ISO 50001 standard. As an operating company on the NCS, Aker BP is required by law to conduct energy management in accordance with the principles of this standard.

We work continuously to reduce our energy consumption and related emissions by implementing energy management initiatives. These efforts are driven by established energy teams in each asset and are reported to senior management on a regular basis. The effectiveness of energy management and the implementation of identified energy improvement opportunities are tracked through reduced emission levels, power management dashboards for each asset, and Aker BP's equity share scope 1 and 2 GHG emission intensity KPI. We do not have an overarching energy reduction target at Aker BP but instead utilise asset-specific energy reduction targets to focus efforts on the most effective energy reduction activities for each asset.

Several scope 1 and 2 GHG emission reduction measures were carried out in 2024, in line with our climate and energy policy objectives, yielding an estimated total reduction of 56,800 tonnes of CO2e. The reduction measures were mainly identified through our annual energy management process. Our most significant GHG emission reduction initiatives in 2024 are listed in table 6.

Costs related to energy management initiatives completed during 2024 were not significant.

2.3.1.2 Future decarbonisation levers

All future emission reductions and costs are estimates based on current forecasts. The methods for calculating expected emission reductions are as follows:

• – Retirement of assets: Emission reduction is assumed to be equal to the asset's emission level in the last year of comparison, i.e., 2024 emissions for Ula, and 2030 emissions for Alvheim, Skarv and Grieg Aasen
• – Change of output and performance: Projected differences between emission levels in the target year and the last point of comparison (2024 or 2030) for non-decommissioned assets
• – Energy management: Projected emission reductions from energy management in the target year, assuming one percent cumulative emission reductions with lasting effect per year

Timelines for implementation of the actions are based on current plans and may thus be subject to changes. Any potential new developments or tie-ins not currently identified will be integrated into future forecasts as changes in output. All new field development projects requiring power

Table 6: Actions undertaken in 2024

Action description	Reduction in 2024 emissions (1000 t CO2e)
Scope 1 GHG emission reductions Several emission reduction measures were carried out in	CO2: 54.5
2024, including:	CH4: 2
– Optimisation of WAG (water alternating gas injection) compressor use on Ula – Turbine optimisation on Ula – Modifications to close LP flare on Valhall – Installation of new air filters on Alvheim
Scope 2 emission reductions Several initiatives were completed to reduce power consumption on our electrified assets during 2024, including:	0.3
– Crossflow water injection to Hanz, removing the need for water injection, yielding a total reduction of 16 GWh per

infrastructure will perform feasibility studies for power from shore or power transmission from existing assets. The implementation of all potential future actions is dependent on a stable operating environment on the NCS, continued access to capital and the availability of internal and external resources to perform the actions.

year

All references to future costs are estimates based on current projections and are hence subject to uncertainties. Costs related to the future retirement of assets between 2025 and 2050 are estimated to represent 49 percent of the

abandonment liabilities presented in note 22 on page 184 of the 2024 financial statements. Costs related to changes in output and performance between 2025 and 2050 are estimated to be insignificant. All costs related to future energy management initiatives are assumed to be capex and are calculated based on an assumed one percent cumulative emission reductions with lasting effect per year towards 2050. We assume an abatement cost equal to Aker BP's internal carbon price assumptions for each year. Capex related to energy management initiatives between 2025 and 2050 is estimated to be USD 28 million.

Actions to achieve 50 percent reduction in operational control scope 1 and 2 GHG emissions by 2030

Aker BP will continue to seek cost-effective, energy-efficient emission reduction measures to reduce GHG emissions from our operated assets. Investments in electrification constitute the most important lever for reducing scope 1 emissions under our 'avoid' and 'reduce' pillars. In 2028, we plan to retire our Ula asset, as well as bring new electrified production on stream mainly through our Yggdrasil and Valhall PWP-Fenris projects. Based on current projections, around 85 percent of Aker BP's equity share production is estimated to be electrified by 2030, enabling us to maintain our portfolio with industry-leading low scope 1 and 2 GHG emission intensities.

Actions to achieve near-zero scope 1 and 2 GHG emissions by 2050

By the early 2040s, our scope 1 and 2 GHG emissions will be significantly reduced due to the decommissioning of Alvheim and Skarv, our two remaining non-electrified assets. At this point, 100 percent of Aker BP's production is expected to be electrified with power from shore. We aim to continue our work on energy efficiency towards 2050, which will help us reach our target of near-zero operational control and equity share scope 1 and 2 GHG emissions by 2050. Near-zero implies more than a 90 percent reduction from our 2017 baseline.

2.3.2 Actions related to methane emissions

Minimising methane emissions is a key part of Aker BP's climate efforts and is covered by our climate and energy policy, as described in section 2.1. One of Aker BP's climate-related targets, presented in section 2.4, is to minimise methane emissions and maintain an operational control scope 1 methane intensity below 0.05 percent.

To enhance our understanding and control of all methane emission sources, Aker BP joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0) and reported in accordance with their standard in 2024.

Going forward, we will continue to develop site-specific monitoring survey plans for our operated assets. In addition, we are working to implement improved leak detection and repair (LDAR) surveying techniques for surface and subsea assets, in line with forthcoming methane regulations. The time horizon for implementation of the forthcoming methane regulations in Norway is still unclear. The site-specific monitoring will support our source-specific emission estimates, enabling our emissions to be kept at a minimum and remain well within our long-term methane emission intensity target.

2.3.3 Actions related to upstream scope 3 emissions

Aker BP's climate and energy policy, as described in section 2.1, outlines our ambition to work in cooperation with suppliers and contractors to establish a GHG footprint and implement appropriate measures to reduce upstream scope 3 emissions. As of 2024, Aker BP does not have any targets related to upstream scope 3 emissions.

As stated in our policy, our ambition is to enhance the quality of our upstream scope 3 reporting. During 2024, the focus has shifted to obtaining data granularity to report in accordance with ESRS, which requires reporting scope 3 emissions from the consolidated accounting group. We work with the largest contributors and cooperate with alliance partners to identify suitable improvement initiatives and emission reduction measures.

Table 7: Actions planned to be undertaken before 2030

Action description	Timeline	Emission change (1000 t CO2e)
Retirement of assets Decommissioning of Ula, one of our three remaining gas-powered assets, is planned for 2028	2028	-162
Change of output and performance Natural variations in performance due to changing production levels, as well as other influencing factors. Yggdrasil will come on stream in 2027 and will add some emissions, despite being electrified	2025–2030	-79
Energy management Projected emission reductions from energy management initiatives in 2030	2030	-36

Table 8: Actions planned to be undertaken between 2030 and 2050

Action description	Timeline	Emission change (1000 t CO2e)
Retirement of assets Based on our current portfolio, our two remaining gas-powered assets, Skarv and Alvheim, are currently planned to be decommissioned in 2036 and 2041, respectively. The Grieg Aasen area is currently planned to be decommissioned by 2050	2030–2050	-478
Change of output and performance As our assets gradually mature, more energy is required to extract oil and gas from the reservoirs, leading to a slight increase in emissions from the remaining producing assets in 2050 compared to 2030	2030–2050	+31
Energy management Projected emission reductions from energy management initiatives in 2050	2050	-29

Key activities performed during 2024:

• – Certification of low-carbon steel and copper deliveries
• – Energy efficiency measures implemented on Eidesvik chartered vessels, resulting in approximately 550 tonnes of CO2e savings in 2024. Measures included improved heat utilisation, improved voyage planning and replacement of energy intensive equipment
• – Generation and collection of product-specific emission factors for chemicals and cement
• – Development of dashboards to ensure increased reuse and utilisation of surplus inventory to reduce the use of virgin products

Quantifying the total impact of our 2024 activities related to upstream scope 3 emissions is challenging due to the activity-based nature of scope 3 emissions. Going forward, Aker BP will continue to improve the quality of scope 3 reporting through enhanced supplier engagement and will consider possibilities for a potential future target for upstream scope 3 emissions.

2.3.4 Other climate-related actions 2.3.4.1 Carbon capture and storage

Aker BP believes that CCS will play an important role in the transition to a low-carbon energy future.

table 5 describes our material climate-related impacts, risks and opportunities. One of the opportunities described is related to an additional and diversified source of income and improved reputation through carbon storage investments. As of now, we do not have any policies, targets or metrics related to CCS.

In 2023, Aker BP was awarded its first CO2 storage license on the NCS, Poseidon (EXL005), together

with OMV (Norge) AS. The license is located in the Southern Norwegian sector of the North Sea and is operated by Aker BP. In September 2024, Aker BP received its second CO2 storage license, Atlas (EXL011), located east of the Aker BP-operated Yggdrasil development in the Central North Sea. Aker BP is the operator, with an anticipation that Orlen Upstream Norge AS will enter the license as a partner in early 2025. In December 2024, the Ministry of Energy announced that Aker BP will be awarded a third license, Forsete (EXL013), located west of Yggdrasil. Forsete will be operated by Equinor Low Carbon Solution AS.

Aker BP has a strategic partnership with Höegh Evi to develop a comprehensive CO2 transport and storage solution for industrial CO2 emitters in Europe. The agreement combines the companies' respective strengths, expertise and technologies to include collecting, conditioning, transporting and securely injecting CO2 for permanent storage in subsea reservoirs on the NCS.

Aker BP's CCS activities currently have three focus areas. Firstly, we are capturing high-quality subsurface opportunities and assessing their suitability for carbon storage through subsurface studies. Secondly, we are evaluating field development concepts to mature projects towards development decisions. Thirdly, we are establishing strategic partnerships across the CCS value chain to develop a viable business model, while collaborating with the industry and authorities to establish a regulatory and fiscal framework for CCS.

2.3.4.2 Research and development related to climate and external environment

One of the stated ambitions in our climate and energy policy is to contribute to the development and sharing of technology to enable new industries. As of now, we do not have any targets related to research and development (R&D).

Aker BP continuously invests and participates in R&D activities. Our prioritised areas of R&D include digitalisation and technology development within emission and discharge control, Health, safety, security, environment and quality (HSSEQ) and other operational disciplines. Our total R&D budget in 2024 was NOK 396 million, while our allocated spending on low emission solutions was NOK 51 million.

2.4 TARGETS

As part of our broader strategy to be the E&P company of the future, Aker BP has developed a decarbonisation plan, which is publicly available on our website.

Through our Konkraft collaboration and industry commitment, we contribute to the Norwegian government's national commitment to reduce GHG emissions by a minimum of 55 percent by 2030. The targets have been set without direct involvement of external stakeholders. However, we are monitoring developments in regulations, standards and frameworks, as well as stakeholder expectations around climate-related targets. To achieve our policy objective of reducing GHG emissions from our operated assets in line with expectations from the Norwegian government, we have set the climate-related targets presented in this section. The targets are set to reduce our impact related to energy use and GHG emissions in our own operations, reduce regulatory risks related to carbon taxes, and maximise opportunities related to favourable financial terms through industry-leading

scope 1 and 2 GHG emission intensity. Our targets are not externally assured. Our climate-related targets are not science-based but are in line with national and international expectations for emission reductions in our industry.

We have no major dependencies or significant assumptions related to our targets, as all targets are related to our own operations. The data sources used to determine the targets are Aker BP's own emission forecasts. The emission forecasts used for all projected future emissions in this chapter are based on in-house data for scope 1 and 2 GHG emissions from all operated and non-operated assets. The emission forecasts are based on current projections for production and energy-demanding activities offshore per asset, which are subject to changes and hence could impact future emission levels. No changes have been made to any of our climate-related targets or underlying metrics during 2024.

All targets referring to a reduction in greenhouse gases (GHG) include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O), which are the three greenhouse gases considered material in Aker BP's operations. Aker BP has set targets for both our operational control and equity share emissions, consistent with the reported emissions in section 2.5.5.

The targets cover our own operations and are thus not dependent on customer preferences and demand. Major changes in regulatory factors or breakthroughs in emission reduction technologies could influence the achievement of our targets, but the targets themselves are not dependent on such developments. Expected future changes in production and output are reflected in the emission forecasts on which the targets are based.

Operational control scope 1 and 2

We aim to reduce our operational control scope 1 and 2 GHG emissions by 50 percent by 2030 compared with our 2017 baseline of 1.25 million t CO2e. By 2050, we aim to achieve near-zero operational control and equity share scope 1 and 2 GHG emissions.

Our operational control scope 1 and 2 GHG emissions in 2024 were 838,200 t CO2e and 14,400 t CO2e respectively, which constitutes a 32 percent reduction from our 2017 baseline. The share of operational control scope 1 emissions compared to scope 2 emissions for this target varies slightly from year to year but scope 2 emissions have historically constituted between one and two percent of total scope 1 and 2 GHG emissions. However, this share is expected to increase going forward as a higher percentage of our operated assets will be electrified with power from shore. Based on current projections, the share will increase to around seven percent by 2030, and around 20 percent by 2050. This target applies a location-based method for calculation of scope 2 emissions. Based on current projections, we are in line with our target of 50 percent reduction by 2030 and near-zero by 2050.

Our 2017 baseline was chosen as this is the first year all producing assets under Aker BP's operational control were in full stable production.

All decarbonisation levers visualised in figure 12 are reductions in scope 1 GHG emissions and are mostly based on existing technologies such as electrification, as well as retirement of GHG-intensive assets. Emission reductions from energy management could involve use of new technologies.

Retirement of assets Energy management Change in output Emission forecasts Historical actions Baseline

and performance

1) Natural changes in emission levels for operated assets and drilling rigs 2017–2024.

2) Change in projected emission levels for producing assets 2024–2030 (excl. Ula), Yggdrasil area on-stream.

• 3) Assumed reduction from energy management of one percent lasting cumulative emission reductions per year.
• 4) Change in projected emission levels for producing assets 2030–2050 (excl. Alvheim, Skarv and Grieg Aasen).
• 5) Assumed reduction from energy management of one percent lasting cumulative emission reductions per year.

Figure 12: Pathway to near-zero operational control scope 1 and 2 GHG emissions by 2050 2.4.1 Target 1

Aker BP annual report 2024 61

2.4.2 Target 2

Aker BP aims to achieve equity share scope 1 and 2 GHG emission neutrality from 2030. This target is closely interlinked with our emission reduction target presented in section 2.4.1, and our approach to decarbonisation, depicted in figure 13. Our approach to decarbonisation emphasises that we will prioritise scope 1 and 2 GHG emission reductions where feasible, leading up to and after

2030, in line with the 'avoid' and 'reduce' pillars. We aim to neutralise every remaining tonne of equity share scope 1 and 2 GHG emissions from our own operations from 2030 onwards using high quality carbon dioxide removal (CDR) credits. These CDRs are voluntary and associated costs come in addition to all carbon taxes or fees we pay for our emissions. For more information about our work with CDRs, see section 2.5.7.

Figure 14: Our pathway to equity share scope 1 and 2 GHG emission neutrality from 2030

Figure 13: Our approach to decarbonisation

1. Avoid	We aim to avoid emissions wherever possible through electrification of greenfield developments and rigs, portfolio management and optimisation of existing infrastructure
2. Reduce	We aim to reduce emissions through active energy management and brownfield electrification
3. Neutralise	For every tonne of remaining equity share scope 1 and 2 GHG emissions from our own operations, we aim to capture one tonne of CO2 from the atmosphere through high-quality carbon dioxide removal projects from 2030

Equity share scope 1 and 2 GHG

2.4.3 Target 3

We aim to minimise GHG emissions and maintain an equity share scope 1 and 2 GHG emission intensity below 4 kg CO2e/boe. According to IOGP, this is less than one quarter of the global average in 20231).

This is a continuous target and thus has no baseline value or applicability period.

The share of equity share scope 1 emissions compared to scope 2 emissions for this target varies slightly from year to year but scope 2 emissions have historically constituted less than five percent of the total scope 1 and 2 GHG emissions. However, this share is expected to increase going forward as a higher percentage of our own operations is powered with power from shore. Based on current projections, the share will increase to around 10 percent by 2030, and around 20 percent by 2050. Location-based method is used for calculation of scope 2 emissions.

Our equity share scope 1 and 2 GHG emission intensity in 2024 was 2.6 kg CO2e/boe, meaning that we are well below our target of below 4 kg CO2e/boe. This is in line with our expectations and is lower than previous years due to enhanced electrification of our assets and implemented energy management initiatives.

The target is a long-term commitment from the company to maintain an industry-leading scope 1 and 2 GHG emission intensity, in line with our vision of becoming the E&P company of the future. The decarbonisation levers described in section 2.3 along with continued high production from our assets in our own operations will help us reach this target.

2.4.4 Target 4

We aim to minimise methane emissions and maintain our operational control scope 1 methane emission intensity below 0.05 percent2).

This is a continuous target and thus has no baseline value or applicability period.

In 2024, our methane emission intensity was 0.018 percent. This is in line with our expectations and is at a similar level to previous years. Our operational control scope 1 methane intensity is anticipated to increase in the future. Therefore, continued focus on methane emission reduction initiatives and production optimisation is key to achieving this long-term target.

Figure 15: Projections for equity share scope 1 and 2 GHG emission intensity

Figure 16: Projections for operational control scope 1 methane intensity

1) IOGP Environmental performance indicators - 2023 data

2) Calculated as volume of operational control scope 1 methane emissions from operated assets and drilling activities, expressed as a percentage of the total volume of saleable gas.

2.5 METRICS

Except for emissions covered by EU ETS, no metrics presented in this section were validated by an external body other than the assurance provider.

2.5.1 Scope 1 emissions

Our scope 1 consolidated GHG emissions include CO2, CH4 and N2O emitted throughout the year. Our 2017 emission baseline for operational control is 1.250 million tonnes of CO2e, of which 1.245 million t CO2e are scope 1 and 5,000 t CO2e are scope 2 emissions. Aker BP's operational control scope 1 GHG emissions were 838,200 t CO2e in 2024. Our equity share scope 1 GHG emissions were 405,400 t CO2e. Further details around our scope 1 emissions are presented in section 2.5.5.

Our operational control scope 1 methane emission intensity was 0.018 percent CH4 of saleable gas. This is significantly lower than the 0.14 percent as reported by Oil and Gas Climate Initiative (OGCI 2023 performance data). It is also below our long-term target of 0.05 percent, as detailed in section 2.4.4. Most of our methane emissions originate from releases of non-combusted gas,

through cold venting, fugitive emissions and from offloading on our FPSOs (floating production storage and offloading vessels).

Only safety flaring is permitted for all assets in Aker BP's own operations, which means that flaring in general and associated emissions to air is very limited. Aker BP's work to reduce flaring and quantify emissions of non-combusted hydrocarbon gases has resulted in closed flares on five of six assets and significantly reduced flaring volumes from our producing assets over time. Total flared volume on our operated assets in 2024 was 18 million sm3. We also have LDAR systems implemented on all assets in our own operations.

All scope 1 CO2 emissions are monitored and measured in accordance with EU ETS MR-regulation requirements1). For non-CO2 emissions, activity-specific emission factors (Offshore Norge, 2024) are used where available, as specified in Norwegian regulatory requirements. All scope 1 CH4 emissions are quantified using activity-specific emission factors, in accordance with national guidelines and OGMP 2.0 guidance. All N2O emissions are quantified using source-specific emission factors.

Figure 17: Operational control scope 1 GHG emissions

Figure 18: Breakdown of gas streams (operational control)

1) COMMISSION IMPLEMENTING REGULATION (EU) 2018/2066 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council and amending Commission Regulation (EU) No 601/2012.

Total marketed gas (96.7%) Combusted (3.1%) Flared (0.2%) Vented (<0.1%)

Aker BP's own operations consume a significant amount of electrical energy, as we have several assets electrified with power from shore. We have committed through our climate and energy policy, presented in section 2.1, to reduce energy consumption and related emissions to air. We also have targets covering both operational control and equity share scope 2 emissions, as presented in section 2.4.

Our operational control scope 2 emissions are mainly related to the purchase of electricity supplied to Grieg Aasen and Valhall, but also include power consumption at Aker BP's office locations. Our operational control scope 2 emissions increased from 13.300 tonnes of CO2e in 2023 to 14,400 tonnes of CO2e in 2024.

Equity share scope 2 emissions include power consumption at Johan Sverdrup. For calculation of equity share scope 2 emissions, Aker BP's office locations are assumed to have 100 percent equity share, and our equity share of power consumption at our partners' office locations is assumed to be negligible.

Emission factors used to calculate scope 2 emissions are from The Norwegian Water Resources and Energy Directorate (NVE)1) as this is recognised as a reliable source of factors which is publicly available and widely used. The location-based and market-based emission factors for Norwegian power in 2023 were published in June 2024, after the previous sustainability report was published. Due to this, our location-based scope 2 emissions for 2023 are restated in this year's report, changing from 16,800 t CO2e to 13,300 t CO2e. The emission factors for 2024 are not available at the time of publishing this report, and thus 2023-factors are used to calculate 2024 scope 2 emissions.

Our collective work on energy management, electrification of the Valhall area and the Grieg Aasen area, as well as future electrification of the fields in the Yggdrasil area, is anticipated to result in around six million tonnes of avoided scope 1 GHG emissions from the year of electrification to 2030.

Figure 19: Operational control scope 2 emissions, location-based 2.5.2 Scope 2 emissions

1) Location-based: Hvor kommer strømmen fra? - NVE. Market-based: Varedeklarasjon for strømleverandører - NVE.

1000 tonnes CO2e

Aker BP's own operations consume materials and services which have associated GHG emissions. Aker BP can influence upstream scope 3 emissions through contracts, as well as cooperation with suppliers and alliance partners to reduce GHG emissions in our upstream value chain. As a result of our ability to influence these emissions, we have identified emissions in our upstream value chain as a material topic for Aker BP. As of 2024, we do not have any targets related to upstream scope 3 emissions but have completed several actions related to these emissions, as presented in section 2.3. This is in line with our climate and energy policy, as presented in section 2.1.

Unlike fully integrated oil and gas companies, Aker BP has no midstream or downstream operations and thus has limited influence on downstream scope 3 emissions. However, we are aware that these scope 3 emission sources are significant in magnitude and have identified this as a material impact in our DMA. Due to our limited ability to influence these emissions, we do not currently have any policies, actions or targets related to downstream scope 3 emissions.

Scope 3 emissions are quantified and reported in accordance with the GHG Protocol and represent an important part of our sustainability accounting scheme. Our scope 3 emissions are presented in figure 20 and in further detail in section 2.5.5.

All emission factors used to calculate the GHG emissions are considered most appropriate for the specific product or service. Aker BP prioritises using product-specific or supplier-specific emission factors where these are available and is working with suppliers to develop these where possible. Generic emission factors are used when product-specific or supplier-specific factors are unavailable. Aker BP is working to further enhance the quality of reported scope 3 data, as described in section 2.3.

All categories mentioned in the list below are deemed not material for Aker BP:

• – Category 7 Employee commuting: Aker BP does not have any material emission sources related to employee commuting. Personal transport to and from office locations has been quantitively assessed and was deemed immaterial. Helicopter commuting to and from shore to assets was previously reported in this category but, upon review, has been moved to Category 4
• – Category 8 Upstream leased assets: Aker BP has no upstream leased assets and hence no emission sources are relevant within this category
• – Category 12 End-of-life treatment of sold products: All products sold by Aker BP are assumed to be combusted and hence all downstream emissions related to end-use are assigned to category 11
• – Category 13 Downstream leased assets: Aker BP has no downstream leased assets and hence no emission sources are relevant within this category
• – Category 14 Franchises: Aker BP is not part of a franchise and hence no emission sources are relevant within this category
• – Category 15 Investments: Aker BP is not a financial institution and does not have any investments deemed relevant for this category

Figure 20: Material scope 3 emissions (equity share) 2.5.3 Scope 3 emissions

Category 1: Purchased goods and services	82 1000 tonnes CO2e
Category 2: Capital goods	57 1000 tonnes CO2e
Category 3: Fuel- and energy-related activities (not included in scope 1 or 2)	18 1000 tonnes CO2e
Category 4: Upstream transportation and distribution	129 1000 tonnes CO2e
Category 5: Waste generated in operations	1 1000 tonnes CO2e
Category 6: Business travel	12 1000 tonnes CO2e
Category 9: Downstream transportation and distribution	191 1000 tonnes CO2e
Category 10: Processing of sold products	4,668 1000 tonnes CO2e
Category 11: Use of sold products	66,172

Table 9: Data sources, calculation methodologies and emission factors used for material scope 3 categories

Category	Description	Data source	Emission factors used
Purchased goods and services	Emissions from production and delivery of all material consumables (excl. steel and other metal) used during the reporting year, as well as emissions from material services and deliverables	The majority of the consumables are extracted from Aker BP's own database, NEMS, while other services and deliverables are reported by contractor. Consumables used on non-operated assets were gathered directly from partners where available, and if unavailable, estimated based on consumable use in similar activities on operated assets. 100% of data obtained from suppliers or value chain partners	Product-specific emission factors used for top 5 high emitting chemicals, Ecoinvent used for the remaining chemicals. Product-specific emission factors are used for all cement. Emission factor for engineering services is based on data from a study from the University of Exeter
Capital goods	Emissions from steel (or other materials) in wells/infrastructure, used/installed during the reporting year	Amount of steel (or other materials) used/installed is gathered annually from suppliers and alliance partners. Steel used/installed on non-operated assets were gathered directly from partners where available, and if unavailable, estimated based on similar activities on operated assets. 100% of data obtained from suppliers or value chain partners	Product-specific emission factors are used where available. Where not available, emission factor from World Steel Association (1.92 t CO2 e/tonne steel) is used
Fuel and energy-related emissions	Emissions related to the extraction, production and transportation of liquid fuel consumed during our own operations	Amount of fuel used is extracted from Aker BP's own database, NEMS. Emissions from fuel consumption on non-operated assets gathered directly from partners. 100% of data obtained from suppliers or value chain partners	Well-to-tank (WTT) emission factors used are from the Fuel EU directive (EU REGULATION 2023/1805)
Upstream transportation and distribution	Emissions from transportation and distribution services (not included in scope 1) purchased by Aker BP in the reporting year, except tankers	Amount of fuel consumed on vessels, rigs and helicopters are derived from suppliers and internal databases. Emissions from non-operated assets were gathered directly from partners where available, and if unavailable, estimated based on similar activities on operated assets. 100% of data obtained from suppliers or value chain partners	e/kg MGO) and Emission factor for MGO (3.25 kg CO2 jet fuel (2.55 kg CO2 e/L jet fuel) are from The Norwegian Environmental Agency. Emission factor for LNG (2.75 kg CO2 e/kg LNG) is from Fuel EU directive (EU REGULATION 2023/1805). MGO emission factor corrected for national regulations on use of biofuel
Waste generated in operations	Emissions related to handling of all waste produced in Aker BP's own operations	Amount of waste generated is extracted from Aker BP's own database, NEMS. Data on waste generation on non-operated assets obtained directly from partners. 100% of data derived from suppliers or value chain partners	Drill cuttings: Supplier-specific energy consumption factor used, as well as location-based emission factors for consumed energy from NVE Other hazardous waste and non-hazardous waste: Emission factors from Norsk Lovdata
Business travel	Emissions related to all business-related air travel by Aker BP personnel	All business travels are summarised by our travel agency supplier each year. Assumed 100 percent equity share for business travels from Aker BP employees. 100% of data obtained from suppliers or value chain partners	Emission factors used are from UK Department for Business, Energy & Industrial Strategy (UK BEIS)
Downstream transportation and distribution	Emissions from all transport of oil on tankers from Aker BP's own operations	All shipments of Aker BP's products, including destinations, is gathered from internal databases. Emissions calculated based on shipping load and distance, unless reported directly by shipowners. 88% of data obtained from suppliers or value chain partners	Emission factors used are from UK Department for Environment, Food and Rural Affairs (DEFRA)
Processing of sold products	Emissions from refining of all oil sold by Aker BP during the reporting year, as well as emissions from processing of all oil, gas and NGL sold by Aker BP during the reporting year	All shipments of oil sold by Aker BP, including destinations, is gathered from internal databases. Aker BP's allocated share of emissions from oil terminals, gas and NGL processing facilities are reported directly from value chain partner. 1% of data derived from suppliers or value chain partners	Average refinery emissions for various countries are from Wood Mackenzie. Aker BP's refinery mix in 2024 represented emissions of 35 kg CO2 e/boe
Use of sold products	Emissions from combustion of all oil, gas and NGL sold by Aker BP during the reporting year	All products sold by Aker BP are assumed to be combusted. Emissions from NGL are assumed equal to oil. 0% of data derived from suppliers or value chain partners	Emission factors are from Statistics Norway (SSB). The relevant emission factors applied for calculations are: Oil and NGL: 427 kg CO2 e/boe Gas: 316 kg CO2 e/boe

2.5.4 Energy consumption and mix

Aker BP's own operations consume a significant amount of energy, and we have thus identified energy use in own operations as a material impact. Our assets connected to power from shore consume electric energy, and non-electrified generate power using gas turbines. Current projections indicate that 100% of Aker BP's production will be electrified with power from shore by the 2040s. We have committed through our climate and energy policy, presented in

section 2.1, to reduce energy consumption and related emissions to air. We have no targets directly related to energy consumption, but all our climate-related targets will encompass energy consumed on assets thus reducing energy generation and demand within our own operations. For more information, see section 2.4.

2.5.5 Climate and energy-related tables

Climate- and energy-related metrics are reported in the tables below.

Table 10: Energy consumption and mix (equity share)

	Unit	2024
Fuel consumption from coal and coal products	MWh	-
Fuel consumption from crude oil and petroleum products	MWh	358,626
Fuel consumption from natural gas	MWh	1,229,369
Fuel consumption from other fossil sources	MWh	-
Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources	MWh	873,309
Total fossil energy consumption	MWh	2,461,305
Share of fossil sources in total energy consumption	%	93.3%
Consumption from nuclear sources	MWh	109,432
Share of consumption from nuclear sources in total energy consumption	%	4.1%
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)	MWh	-
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources	MWh	67,590
The consumption of self-generated non-fuel renewable energy	MWh	-
Total renewable energy consumption (MWh)	MWh	67,590
Share of renewable sources in total energy consumption	%	2.6%

Figure 21: GHG emission intensities

Scope 1 and 2 GHG intensity	Operational control	6.0 kg CO2e/boe
Scope 1 and 2 GHG intensity	Equity share	2.6 kg CO2e/boe
Scope 1 methane intensity	Operational control	0.018%
GHG emissions per net revenue (location-based)	Equity share	5.861 kg CO2e/USD
GHG emissions per net revenue1) (market-based)	Equity share	5.911 kg CO2e/USD

Figure 22: Energy intensity per net revenue

Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors1)

216 MWh/million USD

1) Net revenue from high climate impact sectors consists of total petroleum revenue which can be extracted from note 5 in this annual report.

Table 11: Total GHG emissions by source

				Operational control		Equity share
Emission source/category 1) 2) 3)	Unit	Base year (2017)	2024	2030 target	2050 target	Reduction from baseline	Base year (2017)	2024	2030 target	2050 target	Reduction from baseline
Scope 1 GHG emissions
Gross scope 1 GHG emissions	1,000 t CO2e		838					405
CO2 (carbon dioxide)	1,000 t CO2e		806					383
CH4 (methane)	1,000 t CO2e		29					21
N2O (nitrous oxide)	1,000 t CO2e		3					2
Scope 1 GHG emissions - by source
Flaring and well testing	1,000 t CO2e		54					32
Venting and fugitive emissions	1,000 t CO2e		15					12
Fuel combustion	1,000 t CO2e		759					355
Loading of hydrocarbons	1,000 t CO2e		10					7
Percentage of scope 1 GHG emissions from regulated emission trading schemes	%		93%					94%
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions	1,000 t CO2e		14					16
Gross market-based scope 2 GHG emissions	1,000 t CO2e		575					629
Total scope 1 and 2 GHG emissions	1,000 t CO2e	1,250	853	625	125	32%	666	421	GHG neutrality	90%	37%

1) Methodologies, significant assumptions and emission factors for calculation of scope 1, 2 and 3 emissions are presented in the respective sections. Scope 1: section 2.5.1 Scope 2: section 2.5.2 Scope 3: section 2.5.3.

2) Aker BP has zero scope 1, 2 or 3 emissions from biogenic sources.

3) All Global Warming Potential (GWP) factors used are from IPCC AR6.

			Operational control			Equity share
Emission source/category 1) 2) 3)	Unit	2024	2030 target	2050 target	Reduction from baseline	2024	2030 target	2050 target	Reduction from baseline
Material scope 3 categories
Total gross indirect (scope 3) GHG emissions	1,000 t CO2e	71,458				71,330
Purchased goods and services	1,000 t CO2e	95				82
Capital goods	1,000 t CO2e	90				57
Fuel- and energy-related activities (not included in scope 1 or scope 2)	1,000 t CO2e	26				18
Upstream transportation and distribution	1,000 t CO2e	202				129
Waste generated in operations	1,000 t CO2e	1				1
Business travel	1,000 t CO2e	12				12
Employee commuting	1,000 t CO2e	Not material				Not material
Upstream leased assets	1,000 t CO2e	Not material				Not material
Downstream transportation and distribution	1,000 t CO2e	191				191
Processing of sold products	1,000 t CO2e	4,668				4,668
Use of sold products	1,000 t CO2e	66,172				66,172
End-of-life treatment of sold products	1,000 t CO2e	Not material				Not material
Downstream leased assets	1,000 t CO2e	Not material				Not material
Franchises	1,000 t CO2e	Not material				Not material
Investment	1,000 t CO2e	Not material				Not material
Total GHG emissions
Total GHG emissions (location-based)	1,000 t CO2e	72,311				71,752
Total GHG emissions (market-based)	1,000 t CO2e	72,872				72,365

1) Methodologies, significant assumptions and emission factors for calculation of scope 1, 2 and 3 emissions are presented in the respective sections. Scope 1: section 2.5.1 Scope 2: section 2.5.2 Scope 3: section 2.5.3.

2) Aker BP has zero scope 1, 2 or 3 emissions from biogenic sources.

3) All Global Warming Potential (GWP) factors used are from IPCC AR6.

464

General Environment Social Governance ESRS index

Table 12: Other consolidation methods for scope 1 and 2 GHG emissions

Method	2024 (1,000 t CO2e)
Consolidated accounting group	421
Aker BP operated assets	389
Non-operated assets	32

Investees in assets that are not consolidated in the financial statements of the consolidated accounting group, for which Aker BP has operational control1)

2.5.6 Internal carbon pricing

Petroleum operations on the NCS are subject to the national Norwegian carbon tax as well as the European Union Allowances (EUA) for emissions traded under the EU ETS. The combination of the national carbon tax and the EU ETS means that companies operating in Norway pay a higher price per tonne of CO2 emissions compared with most other countries with petroleum activities. There are significant uncertainties tied to the future development carbon prices, and this is thus a part of Aker BP's internal set of corporate assumptions. These are updated on a quarterly basis and approved by the CFO. Our internal carbon prices are not verified by any external body other than the assurance provider.

We operate with low, base and high case scenarios for carbon prices. We use the high case scenario for resilience testing, while our base case is used for business planning. Our base case carbon price assumption is used for assessing commercial feasibility of decarbonisation initiatives and is used uniformly across all our assets. All operated assets are required to work on a pipeline of energy management initiatives and evaluate economics of these initiatives based on the company's latest set of the internal carbon price assumptions. Our work with carbon pricing is hence directly linked to our efforts to reduce GHG emissions from our own operations, as described in section 2.4. When assessing feasibility of the GHG reducing projects, we compare the costs of an initiative with savings from the avoided CO2 costs, along with other savings, and calculate a carbon price required for a project to break-even.

As part of Norway's climate action plan announced in January 2021, Norway has set a target to gradually increase the total cost per tonne of CO2 from around USD 80 in 2020 to USD 266 in 2030 (real 2023 terms). This target is reflected in Aker BP's planning assumptions, i.e., the base case scenario, which show an increase in both the EUA and the national carbon tax over the next years, reaching the targeted level the Norwegian Government has set for 2030, and a continued increase towards 2050.

Our base case scenario reflects an expectation that the continued reforms in the EU ETS market, inclusion of the new segments under the EU ETS, gradual phasing out of free allocation, will lead to a tighter supply of EUAs and higher prices. This scenario reflects our expectation that the EU ETS will remain one of the key instruments for achieving the EU's decarbonisation targets, and that more industries will have to purchase their allowances, while facing decreasing volumes offered. The low case assumes that the growth of renewable energy is faster than expected, resulting in lower demand for ETS quotas – and hence a lower price. The high case assumes that the growth of renewable energy is slower than expected, resulting in higher demand for ETS quotas – and hence a higher price.

All our operated assets and business units use a uniform set of the internal carbon price (shadow price) assumptions, aligned with the financial statements.

¹⁾ This consolidation method is reported to be in line with CSRD requirements. It accounts for partners' share of emissions from Aker BP's operated assets in addition to emissions from non-operated assets. In Aker BP's view, this leads to confusion and double-counting of emissions.

Several energy management initiatives were carried out in 2024, yielding an estimated total reduction in operational control scope 1 and 2 GHG emissions of 56,800 tonnes of CO2e. Going forward, Aker BP will continue to seek cost-effective energy management initiatives to reduce scope 1 and 2 GHG emissions from our operated assets.

The carbon price is used for assessing the feasibility of reduction initiatives for operational control scope 1 CO2 emissions only, which in 2024 comprised around 805,800 tCO2, or approximately 95 percent of our total scope 1 and 2 GHG emissions.

2.5.7 Our approach to carbon dioxide removals (CDR)

Our first and foremost priority within our approach to decarbonisation is to avoid and reduce scope 1 and 2 GHG emissions from our own operations. However, we further intend to invest in carbon removal projects equal to our remaining equity share scope 1 and 2 GHG emissions from 2030 onwards. This means that for each tonne of scope 1 and 2 GHG emissions from our own operations we aim to sequester the same amount of CO2 using high-quality CDR projects. This commitment is voluntary and costs related to the purchase of CDR credits come in addition to mandatory acquisition of European ETS quotas and payment of Norwegian CO2 taxes. As such, our plan to secure high quality CDR credits means that we voluntarily assign a higher internal cost for each tonne of equity share scope 1 and 2 GHG emissions that we emit from 2030. This has a

positive impact on the business cases for emission reduction initiatives.

Aker BP has invested in three CDR projects on three continents, all based on reforestation and developed under Verra registry's Verified Carbon Standard (VCS). The projects are designed to capture carbon through natural processes, in addition to having positive effects on biodiversity and for local communities.

We aim to only invest in carbon removal projects that are certified under high integrity standards, have strong additionality, robust measures in place to maintain permanence, are validated and verified by independent and reliable auditors, cause no harm and have a high sustainability impact. To begin with, we have invested in nature-based removal projects, and we aim to continuously evaluate adding technology-based projects to our portfolio.

While no credits were retired in 2024, we intend to neutralise around 4 million tonnes of CO2e between 2030 and 2050. The number presented in figure 23 is a projection of our equity share emissions from 2030 to 2050, and is not validated by a third party other than the assurance provider. The exact amount required will depend on our future emissions. figure 24 gives an overview of our anticipated credit needs per year leading up to 2050, forecasted emissions to offset and current estimations on coverage in term of offsets. Further information about approach to management of our carbon dioxide removal portfolio can be found in our climate and energy policy.

Figure 23: Cancellation of CDR credits

Carbon credits planned to be cancelled towards 2050 4

million t CO2e

VCUs*

Figure 24: Carbon dioxide removals projection towards 2050

Carbon dioxide removals required

Carbon dioxide removals in current portfolio

Remaining carbon dioxide removals to purchase represents the removal of one tonne of carbon dioxide equivalent (CO2e) achieved by a project

*Verified carbon units. Each VCU

2.6 SCENARIO ANALYSIS

The path toward the future energy system is uncertain and, as reflected by the IEA's forecasts and scenarios, there is a wide range of different outcomes for oil and gas demand. Aker BP's commitment to evaluate and manage climate-related risks and opportunities is described in our climate and energy policy.

As an upstream E&P company, Aker BP is largely a price-taker in the commodity markets. While oil and gas demand variations and price fluctuations represent a significant uncertainty for our company, we manage this aspect primarily by controlling cost and production volumes, but also through financial risk management. A rigorous system is in place for budgeting, forecasting and managing these parameters, with the aim of supporting sound financial decisions, providing guidance to our licence partners, debt owners, shareholders and petroleum authorities, as well as to continuously monitor our financial risk.

2.6.1 Scenario analysis and portfolio robustness

Aker BP recognises the recommendations made by the Financial Stability Board's Task Force on Climate-Related Financial Disclosure (TCFD). In line with the best practice recommended by the TCFD, Aker BP uses scenario analysis to assess and manage climate-related risks, in addition to sensitivity testing and an internal carbon price. Climate-related considerations are embedded in our decision-making, and we apply a set of financial criteria, including our internal carbon price, for all investment decisions. For more information, see section 2.5.6.

We base these scenario analyses on our internal scope 1 and 2 GHG emission forecasts towards 2050, which allows us to estimate of potential impacts on the climate. We have reported on scope 3 emissions for several years and have recently developed forecasts for our scope 3 emissions to better understand potential future impacts. The emission projections give us a complete picture of our locked-in scope 1 and 2 emissions, as well as locked-in scope 3 emissions.

Climate-related scenario analyses are performed for operational control scope 1 CO2 emissions only. We consider a timeframe from now until 2050 (transitional climate-related risks) and 2100 (physical climate-related risks).

We evaluate selected scenarios to assess possible shifts in the macroeconomic outlook, technology developments, policy and legal implications, and we analyse projected demand for our products (oil, gas and natural gas liquids). Each energy transition scenario yields a range of commodity prices (e.g., power, gas, oil) and environmental fees and taxes. We apply these assumptions in our valuation models to test the resilience of our portfolio.

Our scenario analysis includes scenarios described in the IEA's World Energy Outlook report published every year. All scenario analysis involves uncertainties to some degree. We have chosen scenarios that cover three different emission pathways towards 2030 and 2050, resulting in three different temperature outcomes, including a 1.5-degree aligned scenario and an above 2-degree scenario. This gives us a good understanding of possible outlooks for Aker BP and reduces uncertainties tied to our scenario analysis. The 2024 World Energy Outlook describes three scenarios, described in detail below. The scenarios used for sensitivity testing and resilience analysis for transitional risks in this chapter are aligned with the scenarios used in financial statements.

Stated policies scenario (STEPS)

STEPS provides an outlook based on the latest policy settings, including energy, climate and related industrial policies. It reflects a pragmatic exploration of the current policy landscape and gives a view on where the energy system might be heading in the absence of any new initiatives. In STEPS, global demand for oil continues to grow before peaking by 2030 but remains at plateau at least throughout the forecast period towards 2050. Natural gas demand reaches a peak somewhat later in the 2030s. However, demand remains strong and exits the forecast period at around five percent above current level.

Announced pledges scenario (APS)

This scenario assumes that governments will meet, in full and on time, all the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions, as well as commitments in related areas such as energy access. In the APS, stronger policy action also leads to oil demand peaking prior to 2030 but demand remains at around 85-90 percent of 2023 level at least to 2035 Demand is then projected to decline to around 54 million barrels per day towards 2050. Global natural gas demand follows a trajectory like oil, but slightly less steep. By 2050, natural demand stands at about 60 percent of current demand.

Net zero emissions by 2050 scenario (NZE)

This normative scenario sets out a pathway to the stabilisation of global average temperatures at 1.5°C above pre-industrial levels. The NZE Scenario does this without relying on emission reductions from outside the energy sector. In NZE, oil demand declines from 97 million barrels per day to less than 25 million barrels per day in 2050, with an annual decline rate of 5.5 percent on average from 2030 onwards. Natural gas demand follows the same pattern and is assumed to be around 75 percent lower than today by 2050.

Scenarios used for physical climate-related risks

In addition, we assess the physical climate risks relevant for our business using scenarios from the joint industry project NS1200, Phase ll. Here, we assessed the effect of future climate changes on the reliability of offshore jacket structures. This was determined by forcing a wave model with wind fields from a range of climate scenarios. The results were used to provide an ensemble of future predictions for wave conditions across the NCS. These have further been used as input into a structural reliability analysis where the uncertainty in the future wave models has been contrasted with those in the existing climate model. Ten CMIP-5 atmosphere coupled climate models have been run for the RCP (representative concentration pathway) 4.5 and RCP 8.5 projections for near term-term (up to 2040) and long-term (up to 2100) prediction. This means that some of our existing assets will still be in production for the near-term projections. We do not have anticipated activity going to 2100.

figure 25 illustrates the changes in the net present value (NPV) of Aker BP's portfolio when Aker BP's planning assumptions for oil and gas prices are replaced with those from the selected scenarios, while keeping carbon price and FX unchanged in all scenarios. As shown in the graph, under the IEA's STEPS, the NPV of Aker BP's portfolio is five percent higher, reflecting the higher oil and gas price assumptions in this scenario compared with Aker BP's planning assumptions. When tested using the assumptions from the APS, the NPV of the portfolio is seven percent lower.

Under the NZE scenario, oil prices will fall, reaching USD 44 per barrel and USD 26 per barrel (in real 2025 terms) in 2030 and 2050, respectively, while European natural gas prices fall from around USD 11 per MMBtu in 2024 and down to around USD 4.2 per MMBtu in 2050 (in real 2025 terms). At these prices, the NPV of the portfolio is reduced by 46 percent. This substantial fall in prices is dependent on the assumed large reduction in demand, with oil demand and natural gas demand falling by around 75 percent by 2050.

The purpose of quantitative testing of transition and portfolio risk is to investigate whether our strategy is resilient to various price scenarios compatible with the goals of the Paris Agreement (including the 1.5-degree goal). The targets in the Paris Agreement assume that demand for oil and gas reaches a peak and declines in the future. However, there are three major uncertainties associated with this approach: How high the

peak in demand will be, how quickly demand falls and how the supply side adapts to demand. Oil and gas prices are not directly dependent on the level of demand, but the balance between supply and demand at any given time and the market's expectations for the future balance. Historically, the supply side has adapted to the demand side. Should this happen in the NZE scenario, the least competitive oil and gas assets will be shut in first and only the ones with lowest cost and emissions would continue to operate. If supply adapts to demand over time, the oil and gas prices may remain at supportive levels even if the total demand declines. While transition risk is difficult to properly quantify in a long-term perspective, this analysis, showing a 46 percent NPV reduction under the extreme price scenario NZE, leads Aker BP to consider its strategy to be resilient to lower prices and reduced demand.

An International Monetary Fund (IMF) working paper from October 2023 illustrates how prices in a Net Zero Emissions scenario may vary from approximately USD 15 per barrel to USD 300 per barrel at the start of the 2030s. The level depends on whether political measures will seek to influence the supply side or the demand side of the oil market. Several energy research organisations and analysts have scenarios for oil prices, and most are within the IMF's range. Even between the three IEA scenarios analysed, we see a significant gap in long-term prices, illustrating some of the challenges in setting assumptions compatible with the targets in the Paris Agreement.

Figure 25: Portfolio robustness under the IEA scenarios 2.6.2 Sensitivity to oil and gas prices

The NPV of Aker BP's portfolio under the selected scenarios is compared to the NPV of the portfolio valued at Aker BP's latest economic assumptions (NPV10 as of 01.01.2025). Same FX (foreign exchange rates) and carbon prices are used for all scenarios. Portfolio consists of producing assets and non-sanctioned projects.

Carbon cost

2.6.3 Sensitivity to carbon prices

In Aker BP, we believe that carbon pricing is an important tool needed to help drive a positive change. Setting a price on carbon creates financial incentives for companies to invest in reducing their own emissions, to drive innovation and scale technologies. Aker BP's internal carbon price assumptions significantly exceed prices assumed under the IEA's scenarios. In addition to the national Norwegian carbon tax, petroleum operations on the NCS are subject to the EU ETS (Emissions Trading System). The combination of the national carbon tax and the EU Allowances (EUAs) traded under EU ETS means that companies operating in Norway pay a substantially higher price per tonne of CO2 emissions compared with most other countries with petroleum activities. Read more about our internal carbon price assumptions in section 2.5.6.

To illustrate the sensitivity of Aker BP's portfolio to carbon prices, we calculate the NPV of total future carbon costs under different carbon price assumptions, shown as a percentage share of the NPV of Aker BP's portfolio. As shown in figure 26, the NPV of the future carbon costs as a share of the total portfolio NPV is the highest under Aker BP's base case assumption. This is because Aker BP's internal carbon price assumption is significantly higher than the CO2 price under the IEA's scenarios. As shown in figure 27, the NPV of the future carbon costs under the planning assumptions is limited to about one percent of the total portfolio NPV, which reflects Aker BP's industry-leading equity share scope 1 and 2 GHG emission intensity among E&P companies.

2.6.4 Sensitivity to physical climate-related risks

Wave fields have been generated in a wave model with wind forcing from the climate models. The results from the study may be summarised as follows:

• – Climate model ensembles can provide useful information, providing they are calibrated against historical data
• – An important (and challenging) requirement in any climate change analysis is to separate climate change effects from natural variability
• – No consistent evidence of a significant trend in wave height across all the models
• – Climate change uncertainty provides a small contribution to the hazard curve - if accounted for correctly
• – Differences in the hazard curve (compared to historical data) are dominated by other effects (e.g., non-linear and breaking wave kinematics, and extrapolation uncertainty)

2.6.5 Effect of scenario analysis on our strategy and business model

Resilience testing is an integrated part of our business model, and our portfolio is stress-tested on a regular basis with respect to but not limited to value creation, profitability, financial capacity and cash-flow generation. Our resilience methodology includes but is not limited to testing the portfolio against market volatility which may be caused by several external factors, several of these being climate-driven price changes due to i.e. changes in behaviour or technological advances affecting demand or regulatory changes affecting the supply side. Our portfolio resilience is also tested for unexpected changes in costs, such as higher or lower carbon cost or changes in national taxes or different tax regimes. Different types of resilience testing, portfolio sensitivities and financial stress tests are done both on a quarterly or semi-annual basis through established planning processes, but are also done ad-hoc or on an event-driven basis and this is an integrated part of our annual strategy process.

Figure 26: Carbon price assumptions in the IEA relative to Aker BP's base case

Figure 27: NPV10 of CO2 costs as a percentage of Aker BP's valuation

As reflected in the previous sections, Aker BP considers its strategy, emission reduction pathway and portfolio to be resilient to the projected oil and gas prices, as well as carbon prices, under the various IEA scenarios. As we continue to reduce our emissions going forward, we will also reduce our exposure to risks of increased carbon prices.

2.7 EU TAXONOMY REPORTING

Aker BP has prepared its EU Sustainable Finance Taxonomy (EU taxonomy) disclosure in compliance with EU Regulation 2020/852 and the Delegated Acts, as well as the regulation to implement the EU taxonomy and publication requirements in Norwegian law. These regulations came into effect in Norway on 1 January 2023, with the first taxonomy reporting required for annual reports with a balance sheet date of 31 December 2023. The reporting requirements apply to listed companies, banks and insurance companies with more than 500 employees, and those classified as large enterprises based on specific balance sheet and income thresholds.

The EU taxonomy is a classification system that sets out a list of environmentally sustainable economic activities. It forms part of the EU's plan to scale up sustainable investment and implement the European Green Deal.

The taxonomy was developed to provide well-defined, harmonised criteria for when economic activities can be considered sustainable. It sets out robust, science-based technical screening criteria that activities need to comply with to be seen as sustainable. By providing this harmonised standard, the taxonomy aims to increase

transparency, create security for investors, prevent greenwashing, help companies become more climate-friendly, mitigate market fragmentation, and help investors compare investments across Member States. By directing investments towards sustainable projects and activities across the EU, the taxonomy should help to meet the EU's 2030 and 2050 climate and energy targets.

The delegated acts set out a list of eligible activities along with technical screening criteria for when the activities can be considered sustainable. A taxonomy-eligible economic activity is an activity that is described in the delegated acts.

For an eligible activity to be considered aligned, it must satisfy the following conditions:

• – The activity must make a substantial contribution to one or more of the climate and environmental objectives relevant to that activity
• – The activity shall not do significant harm to the other remaining objectives
• – The company complies with the defined minimum safeguards

2.7.1 Taxonomy assessment methodology

The methodology of taxonomy assessment has included the following steps:

1. Defining scope of assessment

Aker BP has performed a taxonomy assessment for all activities of the company. In 2024, the Aker BP group comprised the parent company Aker BP ASA and the three subsidiaries Det norske oljeselskap AS (including its subsidiary Aker BP UK Limited), Alvheim AS and Sandvika Fjellstue AS. Except for Aker

BP UK Limited, none of the subsidiaries are consolidated in the group financial statements as they are immaterial. The subsidiaries are further described in note 2 in the Financial Statements.

2. Defining eligibility and relevant activities Aker BP's activities have been mapped out according to the activities defined in the Climate Delegated Act and the Environmental Delegated Act and categorised as either eligible or non-eligible following the description stated in the regulation. The mapping has revealed two potential activities to consider under the taxonomy:

– CCM 7.7 Acquisition and ownership of buildings

The company holds several lease agreements for offices, mainly in the Oslo and Stavanger area, which are reported under IFRS 16. In 2023, two new lease agreements were entered into and reported as eligible but not aligned activity. For 2024, no new leases have been entered into, and there is no eligible activity in 2024 to report for any of the relevant KPIs.

– CCM 6.10 Sea and costal freight water transport, vessels for port operations and auxiliary activities

Aker BP charters several supply vessels for transport of freight related to its upstream activities, excluding the downstream transportation of oil and gas. These lease contracts normally do not meet the requirements under IFRS 16, as no specific vessel is chartered, and Aker BP does not possess control over the chartered vessels. If leased vessels were recognised under IFRS 16, they would be

considered an eligible activity. For 2024, no new leases reported under IFRS 16 have been entered into. As a result, there is no eligible activity to be included in any of the relevant KPIs.

The carbon capture and storage activity described in section 2.3 could qualify as an eligible activity. However, as this activity is classified under other operating expenses which is not included in the EU taxonomy definition of opex, there is no eligible activity to be included in any of the relevant KPIs.

3. Assessment of criteria and defining alignment

As the taxonomy regulation is still in an early phase of adoption, the focus has been on transparency, best intention and providing explanation for choices made when interpreting the criteria. The interpretation of the criteria is based on both the explicit information available and the understanding of the purpose of the requirement. For 2024, there are no eligible activities and as such no assessment for alignment has been performed. In 2023, the activities were assessed and the conclusion was that they did not meet the technical screening criteria defined in the Climate Delegated Act.

1. Adding financial data and calculating the three KPIs Finally, by adding financial data to each activity in the reporting unit, the proportion of Aker BP's taxonomy-eligible and taxonomy-aligned activities were calculated. This is done by calculating the three key performance indicators (KPIs): turnover, capital expenditures (capex) and operational expenditures (opex).

2.7.1.1 Complying with minimum social safeguards

Our understanding is that defined requirements on minimum social safeguards need to be placed on the company and the activities in question to assess activity-alignment. The minimum social safeguards include all procedures implemented to ensure that economic activities are carried out in alignment with:

• – the OECD Guidelines for Multinational Enterprises (OECD MNE Guidelines)
• – the UN Guiding Principles on Business and Human Rights (UNGPs), including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work; and
• – the International Bill of Human Rights

In the absence of further guidance from the European Commission, we based our minimum social safeguards assessment on the 'Final Report on Minimum Safeguards' published in October 2022.

Compliance with the minimum safeguards requirements has been evaluated by assessing activities against the following four topics:

1. Human rights (including labour and consumer rights)

Aker BP is dedicated to conduct its business in a manner which respects the human rights and dignity of all people, and acknowledges the principles set out in the International Bill of Human Rights. Based on the United Nations Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises, Aker BP has implemented a human rights policy that describes the company's approach to managing human rights risks in our operations, including our value chain. The human rights policy is available on our website and applies to all Aker BP's own workforce, as well as suppliers, contractors and business partners.

Our human rights policy commits us to respecting the rights of all individuals and groups potentially affected by our operations. We treat everyone involved in Aker BP activities with fairness, respect and dignity, providing fair working conditions in line with applicable legislation. We have systems in place for raising concerns and providing appropriate remediation where we have caused or contributed to adverse human rights impacts. We continuously assess human rights impacts from our operations through due diligence and propose necessary preventive risk mitigation actions, with stakeholder engagement being a central part of this process.

In 2024, there were no signs of non-compliance with minimum safeguards, lack of response or collaboration with a National Contact Point, and Aker BP has not been

convicted of violating labour law or human rights.

2. Corruption and bribery

Aker BP upholds a zero-tolerance policy towards corruption and bribery and has implemented measures to prevent and address any instances of unethical behaviour. Our code of conduct provides guidance to conduct our business in an ethical and transparent manner in compliance with applicable anti-corruption, money laundering and fraud rules and regulations.

We have established an anti-corruption policy that provides a framework for preventing all forms of corruption and offers guidance on applying these principles in our work. This policy applies to all employees and business partners. Regular training sessions on anti-corruption practices and ethical behaviour are mandatory for all staff. Additionally, we have implemented a speaking up policy to encourage the reporting of any suspected corruption or bribery incidents.

In 2024, there were no signs of non-compliance with minimum safeguards, and Aker BP has not been convicted of violating corruption and bribery laws.

1. Taxation

In line with our ethical business values, we are committed to ensuring transparency and compliance with all relevant tax laws and

regulations. Our approach includes adhering to all applicable tax laws and regulations in the jurisdictions where we operate, ensuring accurate and timely reporting of our tax obligations, and engaging in responsible tax practices that align with our ethical standards and complies with the code of conduct. In 2024, there were no signs of non-compliance with minimum safeguards, and Aker BP has not been convicted for any major violation of tax laws.

4. Fair competition

We carry out our activities in a manner consistent with all applicable competition laws and regulations, considering the competition laws of all jurisdictions where our activities might have anti-competitive effects. In line with our code of conduct and our guidelines for ethical business conduct, we strive to avoid any anti-competitive practices, and provide our employees with assistance to prevent, detect and address any competition violations. Additionally, we promote a culture of fair competition within our organisation through training and awareness programmes. In 2024, there were no signs of non-compliance with minimum safeguards, and Aker BP has not been convicted of violating competition laws.

2.7.2 Accounting principles and calculation of KPIs

The definitions of the turnover, capex and opex KPIs are set out in Annex I to the Disclosures Delegated Act. The proportions of taxonomy-eligible and taxonomy-aligned turnover, capex and opex are calculated by dividing a numerator by a denominator. The following sections provide further information on how the denominators and numerators were derived for each KPI. There are no changes in the definitions of the KPIs compared with last year's reporting.

To prevent double counting of relevant revenue and expenditure amounts, any eligible and aligned economic activities have been reported separately in the KPIs as distinct activities.

Turnover KPI

Denominator: The turnover KPI shall cover the revenue recognised pursuant to International Accounting Standard (IAS) 1, paragraph 82 (a). For Aker BP, this corresponds with the figure reported as petroleum revenue in the Income Statement.

The numerator is assessed to be zero, as no eligible or aligned activity has been identified.

Capex KPI

Denominator: The capex KPI is calculated as costs incurred during the year that are classified as additions according to the accounting standards Property, plant and equipment (IAS 16/IAS 40), Right-of-use assets (IFRS 16) and Intangible assets (IAS 38), including additions to tangible and intangible assets resulting from business combinations (IFRS 3) excluding acquired goodwill. These figures are derived from note 13 in the financial statements.

Numerator for eligibility calculations: The numerator for calculating the proportion of taxonomy-eligible capex is derived from the portion of the capex denominator associated with assets and processes linked to taxonomy-eligible activities. Additionally, Aker BP does not have an approved capex plan under the taxonomy, and the numerator includes no additions aimed at expanding taxonomy-aligned economic activities or enabling taxonomy-eligible economic activities to become taxonomy-aligned. For 2024, there are no eligible activities. For 2023, additions related to CCM 7.7 (Acquisition and ownership of buildings) were reported as eligible activity in the numerator.

The numerator for alignment is zero, as the eligible activity mentioned above has been assessed to not meeting applicable criteria for alignment.

Opex KPI

Denominator: The opex KPI is calculated based on direct non-capitalised costs related to maintenance and repair, based on the standard cost structure provided in the Joint Interest Agreement applicable for all licenses on the NCS. No cost incurred meets the taxonomy definition of research and development, building and renovation measures or short-term leases.

The numerator for eligibility and alignment is zero, as no relevant activity has been identified.

The templates for the three KPIs mentioned above, are included in table 15, table 16 and table 17 on the next pages.

Table 13: Capex KPI

(USD million)	Note	2024	2023
Additions to property, plant and equipment	13	4,793.4	3,673.0
Additions to right-of-use assets	13	149.9	704.5
Additions to intangible assets	13	5.9	9.1
Less goodwill additions through business acquisitions	13	-	-
Capex denominator		4,949.2	4,386.6

Table 14: Note on exposures to nuclear and fossil gas related activities

Nuclear energy related activities

• 1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO
• 1. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO
• 1. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO

Fossil gas related activities

• 1. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO
• 1. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO
• 1. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/ cool using fossil gaseous fuels. NO

Table 15: EU taxonomy – Turnover

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

	2024				Substantial contribution criteria							DNSH criteria (Does not significantly harm)
Code Economic activities	Turnover	Proportion of turnover, year 2024	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	m safeguards mu Mini	my aligned (A.1.) or eligible (A.2.) turnover, year 2023 Proportion of taxono	Category enabling activity	Category transitional activity
	MUSD	%		Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL					Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Turnover of environmentally sustainable activities (taxonomy-aligned) (A.1)	0	0%	0%	0%	0%	0%	0%	0%							Y	0%
Of which enabling	0	0%	0%	0%	0%	0%	0%	0%	Y	Y	Y	Y	Y	Y	Y	0%	E
Of which transitional	0	0%	0%						Y	Y	Y	Y	Y	Y	Y	0%		T
A.2 Taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities)
			EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Turnover of taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)	0	0%	0%	0%	0%	0%	0%	0%								0%
A. Turnover of taxonomy eligible activities (A.1+A.2)	0	0%	0%	0%	0%	0%	0%	0%								0%
B. Taxonomy non-eligible activities
Turnover of taxonomy non-eligible activities	12,242.7	100%
Total	12,242.7	100%

Table 16: EU taxonomy – Capex

Proportion of capex from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

		2024						Substantial contribution criteria					DNSH criteria (Does not significantly harm)
Economic activities	Code	Capex	Proportion of capex, year 2024	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	m safeguards mu Mini	my aligned (A.1.) or eligible (A.2.) capex, year 2023 Proportion of taxono	Category enabling activity	Category transitional activity
		MUSD	%					Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Acquisition and ownership of buildings	CCM 7.7	0	0%	N	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	0%
Capex of environmentally sustainable activities (taxonomy-aligned) (A.1)		0	0%	0%	0%	0%	0%	0%	0%							Y	0%
Of which enabling		0	0%	0%	0%	0%	0%	0%	0%	Y	Y	Y	Y	Y	Y	Y	0%	E
Of which transitional		0	0%	0%						Y	Y	Y	Y	Y	Y	Y	0%		T
A.2 Taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities)
				EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Acquisition and ownership of buildings	CCM 7.7	0	0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.4%
Capex of taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)		0	0%	0%	0%	0%	0%	0%	0%								0.4%
A. Capex of taxonomy eligible activities (A.1+A.2)		0	0%	0%	0%	0%	0%	0%	0%								0.4%
B. Taxonomy non-eligible activities
Capex of taxonomy non-eligible activities		4,949.2	100%
Total		4,949.2	100%

Table 17: EU taxonomy – Opex

Proportion of opex from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

	2024				Substantial contribution criteria				DNSH criteria (Does not significantly harm)
Code Economic activities	Opex	Proportion of opex year 2024	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	mitigation mate change Cli	mate change adaptation Cli	Water	Pollution	my Circular econo	Biodiversity	m safeguards mu Mini	my aligned (A.1.) or eligible (A.2.) opex, year 2023 Proportion of taxono	Category enabling activity	Category transitional activity
	MUSD	%			Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL				Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Opex of environmentally sustainable activities (taxonomy-aligned) (A.1)	0	0%	0%	0%	0%	0%	0%	0%							Y	0%
Of which enabling	0	0%	0%	0%	0%	0%	0%	0%	Y	Y	Y	Y	Y	Y	Y	0%	E
Of which transitional	0	0%	0%						Y	Y	Y	Y	Y	Y	Y	0%		T
A.2 Taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities)
			EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Opex of taxonomy eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)	0	0%	0%	0%	0%	0%	0%	0%								0%
A. Opex of taxonomy eligible activities (A.1+A.2)	0	0%	0%	0%	0%	0%	0%	0%								0%
B. Taxonomy non-eligible activities
Opex of taxonomy non-eligible activities	289.2	100%
Total	289.2	100%

67% of produced water reinjected

3 Pollution

As all Aker BP's own operations are located on the Norwegian continental shelf (NCS), our activities leading to actual or potential pollution by emissions to air, discharges to sea as well as use and discharge of chemicals containing substances of concern

or very high concern, are strictly regulated by Norwegian law and discharge permits. We acknowledge the environmental impact from our activities and our efforts to prevent, minimise and remediate the impacts, are anchored in our comprehensive

environmental management system. Pollution is a material topic for Aker BP and the process to determine the materiality is described in section 1 General. Material pollution impacts and risks are presented in table 18.

Table 18: Material impacts, risks and opportunities: Pollution

Material matters	Scope	Description of materiality
Material impacts1)
NOX, SOX and nmVOC emissions to air (-)	Own operations	Aker BP's operations are dependent on energy production from diesel and fuel gas on our installations and drilling rigs. Combustion of diesel and fuel gas in engines and turbines, as well as flaring leads to emissions of NOX, SOX and non-methane volatile organic compounds, contributing to local pollution of air.
Discharge of produced water including pollutants, substances of concern, very high concern and microplastics (-)	Own operations	Produced water is a biproduct in the well stream during Aker BP's production of oil and gas. Production chemicals such as (but not limited to) corrosion inhibitors and biocides are used under processing of oil and gas. Discharges of treated produced water therefore contain chemical residues and other reservoir substances that impose a potential environmental impact to sea.
Use and discharge of drilling and well chemicals (-)	Own operations	Aker BP utilises both oil-based and water-based drilling fluids during exploration and production drilling. Oil-based drilling fluids are not discharged to sea, but rather collected and re-used. Water based drilling fluids are discharged according to the discharge permit and only relate to top hole drilling operations. These chemicals contain substances of concern and substances of very high concern, and impose a potential health impact during use, and a potential environmental impact for discharge to sea.
Material risks
Risk of financial penalty and reputation damage due acute pollution to water	Own operations	Production of oil and gas offshore entails a potential risk of acute spills to sea. Although the probability is low the consequence of such an incident may prove to be major with regard to both reputation and financial cost.
Risk of temporary stop in production and costs related to clean-up of pollution due to acute spills to water	Own operations	Depending on the size and severity of an acute spill offshore it may lead to temporary stop in production as well as unplanned costs for clean-up. The loss of production revenues and costs associated with clean-up measures may be significant.
Risk of loss of license to operate and major financial impact due to blowout	Own operations	A blow out can lead to acute oil pollution of the marine environment and damage to natural resources. Clean-up from a blowout can lead to severe financial implications and as a result also possibly lead to inability to operate the affected licenses.

Relevant policies:

• External environment policy
• Emergency preparedness and response policy
• Risk and barrier policy

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

Aker BP annual report 2024 82

3.1 POLICIES AND PROCEDURES

Aker BP acknowledges the environmental footprint arising from our own operations, and we are committed to working systematically to ensure environmental protection as a central part of our operational activities on the NCS, and for activities onshore under our operational control. We work actively together with our alliances, contractors and suppliers to reach the same goal. These principles form the core of our external environment policy.

The key contents of the external environment policy include safeguarding and avoiding harm to the environment and embedding pollution prevention, reduction and remediation through the following main principles:

• 1. Commitment to continuously manage and reduce our environmental footprint
• 1. Commitment to mitigate negative impacts related to pollution of discharges to sea and emissions to air
• 1. Commitment to increase knowledge and contribute to research and development (R&D) activities to better understand environmental impacts and ecosystems
• 1. Commitment to transparent reporting of environmental performance regularly

These commitments relate to our material impacts and risks as they cover pollution to air (such as but not limited to NOX, SOX and non-methane volatile organic compounds (nmVOC)), pollution of water and use of chemicals. The first and second principles specifically detail our responsibility to prevent, reduce and remediate pollution resulting from assets under our operational control. We make efforts to ensure that our environmental

impact is as low as reasonably possible using best available techniques (BAT) and following NORSOK standard S-003 environmental care. The NORSOK standard is a Norwegian petroleum standard that describes the decision process at the various stages of design development and the related environmental issues. Details around how these commitments are managed are provided in section 3.2.

The first and second principles specifically commit to reducing use and discharge of chemicals from our operated activities and selecting chemicals that give the lowest risk of environmental harm. Substitution of chemicals harmful to the environment is covered in these principles. The principles also cover prevention and reduction of substances of concern and substances of very high concern. Our policy commits us to seek more environmentally-friendly chemicals, and we implement annual plans to substitute chemicals with the highest risks to the environment.

The commitments in our biodiversity policy and circular economy policy aim at supporting the Ramsar convention on wetlands and the Basel convention on hazardous waste. For more information about these policies, see the section 5 Biodiversity and ecosystems and section 6 Resource use and circular economy.

Aker BP's material risks related to acute pollution to sea and blowout are covered in the following policies:

• 1. Risk and barrier policy
• 1. External environment policy
• 1. Emergency preparedness and response policy

The second principle in the external environmental policy states that we shall avoid the occurrence of incidents and emergency situations by establishing, monitoring and maintaining barriers for the prevention of major accidental events, such as acute spills and blowouts, and if they occur, control and limit their impact on people and the environment. We shall implement asset-specific oil spill preparedness plans to be able to manage any situation that may occur. Through our risk and barrier policy we are committed to establishing, monitoring and maintaining barriers for the prevention of major accidental events, such as acute spills and blowouts, and for the reduction of potential environmental impact. Monitoring the performance and integrity of our technical, operational and organisational barriers is an important part of our risk and barrier management. Details on actions to limit the impact from acute spills are provided in section 3.2.

In addition, our emergency preparedness and response policy specifies our core principles for mitigation and remediation of acute spills. Aker BP commits to initiate, lead and combat acute spills and full blowouts, and minimise potential environmental impact through:

• 1. Establishment of asset-specific oil spill preparedness plans to reduce potential impact, including use of best available techniques
• 1. Active participation in Norwegian Clean Seas Association for Operating Companies (NOFO) ensuring 24/7 oil spill preparedness and oil spill recovery at sea. This cooperation ensures that our oil spill contingency measures are designed and dimensioned for our needs and use. It also ensures the availability of dedicated equipment, vessels and trained

personnel for coastal and shore remediation of spills are available

1. Assessment of operational mitigation measures such as mechanical collection of spills or chemical dispersion, together with assessments of weather conditions and actual observations of natural resources in the area. The best option to minimise potential environmental impact shall always be prioritised

The SVP people and safety, part of our executive management team, is the owner the external environment policy. The other mentioned policies are owned by relevant managers in the people and safety department. The external environment policy and the emergency preparedness and response policy are publicly available on our website.

We facilitate open and transparent communication of our planned activities in consultation with relevant stakeholders and the public. Through our obligations to the authorities, the level of our discharges to sea and emissions to air, as well as selection of chemicals, are controlled and limited by authority permits for each asset, strict environmental regulations and specific NCS standards. Close cooperation with Offshore Norge, the national industry organisation, ensures joint compliance with national commitments and stakeholder expectations. Our external environment policy commits us to applying NORSOK S-003 and BAT for both new developments and modifications. Additionally, the policy outlines our commitment to complying with Aker BP's environmental management system, which adheres to the principles of ISO 14001.

3.2 ACTIONS

Our strategy and environmental ambition levels are reviewed regularly. Major environmental issues are elevated to the board of directors.

Actions identified in relation to actual and potential pollution impact follow the mitigation hierarchy of prevention, reduction, remediation and, where possible, restoration. All own operations, both operated and non-operated fields and wells, are regulated by the same laws and regulations.

We strive to avoid negative impact through careful planning and execution of our operational, project and drilling activities. Environmental aspects and risks are identified and environmental impact assessments, best available techniques assessments and evaluation of appropriate actions are performed prior to introducing exploration drilling and new projects that affect our environmental aspects and risks. For our operated fields, the annual environmental aspect and risk evaluations ensure continuous identification of necessary actions. These actions vary in scale and include, where necessary, larger modifications projects. Actions are implemented through the asset organisation and followed up accordingly.

Our efforts to enhance energy efficiency, reducing emissions and discharges from assets and drilling rigs under operational control, cover the necessary actions to minimise pollution of NOX, SOX and nmVOC to air, and pollution by substances of concern, substances of very high concern and microplastics to sea. These efforts materialise through effective actions such as treatment

of produced water to lower the hydrocarbon content in discharged produced water, selection of chemicals with lowest risk of environmental harm, substitution of black, red and yellow (Y3 and Y2) chemicals where possible, reinjection of produced water to avoid and reduce discharge of substances of concern and substances of very high concern. To minimise the hazardous waste sent to landfills, an offshore treatment process for oil-based drilling fluids, containing only environmentally acceptable yellow chemicals, is implemented in Aker BP. The treatment allows for safe discharge into the sea and enables the reuse of base oil in the drilling fluid. Actions to reduce operational control scope 1 and 2 GHG emissions, presented in section 2.3, also lead to corresponding reductions of non-GHG emissions, as both types of emissions arise from combustion of fuel gas or diesel, flaring and fugitive emissions.

There are preventive actions in place to avoid unplanned incidents such as chemical or crude oil spills to sea. These actions include a comprehensive asset integrity and barrier management programme in Aker BP and include both operational as well as organisational actions. However, in the case of an actual spill occurring, there will be immediate remedial action to remove or neutralise the pollutant, followed by the restoration of the affected habitats as deemed necessary and in accordance with our commitments in the biodiversity policy, as presented in section 5 Biodiversity and ecosystems.

All actions executed during the reporting year are reported to the Norwegian Environment Agency.

Table 19: Overview of actions taken in 2024

Material IRO	Description of action	Asset	Scope	Timeframe for implementation	Achievement of policy	Layer in mitigation hierarchy
NOX, SOX and nmVOC emissions to air from own production	Operational optimisation of SAC turbines was achieved by running one turbine at full load during periods of water injection, instead of two turbines at lower loads. This action resulted in an estimated reduction of 17 tonnes of NOX and 0.5 tonnes of nmVOC.	Ula	Operated assets	2024	The implementation of this action leads to a reduction in NOX and nmVOC emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
NOX, SOX and nmVOC emissions to air from own production	During periods of low oil production, oil export was managed using only the feed pump (MOL booster pump) instead of using the oil export pump. This operational mode was utilised whenever possible in 2024, resulting in reduction of approximately 1.0 tonnes of NOX and 0.003 tonnes of nmVOC.	Ula	Operated assets	2024	The implementation of this action leads to a reduction in NOX and nmVOC emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
NOX, SOX and nmVOC emissions to air from own production	Through careful planning of water and gas injection, the optimisation of the electrically-driven WAG compressor, instead of operating the UGU compressor turbine, resulted in the reduction of approximately 21 tonnes of NOX and 8.4 tonnes of nmVOC in 2024.	Ula	Operated assets	2024	The implementation of this action leads to a reduction in NOX and nmVOC emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
NOX, SOX and nmVOC emissions to air from own production	Software upgrade to ensure the turbines operate by automatically selecting the most optimal and efficient operational mode. Additionally, a new HEPA filter was installed in 2024. These actions lead to an estimated reduction of 4.2 tonnes of NOX and 8.9 tonnes of nmVOC.	Alvheim	Operated assets	2024	The implementation of this action leads to a reduction in NOX emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
NOX, SOX and nmVOC emissions to air from own production	An energy management dashboard was established for offshore personnel, enhancing the ability to operate the turbines more efficiently. This resulted in an estimated reduction of 1.8 tonnes of NOX and 3.8 tonnes of nmVOC.	Alvheim	Operated assets	2024	The implementation of this action leads to a reduction in NOX emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
NOX, SOX and nmVOC emissions to air from own production	The LP flare was closed in 2024 and lead to an estimated reduction of 2.5 tonnes of NOX, 0.1 tonnes of SOX and 5.2 tonnes of nmVOC.	Valhall	Operated assets	2024	The implementation of this action leads to a reduction in NOX emissions to air, aligning with the following principle in the external environment policy: 'Commitment to continuously manage and reduce our environmental footprint'.	Reduction
Risk of financial penalty and reputation damage due acute pollution to water	Theoretical and practical emergency preparedness training with regard to oil spills was performed in 2024. Aker BP, in	All assets	Operated assets	2024	The implementation of this action leads to a risk and impact mitigation regarding acute pollution, aligning with	Risk mitigation
Risk of temporary stop in production and costs related to clean-up of pollution due to acute spills to water	collaboration with several operators, suppliers, authorities and partners, organised a comprehensive emergency preparedness exercise called Tveegg. The exercise trained participants to handle both an acute incident and a strategic planning process				the following principle in the emergency preparedness and response policy 'Commitment to mitigate and remediate acute pollution to sea'. And specifically performing 'Theoretical and practical oil spill training and exercises'.
Risk of loss of license to operate and major financial impact due to blowout	simultaneously.

Retirement of our fuel-driven asset Ula is planned in the near future (2028) and provides a lever for reduction of pollution to air and sea. The expected reductions are assumed to be equal to the asset pollution level in last year of comparison (2024). Aker BP's overall pollution levels will at all times depend on our portfolio and the related activity level. Further details on the retirement action are provided in section 2.3.1.2.

Implementation of all potential future actions is dependent on a stable operating environment on the NCS, continued access to capital and the availability of internal and external resources to perform the actions.

The NOX Fund works to fulfil Norway's obligations under the Gothenburg Protocol, and Aker BP contributes to this fund through payment of the NOX fee. In return, this ensures that effective NOX-reducing measures are funded and implemented. Over time NOX-reducing measures have been installed on three of the drilling vessels operating under Aker BP's operational control, enabling significant emission reductions over time.

3.3 TARGETS

Our NOX, SOX and nmVOC emissions are low compared to the industry average1) and Aker BP has, as per 2024, not set short- or long-term reduction target for emissions or for pollutants in produced water to sea. However, we continue to take actions to reduce emissions of air pollutants through energy management initiatives on assets and drilling rigs under operational control, as well as through treatment of discharged produced water containing oil and other pollutants. The overall emissions depend directly on and are driven by our operational and drilling activity level. We will continue to evaluate potential targets on NOX, SOX and nmVOC emissions. Actions to reduce our operational control scope 1 and 2 GHG emissions, as described in section 2.3, also directly lead to reduction of NOX, SOX and nmVOC emissions.

Annual indicators for non-GHG emissions to air, produced water reinjection, as well as oil and other pollutants in discharged produced water are monitored and tracked on a monthly basis to evaluate the effectiveness of both our policy commitments and actions. These key performance indicators are asset-specific and related targets are set annually in accordance with our discharge permits.

3.4 METRICS

Aker BP commits to operating within the framework of the current environmental legislation and to provide transparent reporting to authorities, management and other key stakeholders. Discharges to sea and emissions to air from both production activities and exploration drilling, are governed by our discharge permits issued by the Norwegian Environment Agency. No pollution-related metrics are validated by another body other than the assurance provider.

These discharge permits are asset-specific and include threshold limits for pollution to air and water. Emissions of NOX, SOX, nmVOC, discharge of chemicals in produced water and drilling chemicals are regulated in our discharge permits.

Our annual process for setting asset-specific key performance indicators for material IROs with annual limits, allows us to set stricter targets than the discharge permits. KPIs are followed up in digital dashboards available to both management and personnel engaged in operation of the assets.

Our asset-specific metrics for pollution to air in 2024 included SOX, NOX and nmVOC emissions. For pollution to sea, the 2024 metrics included oil concentration in discharges from produced water to sea as well as the percentage of produced water re-injection. We continuously review and assess the degree to which environmental expectations are met by monitoring our performance against these KPIs, and implementing the lessons learned from previous successes and failures. Necessary actions to comply with targets are defined and followed up per asset.

3.4.1 Pollution to air

Emissions of NOX, SOX and nmVOC occur during combustion of fuel gas and diesel, as well as flaring. In addition, fugitive emissions of nmVOC arise from unburned gas leaking from sources such as flanges, valves and vents.

Fugitive emissions of nmVOC are calculated based on industry guidelines and best practice provided in 044 – Offshore Norge Recommended guidelines for discharge and emission reporting. Due to complexity and unavailability of sufficient measurement equipment for the diverse range of fugitive emission sources, these emissions are not measured.

¹⁾ Source: IOGP 2023 Environmental performance indicator report. 2023 Global average of NOX, SOX and nmVOC was at 634 ktonnes, 348 ktonnes and 568 ktonnes. For our own operations Aker BP's emissions where at 0.33 percent, 0.01 percent and 0.41 percent of the global average.

Aker BP annual report 2024 86

Input volumes of fuel gas and flare are measured to fiscal standards and form the basis for calculation of NOX emissions along with emission factors specific for the type of combustion equipment and flaring. NmVOC emissions from these streams are calculated similarly.

All gas, diesel and oil naturally contain sulphur, and hence SOX is emitted during combustion of these fuels. Emission of SOX is calculated based on the H2S-content in the natural gas and sulphur content in diesel. All calculations are based on the industry guidelines and best practice provided in 044 – Offshore Norge Recommended guidelines for discharge and emission reporting.

Consolidated amounts of material pollutants to air from own operations, are provided in table 20.

NOX emissions under operational control increased by 11 percent due to increased drilling activity in 2024 compared to 2023. Additionally, changes in measurement and calculation methodology for nmVOC in 2024 render these emissions not directly comparable to those of 2023.

Table 20: Emissions of NOX, SOX and nm-VOC

Pollutants to air	Amount (operational control)	Amount (equity share)	Unit
NOX	2,213	1,150	tonnes/year
SOX	43	32	tonnes/year
nmVOC	2,272	1,606	tonnes/year

(operational control)

3.4.2 Pollution to sea

All producing fields under Aker BP's own operations have discharge of treated produced water. The treatment is carried out using best available techniques to ensure the lowest possible concentration of dispersed oil and associated organic compounds. The produced water stream contains pollutants such as metals, hydrocarbons, phenols and polycyclic aromatic hydrocarbons as listed in Annex II of Regulation (EC) No 166/2006 European Pollutant Release and Transfer Register. figure 31 illustrates the volumetric balance of produced water in 2024, highlighting that only 31 percent of the produced water generated was discharged to sea. The majority of the produced water containing pollutants was reinjected back into the wells.

Discharged produced water is regulated by the Norwegian Environment Agency and the absolute maximum threshold value is 30 mg dispersed oil per litre of produced water per month (weighted average). Produced water discharge is risk-rated by calculation of the environmental impact factor (EIF) and aims to be less than 10 for lower environmental risk. We evaluate necessary actions to reduce discharge if the EIF is between 11–100. Oil in water concentration, depending on the field, is either measured daily or monitored through continuous online measurements. Analysis of remaining pollutants in the discharged produced water stream is conducted twice a year.

table 21 provides an overview of the consolidated amounts of material pollutants in treated produced water discharged to sea from own operations. Only pollutants above threshold values in Annex II of Regulation (EC) 166/2006, are reported.

Substances of concern and substances of very high concern in produced water are covered by section 3.4.4.

3.4.3 Microplastic

Microplastic is normally present in paint used on surfaces of pipes, structures and equipment on our offshore installations. Removal and cleaning operations of these coatings are conducted using sand blasting. While we strive to prevent waste discharge from sandblasting by collecting the sand containing surface coatings, some amounts are still discharged to sea. Related to our asset-specific discharge permits, we apply for microplastics and the volume of permissible amount to be discharged to sea are reported annually to the Norwegian Environment Agency. The volume discharged is estimated rather than measured, due to unavailability of an appropriate measurement method. No specific standard or guideline is available for calculating the estimates. The source of the microplastic data is the same as actual amount of sandblasting sand being discharged to sea.

During 2024, Aker BP did not perform any sand blasting thus we did not identify any generation or discharges of microplastics to sea.

Table 21: Overview of pollutants to sea

Pollutants to sea	Type	Amount (operational control)	Amount (equity share)	Unit
Phenols1)	Phenols	42,304		18,821 kg/year
Benzene	BTEX	45,844		23,386 kg/year
Ethylbenzene	BTEX	1,110		437 kg/year
m-Xylene	BTEX	5,622		2,535 kg/year
o-Xylene	BTEX	3,735		1,723 kg/year
p-Xylene	BTEX	1,086		427 kg/year
Toluene	BTEX	30,524		14,336 kg/year
Xylene	BTEX	11,085		5,059 kg/year
Arsenic (As)	Metal	23		15 kg/year
Cadmium (Cd)	Metal	6		2 kg/year
Lead (Pb)	Metal	63		27 kg/year
Zinc (Zn)	Metal	4,294		1,814 kg/year
Naphthalene	PAH	2,738		1,240 kg/year
PAH2)	PAH	311		156 kg/year

Figure 31: Volumetric balance of produced water (operational control)

1) Includes C1-C5 alkyl phenosl, where the substitute phenols are expressed as total carbon mass.

2) Phenantrene, acenaphthene, chrysene, fluorene and anthracene are included.

3.4.4 Substances of concern and substances of very high concern

Aker BP uses chemicals during our production, drilling and well operations. Some of these chemicals contain substances of concern (SOC) and substances of very high concern (SVHC).

Identification of chemicals containing SOC and SVHC is done as part of Aker BP's chemical management system that requires a comprehensive health, environment, safety and technical assessment of chemicals before utilisation. The chemicals are categorised according to their inherent properties. The categorisation is based on the CLP Regulation (classification, labelling and packaging of substances and mixtures) and includes H-statements. Based on the statements in the safety data sheets, Aker BP categorises the chemicals ranging from one to five, where five is the most severe.

All chemicals that concern health defined on the SOC-list are also defined in Aker BP's chemical management as chemicals with a high health hazard (categories four and five). To approve chemicals in these health hazard categories, risk assessments (ChemiRisk) are conducted, specifying the requirements for barriers to minimise health risks during use. All chemicals in health hazard category four are evaluated for substitution as part of the internal approval process.

Chemicals in health or environment hazard category five (H340, H350, H360, H334, EUH380, H410, H420) require a documented extended substitution assessment before approval for use. In cases where substitution is not possible, a specialist conducts an assessment, including toxicology and exposure pathways, and provides a recommendation for approval based on usage and possible exposure.

Environmental assessments for SOC that are not covered by hazard class five are managed by the Norwegian HOCNF classification and the associated requirements for assessments there. The HOCNF (Harmonised Offshore Chemical Notification Format) classification in Norway involves an evaluation of the environmental properties of chemicals based on requirements from OSPAR.

In relation to the application for use of chemicals, the CAS numbers for all chemicals in hazard categories four and five are checked to identify if they are on the REACH SVHC list. Additionally, an annual review is conducted for all approved products in Aker BP. Chemicals that contain one or more substances on the REACH SVHC list are labelled in the chemical inventory to inform the user of the quantities of the substance. The products are given extra weighting when developing substitution plans for already approved products.

Aker BP annual report 2024 89

Use of chemicals containing SOC are material regarding health hazard classification and discharge of chemicals containing SOC are material with regard to environmental hazard classification. These are reported in table 23 and table 24. Use and discharge of chemicals containing SVHC are reported in table 22.

Amounts of chemicals used and discharged in 2024 are registered in Aker BP's environmental accounting system, NEMS. Each chemical is checked to identify potential SOC content and total amount of chemicals used and discharged are reported accordingly. The SVHC content in the chemicals is calculated based on component share provided by the chemical supplier. Amount of SVHC in total amount of chemical used or discharged is reported in table 22. The discharge is regulated by our discharge permits. Annual reporting to the Norwegian Environment Agency includes discharged amounts of chemicals.

SOC and SVHC data from non-operated fields and exploration wells in 2024 has been estimated. Edvard Grieg and Valhall chemicals have been utilised to estimate Johan Sverdrup SOC and SVHC. Drilling and well chemical data from operated exploration wells in 2024 have been used to estimate SOC and SVHC for non-operated exploration wells.

Table 22: Substances of very high concern in chemicals used and discharged

CAS number	Amount used (equity share)	Amount discharged (equity share)	Unit
1303-96-4	25	7	kg/year
7439-92-1	4	0	kg/year
111-30-8	258,533	8,634	kg/year
625-45-6	692	415	kg/year

Table 23: Substances of concern in chemicals used

Hazard type	Hazard class	H-statements1)	Amount used (equity share)	Unit
	Carcinogenicity	H350 and H351	351	tonnes/year
	Germ cell mutagenicity	H341	11	tonnes/year
	Reproductive toxicity	H360, H360D, H360F and H360FD	311	tonnes/year
Health hazard	Respiratory sensitisation	H334	580	tonnes/year
	Skin sensitisation	H317	5,817	tonnes/year
	Specific target organ toxicity - repeated exposure	H372 and H373	5,274	tonnes/year
	Specific target organ toxicity - single exposure	H370 and H371	314	tonnes/year

Table 24: Substances of concern in chemicals discharged

Hazard type	Hazard class	H-statements1)	Amount discharged (equity share)	Unit
Environmental hazard	Hazardous to the aquatic environment - long term hazard	H410, H411 and H412	900	tonnes/year

4 Water and marine resources

Water and marine resources are not a material topic for Aker BP's own operations. We have identified one material impact within this topic, as we believe that water consumption in our value chain could potentially prove to be material. We are in the process of conducting necessary mappings and assessments on the level of materiality for water and marine resources in our value chain. As we have not yet been able to obtain the necessary data and insight into our value chain related to water and marine resources, we do not have any related policies, actions, targets or metrics to report.

Table 25: Material impacts, risks and opportunities: Water and marine resources

Material matters	Scope	Description of materiality
Material impacts1)
Water consumption from value chain (-)	Upstream and downstream value chain	Contrary to Aker BP's own operations that are located on the Norwegian continental shelf, activities in our upstream and downstream value chain could possibly be located in water-stressed areas or in areas where water consumption could prove to be material.

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

Relevant policies:

5 Biodiversity and ecosystems

2 operations

in biodiversity sensitive areas in 2024

Aker BP acknowledges the objectives of the Convention on Biological Diversity and welcomes the goals of the Kunming-Montreal Global Biodiversity Framework to halt and reverse biodiversity loss. We recognise that climate change and biodiversity loss are complex and deeply interconnected challenges, and we strive to address both in our business practices.

Biodiversity is a material topic for Aker BP due to the company's contribution to the conversion of natural habitats for industrial use in connection with the development of oil and gas infrastructure and sourcing materials in the value chain. Biodiversity loss poses business risks, and we strive to reduce exposure to these risks by avoiding activities that might harm biodiversity

values, thereby also preventing potential business implications from ecosystems degradation. The material biodiversity impacts and risks are described in table 26.

Table 26: Material impacts, risks and opportunities: Biodiversity and ecosystems

Material matters		Scope	Description of materiality
Material impacts1)
	Potential negative impacts on biodiversity due to accidental discharges from offshore operations (-)	Own operations	Aker BP's offshore operations carry a risk of accidental discharges, which could severely impact biodiversity in the event of major accidents, although such events are highly unlikely.
value chain (-)	Potential negative impacts on biodiversity related to the construction of oil and gas infrastructure and sourcing materials in the	Upstream value chain	Manufacturing and distribution of the materials through the value chain as well as construction activities to facilitate project developments may have disruptive effects on biodiversity and ecosystems, especially if suppliers' activities affect environmentally sensitive areas. The activities in Aker BP's upstream value chain may also lead to GHG emissions, pollution, spread of invasive species and degradation of natural habitats.
to contribution to climate change (-)	Potential negative impacts on biodiversity due	Own operations Upstream and downstream value chain	Aker BP's total GHG emissions (scope 1-3) contribute to climate change, which affects biodiversity at a global scale. Climate change may further exacerbate physical impacts on the condition of ecosystems and increase stress on species, which may make it harder for them to adapt.
Material risks
	Reputational risk due to potential expanding operations in environmentally sensitive areas	Own operations	Financial loss and project delays caused by the restrictions on offshore drilling in certain areas due to new, stringent regulations aimed at protecting environmentally sensitive areas. Future developments may face similar constraints.
ecosystems restoration	Risk of increased operational cost due to stricter regulations on biodiversity conservation and	Own operations	Stricter regulations to enhance biodiversity protection and ecosystems restoration might lead to increased costs to ensure regulatory compliance. This may be relevant to the seabed areas surrounding Aker BP's production installations, which have been impacted by the historical discharges of the drill cuttings.
	Risk of financial penalties and damage to reputation due to major accidental spills	Own operations	Liability risk related to biodiversity loss resulting from accidental discharges.

Relevant policies:

Biodiversity policy

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

Aker BP's measurable biodiversity footprint results mainly from the discharges of drill cuttings piles around the offshore production installations. While the associated impacts are limited to small areas, and the actual overall impact on local biodiversity is low, we believe that risk of increased operational cost due to stricter regulations on biodiversity restoration might be material. Aker BP has not identified any material negative impacts related to land degradation, desertification or soil sealing. The breakdown of sites according to the impacts identified and assessment criteria applied are presented in section 5.4.

In 2024, Aker BP did not undertake activities which had a measurable negative effect on biodiversity-sensitive areas or biodiversity features of importance, such as species registered as threatened on the Norwegian Red List for Species.

Resilience of the strategy and business model

The resilience of Aker BP's strategy and business model in relation to biodiversity and ecosystem services is qualitatively assessed with involvement of internal stakeholders, taking into consideration the company's biodiversity-related physical, transition and systemic risks. The analysis presented in table 27 considers risks over short-, medium- and long-term horizons in which they are likely to materialise, as well as considerations related to Aker BP's resilience in relation to biodiversity. The material risks are summarised in table 26 and are briefly discussed below.

The scope of this resilience analysis currently encompasses our own operations. We aim to expand the scope to include our value chain as our understanding of location-specific material impacts, risks and opportunities within the value chain continues to evolve. The approach to the assessment is guided by the TNFD's (Taskforce on Naturerelated Financial Disclosures) recommendations.

Table 27: Aker BP's biodiversity-related transition, physical and systemic risks

Risk category	Risk driver	Mitigation actions
Transition risks
Policy	– Sea-use and land-use constraints in future projects provoked by the global goals to halt and reverse biodiversity loss – More stringent regulations aimed at biodiversity protection and restoration in new developments (e.g., mandatory biodiversity net gain).	Ongoing monitoring of regulatory framework developments and engagement with relevant stakeholders to ensure compliance with emerging regulations.
Liability	Liability risk related to biodiversity loss resulting from accidental discharges.	Maintaining high standards for emergency prevention and response
Market	Increased sourcing costs of raw materials due to the global depletion of natural resources, ecosystem degradation and evolving sustainable practice requirements.	Over the coming years, Aker BP will strive to assess location-specific risks in our value chain and consider measures to reduce exposure to those risks, where relevant.
Reputation	– Loss of brand value due to actual or perceived biodiversity related misconduct or lack of transparency. – Capital could be diverted away from businesses that cause severe negative biodiversity impacts.	– A public commitment to avoid operations in certain natural habitats important for biodiversity with various forms of protection. – Adherence to stringent standards for operational performance and the adoption of best practices in nature-related disclosures.
Technology	Lack of access to data or access to poor quality data that hamper biodiversity-related assessments	Contribution to the development of innovative monitoring technologies through sponsoring of the relevant R&D projects (e.g., eDNA monitoring).
Physical risks
Acute	Increased risk of damage of the onshore infrastructure and business interruption from floods if protective terrestrial ecosystems are heavily degraded.	Monitoring of weather patterns to provide early warnings – of potential extreme weather events – Evaluation of structural design limits to withstand extreme weather events
Chronic	Location of the assets in areas that already experience a decline in biodiversity and ecosystem services, which can further gradually exacerbate existing pressure with new activities.	– Aker BP conducts environmental impact assessments and site surveys prior to establishing new operations to understand and mitigate potential biodiversity impacts. The actual impacts on local biodiversity are regularly monitored through existing programmes. – Location of Aker BP's production assets is determined by the presence of petroleum resources. Our own operations are not directly dependent upon ecosystem services and increased pressure on biodiversity.
Systemic risks	The contribution to ecosystem degradation has the potential to create systemic risks, including ecosystem collapse, wherein critical natural systems cease to function. This disruption can also impact societies, supply chains and financial markets.	Minimising our contribution to ecosystem degradation through implementation of mitigation hierarchy principles in all projects.

Aker BP annual report 2024 93

The key assumptions in this analysis suggest low probability of unexpected regulatory changes since Aker BP's own operations are located in Norway, which has a transparent and predictable regulatory regime for the oil and gas sector. Additionally, it considers that Aker BP's business model does not directly depend on the supply of biological resources (e.g., fisheries, forest products, etc.). Changes in the quality, availability or pricing of these commodities are unlikely to impact our business and are therefore not considered in the analysis.

The biodiversity-related risks presented in table 27 highlight that Aker BP's portfolio is exposed to financial risk due to emerging regulations on biodiversity conservation, which may necessitate operational adjustments and incur new compliance costs. Although we consider this risk to be material, Norway's regulatory regime enables our business to adapt to shifting regulations, reducing the risk of financial stress from sudden regulatory changes. Aker BP proactively assesses and mitigates this risk, ensuring its business model remains resilient and adaptable in a rapidly changing regulatory landscape.

Aker BP's potential expansion into environmentally sensitive areas represents a reputational risk which might impact the company's ability to access capital for financing project developments in those areas. We mitigate this risk by avoiding operations in certain types of natural habitats and by implementing the mitigation hierarchy in all projects. We strive to ensure adequate risk-based systems to prevent and respond to accidental spills, thereby mitigating the financial risks associated with major accidents.

This resilience analysis of Aker BP's biodiversity-related risks concludes that Aker BP's strategy and business model are resilient to the identified biodiversity and ecosystems-related physical, transition and systemic risks. These risks are not likely to have major implications for our business over short-, medium- and long-term horizons.

5.1 POLICIES AND PROCEDURES

Through our biodiversity policy, Aker BP aims to manage and reduce our biodiversity footprint across our operated assets and supply chain and is available to stakeholders on Aker BP's website. The policy covers our operated assets only. Through the implementation of the policy, Aker BP commits to respecting internationally recognised areas of high natural and cultural importance as defined by the IUCN1), UNESCO2) and Ramsar Convention. The SVP people and safety, a member of the executive management team, has overall ownership of the policy.

The policy addresses the material matters described above through commitments to identifying, monitoring and accounting for biodiversity-related dependencies, risks, impacts and opportunities, integrating material issues into decision-making and risk management, applying a mitigation hierarchy as shown in figure 32, engaging with relevant stakeholders and value chain, and supporting research and development (R&D) activities to better understand biodiversity in the areas where we operate.

Aker BP's biodiversity policy enables us to minimise negative impacts on biodiversity and reduce risks by adhering to mitigation hierarchy through the entire lifecycle of our projects. The policy emphasises the prioritisation of avoidance first by commitment not to engage in exploration and production activities in legally protected areas3) or internationally recognised areas4). When operating close to or within nationally established SVOs5), Aker BP shall exercise due care to avoid negative impacts on the biodiversity values for which the SVO areas were designated. The avoidance principles are followed by commitments to mitigation measures and regular monitoring of biodiversity status at our operated production assets, and lastly, compensation for any residual adverse impacts of significance in the future.

Aker BP does not have a standalone policy on sustainable oceans or seas practices. However, we are guided by the UN Sustainable Development Goal 14 (life below water)6) and integrate ocean sustainability, such as risk-based oil spill preparedness and response, into our policies in a way that aligns with our business model and financial market expectations. Our commitments to mitigate risks and negative impacts of accidental offshore discharges are outlined in Aker BP's external environment policy. For more information about this policy and our pollution-related commitments, see section 3 Pollution.

• 1) International Union for Conservation of Nature
• 2) United Nations Educational, Scientific and Cultural Organization
• 3) This Policy recognises legally protected areas that meet the IUCN definition: 'A clearly defined geographical space, recognised, dedicated and managed, through legal or other effective means, to achieve the long-term conservation of nature with associated ecosystem services and cultural values.' For the purposes of this Policy, this includes areas proposed by the Norwegian government for such designation under the Nature Diversity Act.
• 4) Areas defined as UNESCO Natural World Heritage Sites and wetlands designated under the Convention on Wetlands of International Importance (the Ramsar Convention).
• 5) SVOs (in Norwegian, 'Særlig verdifulle og sårbare områder') are particularly valuable and vulnerable areas for biodiversity that have been identified and managed under the Norwegian Management Plan for marine areas. The SVO status does not automatically impose restrictions on industrial activity. In 2024, the SVO areas were extended to cover approximately 55% of the Norwegian marine areas, compared to the previous 42%.
• 6) United Nations Sustainable Development Goal 14, https://sdgs.un.org/goals/goal14

Aker BP addresses the biodiversity impacts of our contribution to climate change through our commitments to reduce GHG emissions, as outlined in our climate and energy policy. For more information about this policy and our climate-related commitments, see section 2 Climate change.

Aker BP seeks to promote sustainability beyond our own operations by fostering adoption of best practices in biodiversity management and increasing impact transparency along the value chain. By implementing our biodiversity policy, we commit to stepping up engagement with our suppliers and encouraging traceability in the supply chain of strategically important products and raw materials with significant impacts on biodiversity.

Key actions undertaken in 2024 and plans to achieve objectives of our biodiversity policy are described below.

5.2 ACTIONS

Aker BP identifies and manages biodiversity impacts in its own operations through a comprehensive programme which is implemented in accordance with Norway's regulations for petroleum activities across all assets, where applicable dependent on the nature of the activities, including:

• – Baseline surveys or assessments of the seabed and benthic fauna prior to drilling operations and new field developments
• – Environmental monitoring of sediments, benthic fauna and the water column around production facilities in our own operations
• – Monitoring of regular operational emissions and discharges
• – Post-decommissioning environmental surveys of the seabed
• – The data we collect is also utilised in environmental risk analyses for planning new wells to map potential impacts on biodiversity values and to implement appropriate oil spill preparedness and response measures

The highlights in the reporting year are presented below. Biodiversity offsets have not been used in the action plans for the assets in our own operations. In the coming years, Aker BP plans to step up engagement on biodiversity with its supply chain and continue mapping of the biodiversity impacts and risks in our value chain.

5.2.1 Mitigating impacts of exploration drilling in SVOs

Falstaff well

Falstaff is located approximately six kilometres within the outer border of the SVO Tobisfeltet 'Inner Shoal' in the southern part of the North Sea. This area is designated as SVO due to its vital habitats and breeding grounds for sand eels. Sand eels inhabit oxygen-rich sandy substrates, where they remain buried for much of the year. Sand eels have strict requirements for bottom substrate quality, which limits the availability of suitable habitats and makes them highly site-dependent.

Preparations for Falstaff drilling have involved several surveys to assess seabed conditions and map important biodiversity features. The timing of the drilling activities was planned in accordance with the provisions of the Norwegian management plan for marine areas to avoid interference with sand eels' spawning and early life stages when they are most vulnerable. The drill cuttings

generated during drilling were collected and sent ashore for further treatment to prevent physical disruption of sand eels' bottom habitats from discharges.

Elgol well

The Elgol well is located approximately 17 kilometres northeast of the Goliat FPSO, within the SVO Kystsonen Finnmark in the southern Barents Sea. Drilling activities began in December 2024 and continued into 2025. The operations were carefully assessed for environmental risks and planned to minimise discharges to sea. The activities were timed in line with the Norwegian management plan for marine areas to avoid drilling in oil-bearing formations during the spring and summer months, thereby reducing the potential impacts of accidental discharges on valuable biological resources, such as seabirds and commercial fish stocks, during their most sensitive lifecycle stages.

5.2.2 Monitoring of benthic habitats around Aker BP's production installations

Monitoring of benthic habitats around Aker BP's production installations is conducted as part of the national environmental monitoring programme for petroleum activities on the NCS. Generally, each field in production is surveyed every three years. However, following a risk-based approach, the frequency and scope of field-specific surveys can be adjusted based on the level of offshore activity, discharge history and previous survey results. If discharges remain low, it may be possible to extend the period between surveys of a field to six years, in consultation with the respective authorities.

The details regarding biodiversity impacts registered at Aker BP's production fields are presented in table 28. The results from the surveys conducted in 2024 will be analysed and processed for public disclosure in 2025.

5.2.3 Engagement with value chain

In 2023, Aker BP integrated biodiversity requirements into new contracts and invitations to tender and has been updating existing contracts throughout 2024. These new requirements lay the groundwork for future engagement on biodiversity with the supply chain, fostering transparency regarding suppliers' impacts on biodiversity and actions they take to protect it.

5.3 TARGETS

Aker BP tracks the effectiveness of our policies and actions in relation to the biodiversity impacts around its production installations through regular environmental monitoring. As further described in section 5.4, we use quantitative indicators such as measured oil contaminated area and changes in benthos fauna over time in comparison to the baseline data. This enables us to verify biodiversity recovery trends in the affected habitats and the state of species and ecosystems.

Aker BP has not set measurable biodiversity-related targets as of 31 December 2024, as we are currently exploring options suited for our business.

5.4 METRICS

Measurements of the biodiversity metrics are not validated by an external body other than the assurance provider.

1)

5.4.1 Oil contaminated areas and biodiversity impacts

Aker BP's biodiversity footprint at sites in our own operations are largely associated with the historical oil-contaminated drill cuttings piles that accumulated in the 1980s during the drilling of the first wells on the Ula and Valhall fields. While a large percentage of the oil has naturally degraded over the years, some remains present in the sediments surrounding the production installations. Regular environmental monitoring has documented that the total oil-contaminated area around the Ula and Valhall fields has decreased from 160 km2 in 1996 to below 20 km2 as of 2023.

The surveys have not indicated significant negative impacts on the benthic fauna around any of Aker BP's production sites. The state of species and condition of ecosystems at the most field-specific stations correspond to the baseline levels of the areas where the sites are located. Light to moderate effects on benthos are registered within 500 meters from the Valhall and Ula platforms, which reflects the historical discharges of oil-contaminated cuttings on those fields. However, even at the most affected sites there is evidence of partial to full recovery of the benthic communities. Our observations in the field align with the conclusions from the OSPAR Commission that leaving piles in situ to degrade naturally is generally the best environmental strategy.

The site-specific biodiversity impacts and oil-contaminated areas are summarised in table 28.

Table 28: Breakdown of Aker BP's sites according to biodiversity impacts

Production asset	Operator	Aker BP's equity share, %	Production start	Date of the last environmental monitoring2)	Oil contaminated area3), km2	Biodiversity impacts
Skarv	Aker BP	24%	2013	2024	16	Unaffected benthos fauna at all field-specific stations. High species diversity at all field-specific stations.
Alvheim	Aker BP	80%	2008	2024	15	Unaffected benthos fauna at all field-specific stations.
Ivar Aasen	Aker BP	36%	2016	2024	4	Unaffected benthos fauna at all field-specific stations.
Edvard Grieg	Aker BP	65%	2015	2024	2	Unaffected benthos fauna at all field-specific stations.
Valhall	Aker BP	90%	1982	2023	13	Lightly affected benthos fauna at a few field-specific stations. Unaffected benthos fauna at most stations.
Ula	Aker BP	80%	1986	2020	3.5	Unaffected benthos fauna at 6 out of 7 field-specific stations. Moderately affected benthos fauna at 1 field-specific station, though there is significant reduction in abundance of pollution indicator species over time.
Johan Sverdrup	Equinor	32%	2019	2024	19	Unaffected benthos fauna at all field-specific stations.
Gaupe	A/S Norske Shell	40%	2012	2024	0.6	Unaffected benthos fauna at all field-specific stations.

1) Impact assessment criteria: Scale – low impact on biodiversity or ecosystem service Scope – limited to small area where the impact occurred Remediabilty – medium-term remediation

• 2) Data collected in 2024 will be analysed and processed for public disclosure in 2025. For the assets where monitoring was last conducted in 2024, the biodiversity impacts are reported based on the previous monitoring in 2021. For Ula, the results are presented for 2020, when the last environmental monitoring was conducted according to the risk-based approach. For Valhall, the results are based on the 2023 monitoring.
• 3) The area where oil contamination exceeds the lower limit for impact on benthic fauna (50 mg/kg THC level in sediments, as commonly adopted within OSPAR countries) amounts to around 0.4 km2 and is registered only at the Valhall field.

Environmental monitoring of the offshore oil and gas operations in Norway is strictly regulated, and the monitoring programmes and methodologies require pre-approval from the respective authorities. The detailed requirements are outlined in the Guidelines for environmental monitoring of petroleum activities on the NCS1). These guidelines specify the requirements for sample collection, analytical methods and parameters, necessary accreditation, quality control of the measurements, estimation of the affected areas and reporting. Areas contaminated with oil hydrocarbons shall be conservatively estimated based on the assumption that the affected areas are elliptical, and that the entire area within the innermost unaffected stations is considered contaminated.

5.4.2 Sites in biodiversity-sensitive areas

Reporting the locations of Aker BP's own operations in biodiversity-sensitive areas ( table 29) is guided by the internal mapping tool, MapInsight, which contains information about these areas and allows for precise pinpointing of operational sites relative to them. Measures to mitigate biodiversity impacts of exploration drilling in SVOs are described in section 5.2.1.

5.4.3 Sites near biodiversity-sensitive areas

Johan Sverdrup's onshore power station at Haugsneset lies within one km of the Gåsholmen and Årvikholmen nature reserve (IUCN IA), which focuses on preserving natural habitats for various seabird species.

Valhall's onshore power converter station is located within one km of the Røyrtjønn nature reserve (IUCN IA), part of the Ramsar-listed wetlands that provide important breeding and wintering grounds for various bird species. Additionally, the areas adjacent to Valhall's power converter station (less than one km) include protected landscapes with rich birdlife: Listastrendene (IUCN V), Einarsneset (IUCN IV), Lundevågen (IUCN IV), Hanangervann and Kråkenesvann (IUCN IV) wildlife protection areas.

At the time of submitting this sustainability statement, no measurable negative impacts have been identified on these sensitive areas from the operational activities at Aker BP's sites. For this reason, Aker BP has not implemented any local impact mitigation measures.

Figure 32: The mitigation hierarchy

Table 29: Non-operated exploration drilling in biodiversity sensitive areas in 2024

Well name	Licence	Marine area	Operator	Aker BP's equity share	Drilling period	SVO	Biodiversity values
Falstaff	PL1086	The North Sea	DNO Norge AS	20%	September– November 2024	Sandeel habitats (SVO Tobisfelt)	Important habitats and spawning grounds for sandeel
Elgol	PL1131	The Barents Sea	Vår Energi ASA	20%	December 2024 – January 2025	Coastal Area Finnmark (SVO Kystsonen Finnmark)	Biodiverse area with numerous species during the year or at specific times of the year

1) Guidelines for environmental monitoring of petroleum activities on the Norwegian continental shelf, M-408, revised in 2023. https://www.miljodirektoratet.no/publikasjoner/2015/september-2015/ environmental-monitoring-of-petroleum-activities-on-the-norwegian-continental-shelf/.

6 Resource use and circular economy

3,100 tonnes of total waste diverted from disposal

Aker BP's circular economy model emphasises sustainable practices, allowing us to increase resource efficiency and reduce waste generation in every phase of the lifecycle. We consider the introduction of circular economy principles into our business model to be important to reduce the consumption of and dependency on virgin resources, reduce scope 3 emissions and biodiversity footprint, and achieve financial benefits.

Circular economy is material for Aker BP due to the amount of materials used in construction of new wells and infrastructure, resource outflow from decommissioning and waste generation. Material circular economy related impacts, risks and opportunities are presented in table 30. The assessment has considered actual amounts of the material flows and waste generation, see section 6.4. All metrics presented in this chapter is for our own operations.

The material impacts associated with major projects, such as decommissioning of oil and gas installations, are evaluated in impact assessments that are available for public consultation with the affected communities. Aker BP will evaluate the assumptions made for the current value chain assessment as we progress with the value chain mapping and understanding the resource and material flows beyond our own operations.

Relevant policies:

Circular economy policy

Table 30: Material impacts, risks and opportunities: Resource use and circular economy

Material matters	Scope	Description of materiality
Material impacts1)
Generation and treatment of waste, including drilling waste (-)	Own operations Upstream value chain	Aker BP's own operations generate significant amount of waste, which is treated by our suppliers. A wide range of waste is generated during our operations, from used equipment to operational by-products, with drilling slop and cuttings forming a major part. Due to the nature of the oil and gas industry, a substantial portion of this waste is hazardous and must be managed in compliance with stringent safety and environmental standards.
Waste throughout the upstream value chain (-)	Upstream value chain	Aker BP's operations are resource-intensive, requiring a supply of products that undergo numerous transformations from raw materials to finished goods, resulting in substantial waste generation at various stages throughout the upstream value chain.
Large resource inflows for constructing new wells and infrastructure, transport and energy generation (-)	Upstream value chain	Aker BP relies on supply of significant amounts of materials, such as steel and cement for infrastructure development, chemicals for drilling new wells and production, as well as diesel for transport and energy generation. Manufacturing and distribution of these materials contribute to the global environmental footprint from land use change, pollution and GHG emissions. Both equipment and installations require high-quality raw materials due to the structural integrity requirements offshore. This is especially relevant as Aker BP is currently constructing several new installations.
Large resource outflows associated with decommissioning of oil and gas installations (-)	Own operations Upstream value chain	Aker BP has a considerable resource outflow in connection with the decommissiong of oil and gas installations when a field production cycle comes to an end. The dismantling and removal of these installations generate large amount of waste, which is managed by our suppliers in accordance with the stringent safety and environmental standards and reused or recycled when feasible.
Material risks
Risk of increased operational cost and financial penalties due to increasingly strict waste handling regulations	Own operations	Aker BP generates substantial amounts of drilling fluid waste, which is costly to manage due to increasingly strict disposal regulations. Improper handling and disposal can harm personnel and the environment and may result in financial penalties.
Risk of increased costs due to dependency on high quality resources and materials to adhere to safety and security standards	Own operations Upstream value chain	The global decline in natural resources and the increasing focus on sustainable practices for resource extraction are likely to result in stricter regulations and higher costs for both producers and consumers. Aker BP's reliance on certain resources poses risks, either due to potential future challenges in obtaining these resources or from rising prices.
Risk of increased decommissioning costs due to increased complexity of disposal and processing of resources	Own operations	Decommissioning is an expensive process with significant resource outflow. There is a risk of cost overruns during the decommissioning phase, particularly concerning the management and handling of resources.
Material opportunities
Opportunity for reduced costs and positive reputation through increasing level of re-use and resource use efficiency	Own operations	Aker BP might reduce costs by reusing equipment instead of purchasing new items. Enhanced adoption of practices to reduce, reuse, recycle, and recover can improve resource efficiency and lower overall resource consumption. Successful resource optimization also improves stakeholder relations and enhances company's brand image.
Opportunity for reduced cost and increased resilience through increased circularity and new business models related to equipment and resources	Own operations Upstream value chain	Aker BP can leverage its business partnerships to adopt a more circular approach, such as designing reusable equipment and planning for resource repurposing. These approaches could reduce both costs and material use.

Aker BP annual report 2024 99

6.1 POLICIES AND PROCEDURES

6.2 ACTIONS

Aker BP's circular economy policy outlines our ambition to optimise material use and reduce waste at the assets under our operational control and in our upstream value chain were relevant. The policy is available at Aker BP's website.

The policy addresses the material matters described above through a commitment to follow the circular economy hierarchy ( figure 33). By adopting this hierarchy, we aim to reduce waste at the source through operational efficiencies and sustainable design, reusing and repairing existing equipment and materials, recycling and energy recovery. This aims to ensure that equipment and materials are kept in the form with the highest possible value to the economy for the longest period of time. We are committed to implement this hierarchy throughout the entire project life cycle, from field development to drilling and production through to decommissioning.

The policy states our commitment to sustainable sourcing and working proactively with our suppliers to introduce circular economy in the supply chain, including incorporating renewable and recycled content in products to reduce use of virgin raw materials. The policy also expresses our commitment to incorporating circular economy into our strategies and performance management, enabling us to account for our material impacts and act upon them.

Transitioning away from use of virgin resources is not covered by this policy, due to the nature of our business model as a pure-play oil and gas company. The SVP people and safety, who is a part of the EMT, is accountable for the implementation of the policy.

Outlined below are the key actions implemented in 2024 and planned for the future, both within our own operations and across the value chain, to manage material matters related to circular economy.

6.2.1 Reduction of drilling waste

Drill cuttings are rock fragments generated in large quantities during drilling of the wells. They contain residual drilling fluids, which are reused where feasible. The cuttings are either discharged from the rig or taken ashore for further treatment. For years, oil-based cuttings have been sent for treatment onshore to avoid discharging contaminated waste that could harm local biodiversity.

Aker BP has installed a thermal cuttings treatment unit on the Noble Invincible rig, used for drilling new wells in the Ula area, which commenced in 2024 and continued in 2025. Starting in 2025, this unit will process oil-based cuttings at high temperatures, separating them into dry cuttings with residual oil content meeting regulatory thresholds that allow discharge to sea. The treated water and cuttings will be discharged to the sea, while the recovered base oil will be reused to make new drilling fluids. The amount of oil-based drill cuttings planned to be treated offshore before discharge in the Ula area is estimated to be around 3,000 tonnes. The details regarding these estimates can be found in Aker BP's application for discharge permit for this drilling campaign.

Figure 33: Circular economy hierarchy

6.2.2 Reuse of drilling fluids

To prevent the occurrence of hazardous waste, both oil-based and water-based drilling fluids are reused as long as their technical quality meets drilling specifications or can be cost-efficiently treated to meet these standards. This ensures that the fluids remain part of the value chain for as long as feasible. Most of the oil-based drilling fluids Aker BP uses are reused when drilling between sections or returned to the drilling fluids supplier, who reconditions the drilling fluids for reuse. The reuse rate in 2024 was approximately 79 percent for oil-based drilling fluids. The calculation is based on extraction of numbers from NEMS Analytics on January 29th, 2025. Oil-based drill cuttings and drilling fluids that are not treated at the rig site are sent onshore for further treatment.

6.2.3 Recycling of materials from decommissioning

Aker BP's current asset portfolio consists of steel platforms and floating production storage and offloading (FPSO) vessels. These installations will be removed in their entirety after their associated fields have been shut in and wells have been permanently plugged and abandoned. The disposal of these structures and vessels will be subject to cessation plans approved by the Norwegian authorities. A cessation plan includes impact assessment which undergoes public consultation involving a wide range of external stakeholders. The actual disposal of the installations is managed by onshore receiving facilities. The recycled materials are handled and sold by Aker BP's contractors so that they can be reprocessed into new products elsewhere.

The decommissioning scope in 2024 included the following activities:

• – Removal and recycling of the 2/4-G jacket
• – Preparations for removal of the Hod A topside (an unmanned wellhead platform) and jacket in 2025

The 2/4-G was a riser platform transporting oil and gas from the Valhall field to Ekofisk. It consisted of a steel jacket structure with a topside. The 2/4-G was installed in 1981 and became operational in 1982. Operations ceased in 1998, the topsides were removed in 2016, and the jacket was removed in June 2024. The jacket was transported to Aker Solutions' disposal yard at Stord, where it was demolished. Based on previous experiences, a recycling rate of nearly 100% is expected.

The Hod A platform at the Valhall field has been de-energised and cleaned during the first nine months of the reporting year as a part of the necessary offshore preparations for its final removal in the summer of 2025. This work was performed simultaneously with plugging and abandonment (P&A) activities required to safely and permanently seal in Hod A's eight wells. As of 7 September 2024, Hod A is now permanently closed to personnel access from helicopters, rigs and vessels.

P&A operations were conducted on the Gaupe field in the summer of 2024 as a part of the decommissioning programme. The removal and disposal activities are scheduled for the years 2025-2026. The waste generated from the P&A operations is included in waste reporting for 2024.

Abandonment spend during 2024 was USD 227 million. Future decommissioning costs are included in the overall abandonment liabilities, which are disclosed in note 22 to the 2024 financial statements.

In 2023, Aker BP integrated circular economy requirements into new contracts and invitations to tender, and has been updating existing contracts in 2024.

Through its supply chain engagement, Aker BP works proactively towards more circular business solutions and requires its contractors to implement circular economy principles, contributing to:

• – Improving product durability, reusability, upgradability and reparability
• – Addressing hazardous chemicals in products and enhancing their energy and resource efficiency
• – Increasing recycled content in products while ensuring performance and safety
• – Incentivising product-as-a-service or other sharing models
• – Leveraging digital platforms to reduce and document the environmental footprint of products and services

Over the coming years, Aker BP plans to map our value chain to enhance understanding of the resources and material flows beyond our own operations and take the appropriate actions where necessary.

6.3 TARGETS

Aker BP monitors the effectiveness of its circular economy policies and actions by tracking major resource inflows and outflows. For example, we measure performance against decommissioning project objectives using quantitative indicators,

Figure 34: Resource inflows 6.2.4 Engagement with supply chain such as the percent recycled materials from decommissioned installations.

As of 31 December 2024, Aker BP has not yet adopted targets related to circular economy, as we are currently investigating different options suited for our activities.

6.4 METRICS

Measurements of circular economy metrics are not validated by an external body other than the assurance provider. Metrics reported for resource outflows are based on the actual weighing of waste and materials at the contractors' onshore receiving facilities. The measurement uncertainty is assumed to be less than five percent. The data for resource inflows metrics is based on the same data sources, methodologies and boundaries used for scope 3 emissions reporting, as outlined in section 2.5.

6.4.1 Resource inflows

The material resource inflows used in Aker BP's own operations are steel for construction of wells and offshore installations, such as pipelines, topside and subsea templates, cement for construction of wells and infrastructure, chemicals for drilling and production, and diesel for energy generation and transport. The largest resource inflow in 2024 was chemicals. The total resource inflows for 2024 are shown in figure 34.

The oil and gas extracted by Aker BP are virgin raw materials, which do not contain reused or recycled components.

Cement for construction of wells and infrastructure 23,716

tonnes

tonnes

Steel and other metals 21,689

tonnes

Diesel 29,013 tonnes

6.4.2 Resource outflows

Our material resource outflows comprise waste from drilling and production activities, waste and recyclable metals from decommissioning of the offshore installations. The oil and gas produced by Aker BP is mainly combusted by the end users. These products are not durable or repairable and do not contain recycled content.

The decommissioning programmes are designed following the circular economy principles, and recycling factors are specified in contracts. Most recovered steel is highly durable and has a recycling rate of over 95 percent.

6.4.2.1 Generation and treatment of waste

Aker BP's own operations are predominantly based offshore, and all material waste streams, both hazardous and non-hazardous, are generated offshore. All waste is shipped to our logistics bases and handled by contractors upon arrival. The total amount of waste generated in 2024, as well as the breakdown between hazardous waste and non-hazardous waste, and the waste treatment types are presented in table 31. figure 35 illustrates the fate after waste handling of all hazardous and non-hazardous waste generated by Aker BP in 2024.

The largest fraction of waste consists of drilling fluids and drill cuttings. The drilling waste consists of oil, water, chemicals and solids from the drilled rocks. All the fractions are treated according to national regulations, and materials are recycled or reused where feasible.

The amount of drilling waste generated is proportional to the drilling length and the number of wells drilled and therefore varies from year to year depending on the drilling programmes. Using water-based drilling fluids where feasible results in significantly less waste being sent to shore. Waterbased drilling fluids have a lower carbon footprint compared with oil-based drilling fluids. In 2024, the total amount of waste from drilling fluids and cuttings was 31,544 tonnes.

Formation water and rock formations in most regions contain naturally occurring radioactive material (NORM). Water-soluble NORM will follow the produced water into wells and production systems, where they have an inclination to precipitate in the form of shale and solids in production systems, pipelines and infrastructure. Scale waste cleaned out from the process systems contains NORM and shall be handled to ensure safety and regulatory compliance. In 2024, the generated amount of NORM was 26 tonnes.

The waste data presented in table 31 and table 32 is based on the actual weighting of the waste fractions performed by the waste contractors at the onshore receiving facilities. The fate of waste diverted from or directed to disposal according to waste treatment type (reuse, recycling, incineration, landfill) is reported in accordance with the EU regulations, national requirements and Offshore Norge guideline 093 Recommended guidelines for waste management in the offshore industry.

6.4.2.2 Decommissioning

The key metric in the contracts for recycling of the removed offshore structures is set at 95 percent or more.

The recycling factor is calculated by dividing the sum of the recycled fractions by the total weight of the disposed material. The total weight is determined by the weighing of waste materials at the disposal site. Over 90 percent of the fractions

Figure 35: Waste handling fate

Fate of hazardous waste

Fate of non-hazardous waste

consist of metals, followed by electronic waste (such as cables) and various categories of hazardous waste (such as batteries, spray cans, oil filters).

The outcome of the disposal works in 2024 will be documented in the final disposal close-out report and is estimated to be over 95 percent.

Table 31: Generation and handling of waste

Category	Unit	2024
Total waste generated	tonnes	38,891
Total weight of hazardous waste	tonnes	37,296
Hazardous waste - Reuse	tonnes	455
Hazardous waste - Recycling	tonnes	2,063
Hazardous waste - Other recovery (excluding reuse or recycling)1)	tonnes	0
Hazardous waste - Incineration (energy recovery)	tonnes	2,325
Hazardous waste - Landfill	tonnes	13,338
Hazardous waste - Other disposal (discharge)2)	tonnes	19,116
Total weight of non-hazardous waste	tonnes	1,594
Non-hazardous waste - Reuse	tonnes	1
Non-hazardous waste - Recycling	tonnes	611
Non-hazardous waste - Other recovery (excluding reuse or recycling)1)	tonnes	0
Non-hazardous waste - Incineration (energy recovery)	tonnes	656
Non-hazardous waste - Landfill	tonnes	326
Non-hazardous waste - Other disposal	tonnes	0
Total amount of non-recycled waste	tonnes	16,646
Total percentage of non-recycled waste3)	%	84
Total amount of radioactive waste	tonnes	26
Percentage of drilling waste out of total waste generated	%	80

1) Energy recovery not included

2) Discharged fraction consists of wastewater treated onshore, mostly from drilling waste.

3) Discharge of wastewater treated onshore is not included.

Table 32: Waste diverted from/directed to disposal

Category	Unit	2024
Total weight of waste diverted from disposal4)	tonnes	3,130
Total weight of waste directed to disposal5)	tonnes	35,761
Total weight of hazardous waste diverted from disposal4)	tonnes	2,518
Total weight of hazardous waste directed to disposal5)	tonnes	34,779
Total weight of non-hazardous waste diverted from disposal1)	tonnes	612
Total weight of non-hazardous waste directed to disposal5)	tonnes	982

• 4) Waste diverted from disposal includes waste that is reused, recycled or handled in other recovery operations. Incineration with energy recovery is not included
• 5) Waste directed to disposal includes waste that is discharged, sent to landfill or incineration with or without energy recovery

Social

Own workforce
Workers in the value chain
Affected communities

SOCIAL

Aker BP's own workforce consists of 4,067 employees and non-employees (3,673 in 2023), all of whom are employed in Norway. In 2024, Aker BP had approximately 1,600 tier 1 suppliers. Some of these suppliers operate in countries with a high risk of human rights violations related to workers in the value chain and affected communities.1)

Policies are in place to manage adverse impacts and reduce the risk of human rights violations within our own workforce, workers in the value chain and affected communities. The code of conduct serves as the primary governance tool and includes references to additional policies, such as Aker BP's human rights policy, which offers more detailed guidance. For more information about our code of conduct see section 10.1.1.

Commitment to respecting human rights of individuals

Aker BP aims to conduct its business in a manner that respects the human rights and dignity of all people. We acknowledge all internationally recognised human and labour rights standards as set out in the International Bill of Human Rights and the International Labour Organisation's Declaration on Fundamental Principles and Rights at Work. Aker BP's human rights policy describes the company's approach to managing human rights risks in our operations. The policy is aligned with the United Nations (UN) Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, as well as applicable laws, including regulations related to engagement with our own workforce. The CEO is the owner of the human rights policy, which applies to all Aker BP employees and non-employees, as well as suppliers, contractors and business partners.

The human rights policy is available on our website and is communicated to our stakeholders and through contractual provisions. The policy is also published in our business management system, and its principles are linked to core business processes. Our human rights commitments are embedded in our policies, procedures and processes, such as the diversity, equity and inclusion policy, the health and working environment policy, the business partner integrity procedure and the sustainability framework.

Policy commitments

Among other things, our human rights policy commits us to:

• – Respect the human rights of all individuals and groups that may potentially be affected by our operations
• – Treat everyone who works for Aker BP with fairness, respect and dignity
• – Provide fair working conditions to our own workforce, in accordance with all applicable legislation
• – Eliminate all forms of discrimination and harassment; everyone should be treated with respect regardless of their background
• – Respect the freedom of association and right to collective bargaining
• – Have systems in place for raising concerns and provide appropriate remediation where we have caused or contributed to adverse impacts on human rights
• – Oppose any form of forced labour or human trafficking, child labour, forced or compulsory labour
• – Continuously assess human rights impacts from our operations by performing human rights due diligence and propose necessary preventive risk-mitigating actions if needed. Stakeholder engagement is a central part of this process

As stated in our human rights policy, we shall have measures in place to reduce or mitigate adverse impacts and will, where relevant, provide or cooperate in effective grievance mechanisms. Follow-ups with the affected parties aim to ensure the effectiveness of the remedy.

2,962 Employees at year end

24.7% Female employees

0.4 per million work hours

Serious incident frequency

7 Own workforce

Aker BP's own workforce consists of 2,962 (2,727 in 2023) employees and 1,105 (946 in 2023) non-employees (see note 8 on page 167). The increase in our workforce is mainly due to increased activity on our development projects.

Full-time employment is offered to all of Aker BP's permanent employees. Temporary contracts are provided to either summer students or temporary substitutes for permanent employees.

Our part-time employees are employees who have applied for and been granted reduced working hours. We do not hire employees on zero-hour contracts.

Own workforce in Aker BP:

Employees: People who are in an employment relationship with Aker BP

Non-employees: People under an agency-type arrangement that meets the following criteria:

• – The position requires that the person acts in an Aker BP role or capacity
• – The work will mainly be carried out at Aker BP's offices or installations, and by use of Aker BP's equipment
• – The duration of the engagement is at least three months

Relevant policies:

• Code of conduct
• Human rights policy
• Diversity, equity and inclusion policy
• Safe operations policy
• Emergency preparedness and response policy
• Health and working environment policy
• Employee handbook

Table 33: Material impacts, risks and opportunities: Own workforce

Material matters	Scope	Description of materiality
Material impacts1)
Potential negative impacts on own workforce caused by inadequate working conditions (-)	Own operations	Potential negative impacts on own workforce as a consequence of substandard working conditions. Contributing factors to these conditions include, but are not limited to, excessive working hours, inadequate wages, insufficient constructive social dialogue and a lack of work-life balance.
Gender inequality offshore and onshore (-)	Own operations	Women at Aker BP are under-represented both onshore and offshore. Being underrepresented may lead to negative impacts, including discrimination and recruitment biases.
Training and skills development (+)	Own operations	Training and skills development may have a positive impact on employees as they become more skilled at their job, possibly improving their job satisfaction. In addition, upskilling may also provide opportunities for advancement and increases employability.
Potential incidents of harassment in the workplace (-)	Own operations	The potential for incidents of harassment in the workplace represents a concern, as it can undermine the integrity of the working environment and affect employee well-being.
Potential health and safety impacts (major accidents, minor incidents and work-related illness) (-)	Own operations	Adverse impacts on personnel and their next of kin, our reputation and financial performance should Aker BP not provide a safe and healthy working environment for our workforce.
Material risks
Risk of lower productivity and capacity to execute planned activities due to dissatisfaction with working conditions among own workforce	Own operations	Substandard working conditions and a lack of satisfaction among employees pose a financial risk due to the potential for decreased worker productivity. Dissatisfaction can stem from various factors, leading to diminished morale and, consequently, reduced work efficiency. Additionally, issues such as long working hours and a poor work-life balance may result in a less healthy workforce, with an increased incidence of sick leave. Contributing factors to these conditions include, but are not limited to, excessive working hours, inadequate wages, insufficient constructive social dialogue and a lack of work-life balance.
Risk of losing out on skilled workers due to poor reputation caused by failure to deliver on diversity and inclusion in the workplace	Own operations	Lack of gender equality and diversity pose a reputational risk with regard to potentially increased difficulties with attracting and retaining talent, in addition to it not being viewed as a place for equal treatment and opportunities. Difficulties with attracting and retaining talent may arise if workers representing a minority (including female workers) or workers with diverse backgrounds are not feeling valued, appreciated or miss the feeling of fitting in at the workplace, in addition to the potential downsides of working in a highly male dominated industry. The reputational risk may materialise if Aker BP is not viewed as a place that hires and gives equal treatment to workers representing a minority, with disabilities or diverse backgrounds.
Risk of financial penalties and damage to reputation due to adverse health and safety impacts	Own operations	Health and safety violations pose significant legal and reputational risks. This is due to potential lawsuits from the government and employees injured while working for Aker BP.
Material opportunities
Opportunity for increased productivity through training and skills development of own workforce	Own operations	Training and skills development for own workers may increase the retention rate in addition to improving productivity as they feel that they learn valuable skills of benefit in the workplace and more broadly.
Opportunity for positive reputation and effect on talent attraction and retention through focus on gender equality and diversity	Own operations	Increased focus on gender equality and diversity may improve talent attraction and retention in the workplace, thus having a positive effect.

Aker BP annual report 2024 108

Figure 36: The people of Aker BP

All numbers are reported in headcount at the end of the reporting year. Total turnover is calculated by dividing the number of employees who left the company during the year by the total number of employees on 31 December 2024.

Own workforce:	4,067	Nationalities:	44
Employees:	2,962	Average age:	46
Non-employees:	1,105	Employed in Norway:	100%

Current employees

Total number of employees

Temporary employees		Part time employees
51		36
Female: Male:	20 31	Female: Male:	24 12

7.1 WORKING CONDITIONS

The working conditions can significantly impact the satisfaction and overall well-being of our own workforce, thereby affecting our capacity to execute planned activities effectively. Therefore, it is crucial for Aker BP to provide good working conditions, which aligns with our ambition to create the most attractive place to work.

Working conditions cover secure employment, working time, adequate wages, social dialogue, freedom of association, collective bargaining and work-life balance. Health and safety are also integral components of working conditions. Given the critical importance of health and safety to Aker BP's operations, these aspects are addressed separately. For further details, please refer to section 7.3.

7.1.1 Policies and procedures

Aker BP's work to ensure favourable working conditions are embedded in our policies, procedures and processes, such as our code of conduct, human rights policy and our internal employee handbook. See Commitment to respecting human rights of individuals, page 105 and section 10.1.1 for more information.

Our employee handbook, which is available to all employees on our internal website, is based on the Norwegian Working Environment Act, and sets out guidelines for topics including:

• – Social dialogue
• – Social protection
• – Adequate wages
• – Working time and work-life balance

The employee handbook is owned by the SVP people and safety and is applicable to all Aker BP employees.

7.1.1.1 Engagement with our own workforce Engagement with our own workforce is essential to identify, prevent, mitigate and account for actual and potential impacts and related risks. The SVP people and safety has the overall responsibility for all employee involvement.

Aker BP conducts quarterly pulse surveys to monitor employee satisfaction and identify organisational concerns related to our impacts, risks and opportunities. The survey evaluates employee experience, which is believed to enhance team performance and lower dissatisfaction risk. Employee experience is assessed through factors such as engagement, experience versus expectations, intention to stay, inclusion and well-being. Both employees and non-employees are included in these surveys. This structured approach allows for tracking progress over time and facilitates the implementation of measures to improve the working environment.

Engagement is also maintained through employee representatives in groups such as the board of directors, the work council and the working environment committee. The work council and the working environment committee meet quarterly, with the primary responsibility of the employee representatives being to safeguard Aker BP employees' interests and mitigate negative impacts on our employees. The work council ensures employee influence on company management and operations, fostering greater ownership and better-founded decisions. The working

environment committee aims to ensure a sound working environment, participates in environmental planning and monitors employee safety, health and welfare.

Employees' interests are also secured through trade unions, which are associations of workers in the same industry or profession advocating for adequate and fair wages based on the equal pay principle and favourable working conditions for their members. As described in our code of conduct, Aker BP supports employees' rights to form and join trade unions, and equally their right to remain non-unionised. In addition to the quarterly meeting with the work councils where the trade unions are represented, the company communicates with the trade unions during the annual salary negotiations, and on an ad hoc basis regarding organisational restructuring, as the sum of these interactions has a direct impact on working conditions. Non-unionised employees are still covered by collective bargaining agreements, and these agreements will determine their working conditions and terms of employment. As a result, all our employees are paid an adequate wage based on relevant collective bargaining agreements. For non-employees, working conditions and terms of employment are influenced by our collective bargaining agreements, and this is represented in our contracts with the companies which they are hired through.

Both employees and non-employees can raise concerns and report suspected violations of applicable laws and regulations through several channels, including our Aker BP integrity channel. As stated in our human rights policy, we shall have measures in place to reduce or mitigate any

adverse impact on own workforce and will, where relevant, provide or cooperate in effective grievance mechanisms. Follow-ups with the affected parties aim to ensure the effectiveness of the remedy. See section 10.2 for more information.

7.1.1.2 Social protection

The Norwegian National Insurance Scheme provides social protection for all Norwegian citizens. This provides coverage for all Aker BP employees and non-employees against loss of income up to a specified level set by national insurance due to sickness, unemployment, work-related injuries, disability, parental leave and retirement through public programmes. Aker BP provides additional coverage for employees to ensure that significant life events do not cause substantial income reduction. This includes, but is not limited to:

• – Aker BP employees are eligible for the company's defined contribution pension plan, with Aker BP's pension contribution set at the maximum level permitted by Norwegian pension legislation
• – In cases of sickness and work-related injuries, Aker BP covers the gap between the salary provided by the National Insurance Scheme and the employee's regular salary for up to one year
• – In cases of parental leave, Aker BP covers the gap between the salary provided by the National Insurance Scheme and the employee's regular salary for 49 weeks. As an alternative, the employees may choose to take 80 percent salary for 59 weeks

7.1.1.3 Work-life balance

Aker BP facilitates a healthy work-life balance in accordance with Norwegian legislation. Onshore employees have flexible working hours and a flexible hybrid working policy that allows for remote work, whereas offshore personnel normally work for two weeks and are off for four weeks. All employees are entitled to parental and family-related leave per Norwegian law. During paid family-related leave, employees remain covered by Aker BP's insurance plans and continue to participate in the company's compensation and benefits processes to ensure no negative impact on salary development.

7.1.2 Actions

Aker BP's policies and procedures are designed to reduce negative impacts on working conditions and thus reduce the risk of lower productivity and ensure capacity to execute planned activities. The key practice each year is to adhere to these principles and implement necessary measures. The people and safety department is responsible for overseeing this matter.

We use our quarterly pulse survey to identify which actions to implement for our impacts, risks and opportunities related to working conditions within our own workforce. The aim of this is to monitor the effectiveness of policies and procedures designed to reduce negative impacts on working conditions, identify areas for improvement and implement relevant measures. After a pulse survey is conducted, all teams must review the results and implement actions if necessary to prevent and mitigate adverse material impacts. If a negative trend is observed across the company, cross-company actions are undertaken to address it. The effectiveness of these measures will then be assessed during subsequent surveys. For 2024, no pulse surveys indicated the need for additional cross-company actions.

For 2025, we will continue conducting our quarterly pulse surveys, monitor the results closely and implement measures where necessary. This will continue being our key activity to identify actions for our impacts, risks and opportunities related to working conditions.

7.1.3 Targets and metrics

At Aker BP, we have not yet set any time-bound, outcome-oriented targets related to working conditions, as we have not identified any targets that are likely to result in changes for our workforce.

However, we have an ambition to create the most attractive place to work. Achieving this ambition depends on various factors, one of which is working conditions. Aker BP tracks the effectiveness of its policies, procedures and actions related to working conditions through various metrics, as outlined in the tables below. Our pulse survey results indicate that our employees are highly motivated and satisfied with working conditions. See figure 37 for more information. None of our metrics has been validated by an external body other than the assurance provider.

Figure 37: Pulse survey results

1)

7.2 EQUAL TREATMENT AND OPPORTUNITIES FOR ALL

At Aker BP, we aim to create a culture where differences are valued and utilised; where everyone can develop skills and talent regardless of visible differences such as age, gender and ethnicity, as well as invisible differences such as religion, nationality and sexual orientation. In general, women are under-represented in the oil and gas sector. We believe that focusing on gender equality and diversity positively impacts reputation, talent attraction and retention, and that training and skill development can have a positive impact on employees and improve their qualifications and satisfaction and thus enhance productivity. Conversely, not addressing diversity and inclusion may result in losing skilled workers.

Figure 38: Parental leave

Entitled employees who took parental leave

Figure 39: Collective bargaining coverage and social dialogue

Engagement	86% 2024	85% 2023	Coverage rate: Collective bargaining agreement	Norway Location	100% Employees (EEA)
Intention to stay	78% 2024	77% 2023	Coverage rate: Social dialogue	Norway Location	100% Workplace reprensentation (EEA)

1) Based on the average of all quarterly pulse surveys. The pulse survey uses a scale ranging from one to five, with five being the best. The percentages presented in the table reflect the proportion of our workforce that provided a favorable response, which is defined as a rating of four or five on the scale.

7.2.1 Policies and procedures

Our commitments to ensuring diversity and equal opportunities are stated in our code of conduct and underpinning policies such as our human rights policy and diversity, equity and inclusion policy. The policies are available on our external website. For more information about our code of conduct and human right policy, see section 10.1.1 and Commitment to respecting human rights of individuals, page 105.

Our diversity, equity and inclusion policy, owned by the SVP people and safety, expresses the mandatory principles Aker BP's own workforce must follow. The policy promotes an inclusive workplace free from discrimination and harassment regardless of factors such as gender, linguistic ability, race, ethnic origin, physical or mental ability, age, nationality, sexual orientation, religion or belief, marital status or socio-economic status. These principles are also important for recruitment, training and skill development. The policy does not specifically address commitments related to inclusion and positive actions for employees that are at particular risk or vulnerable. By adhering to this policy and principles, we aim to effectively promote diversity and inclusion, as well as training and development. This approach will enhance our reputation in these areas and improve our ability to attract and retain talent.

7.2.2 Actions

As required by the Norwegian Equality and Anti-Discrimination Act, we work in a systematic manner to promote equality and prevent

discrimination. The people and organisation team is responsible for overseeing this matter.

In 2023, all employees were invited to participate in a diversity index survey, measuring Aker BP's diversity and inclusion. The aim of the survey was to gain better insight into employees' perceptions of diversity and inclusion in the workplace, and to further use the results to implement measures to improve where necessary. In response to the results, various measures have been implemented in 2024 to improve awareness and knowledge within the organisation, especially among the leaders, to promote a more inclusive workplace. This included workshops with the EMT and business leaders to review survey results, and we provided e-learnings and awareness campaigns for all employees. We anticipate that these actions will not only positively impact employees at Aker BP but also enhance our ability to effectively attract and retain talent.

We also believe that monitoring and understanding the current state and development of diversity and inclusion are essential to achieving our goal of having 30 percent female employees by 2030. To secure this, the EMT has received updates on relevant metrics during 2024. Additionally, the topic has been integrated into e-learning available to all employees and leadership training programmes. We believe focusing on gender equality and diversity will enhance talent attraction and retention, helping us reach our target.

To mitigate the risk of losing skilled workers due to a poor reputation for diversity and inclusion, we have revised our recruitment procedure in 2024. These revisions aim to prevent discrimination and ensure an inclusive recruitment process that promotes gender equality. Additionally, we have enhanced our branding efforts to attract a broader and more diverse talent pool. We also support initiatives that promote education and careers for girls.

Regarding training and education, we have maintained our commitment to providing a diverse range of learning and development opportunities for our own employees, both internally and externally. We believe that the opportunity for developing skills and knowledge not only enhances employee satisfaction but also increases productivity and prepares our workforce for future demands. At Aker BP, a key principle is that each employee is responsible for their own learning and development, and we expect leaders to facilitate and support the development of their team members. The annual career development dialogue forms a good basis for further developing our employees. We monitor employees' perception of development opportunities over time through our quarterly pulse survey. The results serve as a basis for identifying areas for improvement and determining where additional actions are needed. In 2024, none of the pulse survey results indicated a need for further cross company actions. For details about the pulse survey, see section 7.1.1.1 and figure 41 for the pulse survey results.

7.2.3 Targets and metrics

Aker BP monitors the effectiveness of its policies, procedures and actions related to gender equality through a target of achieving 30 percent female employees by 2030. This target has been approved by the BoD where employee representatives are included. By the end of 2024, we had 24.7 percent female employees (24.1 percent in 2023).

We do not have other targets with regard to equal treatment and opportunities for all. However, performance is monitored using the metrics described below.

Aker BP has an ambition to maintain a neutral pay system as a part of our effort to foster diversity and inclusion. This aims to ensure that individuals in identical positions, with equivalent experience and the same formal competence, receive equal compensation for comparable results, irrespective of gender or other diversity factors.

The gender base pay ratio for tariff workers is 100 percent when adjusted for equal positions and seniority. Onshore employees and offshore supervisors are individually evaluated based on job complexity and accountability, as well as formal competence and experience level. For pay analysis purposes, employees are further grouped into three categories: subsurface and drilling, technical and business support. In 2024, the annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees was 8.6 (7.6 for 2023).

Figure 40: Ratio of payment of women to men for each employee category

Base pay gap1) Female population in given category2)

Total pay gap1) Corresponding metric from previous year

1) Employees who joined or left the company in 2024 are not included in these numbers.

2) Based on actual employees at the end of the reporting year.

Training and skills development is considered an important aspect of our ambition to create the most attractive place to work. Our pulse survey results indicate that most Aker BP's employees are satisfied with the opportunity to develop within the company. See figure 41 for more details. Participation in development dialogues is outlined in figure 42, and internal training in figure 43.

There have been zero confirmed cases of discrimination and harassment in the reporting period. We have not received any complaints from our workforce through our whistleblowing channel, nor have we encountered any severe human rights incidents involving our employees. As a result, no associated fines have been paid.

None of our metrics are validated by an external body.

7.3 HEALTH AND SAFETY

The oil and gas industry involves activities and conditions that, if not properly managed, may potentially lead to adverse health and safety impacts on workers, including major accidents, minor incidents and illnesses. Therefore, health and safety is Aker BP's top priority in all activities. Additionally, impacts present a risk of financial penalties and damage to reputation.

7.3.1 Policies and procedures

Aker BP's health and safety management system includes policies and procedures that apply to its own workforce and aims to ensure safe operations and a healthy work environment. The policies are

available on Aker BP's website. The SVP people and safety is responsible for their implementation. The health and safety management system is guided by regulatory requirements and international, national and industry-specific standards such as OHSAS 18001 and ISO 45001. In practice, our management system requirements aim to ensure that Aker BP understands and handles the risks associated with its activities through systematic use of risk assessments, thoroughly described in a dedicated process area for risk and barrier management.

Our management system sets out a comprehensive health and safety training programme designed to ensure that employees are adequately qualified to operate safely. For instance, all personnel working offshore must complete mandatory basic safety training before travelling offshore. Another example is that participants in the working environment committees, managers and safety representatives, must undergo formal extended training in working environment topics. This type of training aims to mitigate adverse health and safety impacts.

Our commitments are embedded in our management system which includes an incident reporting system which ensures that incidents are reported to prevent similar events from reoccurring by identifying and implementing corrective actions as needed. In cases of serious incidents, a more comprehensive investigation is carried out. Identified actions are tracked to completion. Learnings from such events are shared internally as well as externally when needed.

Figure 41: Pulse survey results 1)

1) Based on the average of all quarterly pulse surveys. The pulse survey uses a scale ranging from one to five, with five being the best. The percentages presented in the table reflect the proportion of our workforce that provided a favorable response, which is defined as a rating of four or five on the scale

Figure 42: Employee participation in development dialogues

Figure 43: Internal training

training hours

per woman

per man

The management system, including related policies, is continuously revised based on changes in legal requirements, feedback from users as well as lessons learned, such as from incident investigations and audits.

7.3.1.1 Major accidents and minor incidents

Our safe operations policy describes Aker BP's commitment to execute our operations under the highest health, safety and security standards to ensure a safe and healthy workplace. It states that we shall plan and execute our operations in a way that avoids harm and injuries to personnel, the environment and assets. This policy is owned by the HSSEQ manager for drilling and wells, exploration and reservoir development, operations and assets, and is applicable for our own workforce.

Our emergency preparedness and response policy describes Aker BP's commitment to maintain and further develop a highly competent, robust and effective emergency response organisation to manage incidents and crisis related to Aker BP. Our priorities during any incidents are to prevent and limit harm to people, or damage to the environment, assets and reputation. This policy is owned by the HSSEQ manager for emergency preparedness. We systematically conduct training and exercises for all parts of our emergency response organisation to prepare for

situations that may occur. Our health and safety management system includes processes and procedures for how to prepare for and respond to emergencies.

7.3.1.2 Work-related illness

Aker BP is committed to and acknowledges that health is more than absence of sickness for the individual. Aker BP defines health as the presence of full mental, physical and social well-being and this is what we aim to achieve for personnel working for us. Aker BP provides health services to prevent, identify and monitor work-related health risks, and provides employee benefits such as regular health checks and health care insurance. Additionally, risk-exposed offshore personnel are required to undergo a comprehensive health check-up every three years.

Aker BP's health and working environment policy describes our commitment to provide a workplace that promotes health. The policy sets out our commitment to continuously improve our working environment to ensure it does not have any negative physical or psychological effects on our own workforce. This policy is owned by the VP HSE excellence.

7.3.2 Actions

Aker BP's policies and procedures are designed to mitigate adverse health and safety impacts and the related risk. The key practice each year is to adhere to these principles and implement necessary targets and measures. Internal verifications and audits are conducted to check that we operate in accordance with our management system.

In addition to adhering to our policies and procedures, we have undertaken several initiatives in 2024 to mitigate adverse health and safety impacts and related risks. Key actions include:

In 2024, Aker BP conducted a significant health and safety project by enhancing our visualisation of barriers through the implementation of a new barrier status panel on our operated assets. In general, barrier management is a systematic process encompassing the definition, design and engineering of barriers, and the monitoring and maintenance of barrier performance in operations. The overall purpose is to establish barriers that will be effective in reducing the risk of major accidents by reducing the probability of incidents with major accident potential, and limiting the consequences should such an event occur. The established barriers, including the performance requirements for these, are based on the identified major accident hazards for each specific asset and facility. Our new barrier status panel gives us the opportunity to see and act upon barrier impairments at an early stage, and to implement appropriate mitigating measures. This initiative was led by the people and safety department and is used by the asset organisations.

To identify areas of concern related to work-related illness, we invited all employees to participate in a survey on how they perceive their psychosocial work environment (OPA). The aim of this action was to get a deeper understanding of factors impacting our daily experiences at the workplace, which may result in work-related illness and dissatisfaction. Additionally, we wanted to use the results to identify teams with a low score and implement measures to improve. The results of the survey provided a better understanding of the factors that challenge, motivate and engage us in the workplace. All teams were asked to review their results, and we adopted a structured approach to follow up with teams that had low scores. This included additional measures to identify the causes and determine necessary actions to enhance the psychosocial work environment. The aim was to mitigate adverse impacts on employees resulting from work-related illnesses and associated risks. In 2025, we will monitor the results of these actions through quarterly pulse surveys.

Aker BP annual report 2024 116

7.3.3 Targets and metrics

Aker BP tracks the effectiveness of its policies, procedures and actions through metrics and sets annual targets for key performance indicators (KPIs) for our own workforce. These targets include our most important health and safety impacts, including major accidents and minor incidents, and have been approved by the BoD where employee representatives are included. The 2024 targets and our performance are summarised in figure 44. We do not have targets for work-related illness. However, performance is monitored using metrics.

Three out of four of Aker BP's safety performance targets have been met in 2024. With regard to process safety events (PSE), we had two cases compared to our target of zero. In accordance with our policies and procedures, these two cases have been investigated by Aker BP. The investigations recommended a series of improvement actions, the vast majority of which have been implemented in 2024. We plan to complete the remaining actions in 2025.

In 2024, we achieved our target of a serious incident frequency (SIF) below 0.5. Three of the four serious incidents in 2024 did not result in any actual consequences for personnel involved. One serious incident involved a person who got injured.

In 2024, we achieved our target of a total recordable injuries frequency (TRIF) below 2.5. Nine of the twenty work-related personnel injuries in 2024 resulted in days away from work. One of the injuries which resulted in days away from work involved an Aker BP employee. This person had 28 days away from work due to the injury. We are unable to disclose the number of days lost due to work-related ill health.

In addition, we monitor work-related illness. In 2024, Aker BP registered seven (60 in 2023) work-related illnesses (WRI) for employees. The 2024 figures are consistent with previous years except 2023. Due to the COVID pandemic, a large portion of the offshore personnel completed their health checks in 2023, leading to unusually high numbers for that year.

None of our metrics are validated by an external body other than the assurance provider.

Figure 44: Safety performance vs targets

¹⁾ These targets include value chain workers on Aker BP opperated offshore faclilities (including mobile drilling units).

Table 34: Safety performance last two years

Category	2024	2023	Units
Fatalities – employees	0	0	cases
Fatalities – non-employees	0	0	cases
Fatalities – workers in the value chain	0	0	cases
Lost time injuries – employees	28	260	days
Total recordable injuries – employees	3	4	cases
Total recordable injuries – non-employees	3	0	cases
Total recordable injuries – workers in the value chain	14	18	cases
Total recordable injury frequency1) – employees	0.6	0.9	per million work hours
Total recordable injury frequency1) – non-employees	1.8	0.0	per million work hours
Total recordable injury frequency1) – own workforce	0.9	0.7	per million work hours
Total recordable injury frequency1) – workers in the value chain	3.5	5.3	per million work hours
Total recordable injury frequency1) – total workforce2)	1.9	2.4	per million work hours
Serious incidents	4	3	cases
Serious incident frequency3)	0.4	0.3	per million work hours
Work hours – employees	4.6	4.3	million hours
Work hours – non-employees	1.7	1.4	million hours
Work hours – own workforce	6.3	5.7	million hours
Work hours – workers in the value chain	4.0	3.4	million hours
Work hours – total workforce	10.3	9.1	million hours
Work related illness – employees	7	60	cases
Sick leave employees	3.9	3.9	percent
Number of tier 1 and tier 2 process safety events (PSE)4)	2	1	cases

1) Total recordable injury frequency: The number of recordable injuries (lost time + medical treatment) per million work hours.

2) Total workforce: Workforce on Aker BP offshore facilities (including mobile drilling units) and Aker BP onshore facilities.

3) The number of incidents with actual and/or potential consequence classification A as defined by Aker BP (e.g. fatality, oil spill to sea greater than 1000 m3) per million work hours.

4) As per the API Recommended Practice 754: Process Safety Performance Indicators for the Refining and Petrochemical Industries.

Aker BP annual report 2024 118

rights issues, in particular, can have significant financial impacts and legal consequences.

8 Workers in the value chain

7 audits

Supplier on-site human rights audits conducted

7 countries

Countries in which supplier on-site human rights audits have been undertaken

In 2024, we had approximately 1,600 tier 1 suppliers, some of whom operate in countries associated with a high risk1) of human rights violations, such as child-labour, forced or compulsory labour, as well as poor working, health and safety conditions. As a result, through our suppliers, Aker BP has the potential to negatively impact workers within our value chain. If we fail to manage these adverse impacts, we may also face the risk of reputational damage.

Workers in the value chain:

Workers in the value chain includes all individuals working for our suppliers and those engaged in activities further along the value chain. Our primary focus related to actions and procedures is currently on tier 1 suppliers, as they represent the group on which we have the most significant impact potential. Examples include but are not limited to catering and housekeeping staff on offshore installations, vessel crew members and workers at construction yards related to Aker BP projects.

Table 35: Material impacts, risks and opportunities: Workers in the value chain

Material matters	Scope	Description of materiality
Material impacts2)
Potential impacts from poor working conditions related to construction, logistics and industrial manufacturing in high-risk countries (-)	Upstream value chain	Some of Aker BP's suppliers and sub-suppliers operate in industries that involve a significant amount of physical labour and may be located in high-risk countries. Consequently, there is a heightened risk of inadequate working conditions.
Potential health and safety impacts on workers in the value chain (-)	Upstream value chain	Physical labour in the value chain poses health and safety risks, which can result in accidents and injuries. Furthermore, as this includes many suppliers, the number of people potentially impacted is high.
Potential human rights violations in the value chain (child, forced or compulsory labour) (-)	Upstream value chain	Certain segments of Aker BP's value chain operate in countries where there is an elevated risk of human rights violations. This includes countries such as Malaysia, United Arab Emirates, India, Thailand, Indonesia and Brazil.
Potential incidents of violence and harassment in the value chain (-)	Upstream value chain	Certain segments of Aker BP's value chain operate in countries where there is an elevated risk of human rights violations, including harassment in the value chain.
Potential to use leverage to contribute to improving working conditions in high risk countries (+)	Upstream value chain	Aker BP can influence suppliers and sub-suppliers due to its market position. This influence can be particularly noticeable in high-risk countries.
Material risks
Risk of reputation damage due to poor working conditions, human rights	Upstream value chain	Several of Aker BP's suppliers and sub-suppliers operate in high-risk countries, increasing the likelihood of such occurrences. Human

Relevant policies:

• Code of conduct
• Human rights policy

1) Aker BP has identified several countries as high-risk with respect to human rights, based on an assessment using several external and internal risk indicators and indexes.

violations and/or violence or harassment in the value chain

2) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

to positively impact workers in the value chain by using leverage to improve working conditions in countries prone to human rights violations and poor labour standards. By actively engaging with our suppliers and promoting best practices, we can help ensure that workers' rights are respected, and that health and safety standards are upheld. This proactive approach does not only mitigate risks but can also contribute to the overall well-being of workers in our value chain.

8.1 POLICIES AND PROCEDURES

Our code of conduct and human rights policy addresses material topics such as working conditions, human rights (including child, forced and compulsory labour), violence and harassment, and health and safety. See section 10.1.1 and Commitment to respecting human rights of individuals, page 105, for more information about our code of conduct and human rights policy.

To reduce adverse impacts on workers in our value chain and reduce associated risks, it is essential to collaborate with others who adhere to the commitments outlined in our code of conduct and human rights policy which aim to secure this by committing Aker BP to the following principles:

On the other hand, Aker BP has the opportunity Figure 45: Selected examples of international suppliers we remain dependent on

Aker BP annual report 2024 120

• relationship, we must follow Aker BP's business partner integrity procedure to assess legal and ethical risks and include contractual obligations on ethics and compliance where applicable. This process pays special attention to material topics for value chain workers
• – To clearly communicate our expectations to our business partners and monitor their compliance where necessary. Requirements are specified in contracts and Aker BP's supplier declaration, which all new suppliers are required to sign prior to becoming an Aker BP supplier. Any deviation from this requirement will be managed according to established follow-up procedures
• – Take appropriate measures if our business partners do not meet our expectations and report any misconduct

While Aker BP does not have a separate supplier code of conduct, these principles, together with the supplier declaration and contractual clauses, aim to ensure that our business partners are actively working to establish processes which mitigate any adverse impacts on their employees and workers in their value chain.

8.1.1 Engagement with value chain workers

In line with the principles of the Norwegian Transparency Act and the OECD Guidelines for Multinational Enterprises, as well as the United Nations Guiding Principle on Business and Human Rights, we apply a risk-based approach when evaluating potential adverse impacts on value

chain workers. This includes evaluations of several factors, such as country and activities. As required by our human rights policy and as part of Aker BP's business partner integrity procedure, we perform human rights due diligence to identify, prevent, mitigate and account for our impacts and have processes in place to enable remediation for adverse impacts we may cause or contribute to. Meaningful stakeholder engagement is central in this process and we have implemented various channels aimed at securing appropriate engagement.

Safety representatives onshore and offshore, led by the coordinating safety officer, as well as site managers at project construction sites worldwide, shall regularly and continuously communicate with value chain workers directly, fostering trust and encouraging the reporting of any concerns. Their observations help identify and prevent actual and potential adverse impacts on value chain workers.

Oversight of contractors occurs through formalised processes, with the frequency of engagement depending on the type of contractual relationship. All contracts have a designated person from Aker BP who is responsible for managing the contract and ensuring engagement according to the plan. Key suppliers and alliance partners are frequently engaged through performance review meetings, addressing working conditions and other relevant issues. We believe that our alliance model, as further described in section 10.3, enables us to optimise our influence to positively impact workers in the value chain.

Figure 46: Our human rights due diligence process – Before establishing or amending any business

Value chain workers can also raise concerns and report suspected violations of applicable laws and regulations through the Aker BP integrity channel. See section 10.2 for more information. Additionally, as part of our supplier declaration and contractual clauses, we aim to ensure that our suppliers meet our expectations by establishing channels for value chain workers to raise concerns. Further, as part of our human rights audits of our suppliers, we assess whether these channels are available and communicated to the employees.

Stakeholder engagement is also an essential part of our audits. We conduct audits of a selection of our suppliers and business partners to verify that they comply with applicable laws and regulations, Aker BP's code of conduct, contractual obligations and our supplier declarations, as well as the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work and OECD Guidelines for Multinational Enterprises. Worker interviews play a key role in our on-site audits, giving us a unique insight into their views and perspectives. We apply a risk-based approach when setting the audit programme and frequency for the following year, taking into account the rights and needs of vulnerable individuals and groups. The supply chain department is responsible for this programme.

As of 2024, outside the audit programme, we have not received any reports or identified instances of non-compliance with the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises involving value chain workers. The findings from the on-site audits are summarised in figure 48 and figure 49.

8.2 ACTIONS

In 2024, we strengthened our efforts to address actual and potential impacts on workers in the value chain. Additionally, we used our leverage to enhance working conditions for these workers. Details of the actions we have taken are outlined below.

8.2.1 Strengthened internal processes

In 2024, we improved our internal processes to better identify areas of concern related to workers in the value chain, which is a crucial initial step towards implementing actions that mitigate potential and actual adverse impacts, reduce risks and capitalise on identified opportunities. The actions taken include:

• – Reviewed and updated screening risk model
• – Streamlined requirements to ensure internal capacity-building
• – Updated due diligence process and risk classification

8.2.2 Human rights audits

Aker BP is currently undertaking a significant investment portfolio on the Norwegian continental shelf (NCS), engaging with a global network of suppliers. This elevated level of activity is mirrored in the human rights audit programme carried out throughout 2024. During this year, seven on-site audits were conducted at 10 production sites across seven countries in Europe and Asia. These audits were selected based on an assessment of risk and criticality, and involved document reviews and interviews with management, value chain workers and union representatives, encompassing more than 400 workers. The audits were conducted by independent auditors on behalf of Aker BP.

Figure 47: Countries in which supplier on-site human rights audits have been undertaken

Supplier on-site human rights audits conducted

Boundary:	7	1
Aker BP	audits 2024	audits 2023

Countries in which supplier on-site human rights audits have been undertaken

ട്ടു

Boundary: Aker BP

2
countries
2023

All audits, with one exception, were conducted on tier 1 suppliers, as they are deemed to be the main point of contact to assess impact to the workers in the value chain. The exception was an audit of a sub-supplier in China, which is deemed a high-risk country for human rights. The objective of these audits was to assess compliance with Aker BP's guidelines, the ETI base code and local laws and regulations, to identify material impacts on value chain workers. This includes verifying that suppliers have implemented systems and actions consistent with our supplier declaration and contractual obligations to mitigate adverse impacts on workers further down the value chain. Additionally, the audits highlighted best practices and identified areas for improvement.

The on-site audits had a dedicated focus towards the following topics:

7 countries 2024

• – Human rights (child, forced or compulsory labour)
• – Working conditions (freedom of association, wages and benefits, working hours, regular employment and responsible recruitment)
• – Health and safety
• – Violence and harassment

All audits have resulted in reports with findings and recommendations. Additionally, Aker BP and audited companies have created separate corrective action plans to address the findings. None of the findings required any further action to provide or enable remedy.

Aker BP expects the suppliers to address the findings and monitor their progress through follow-up meetings. Responsibility for audit follow-up lies with the designated roles within the audit team or supply chain department in Aker BP. This approach aims to mitigate both potential and actual adverse impacts on value chain workers and reduce Aker BP's risk of reputation damage associated with poor working conditions, human rights violations, and violence and harassment. Furthermore, we believe that by actively engaging in these audits and follow-up actions, we are showing our commitment to our human rights policy and promoting our expectations, thus leveraging our influence to contribute to the improvement of working conditions throughout our value chain.

8.2.3 Magnet JQS human right desktop assessment

In addition to the seven on-site audits, three human rights desktop assessments have been conducted on tier 1 suppliers through Magnet JQS, where audit findings are shared among the major operators on the NCS. These audits provide an overview of the governance systems in place to address potential human rights risks and ensure all labour standards are considered. However, they are not as detailed as the on-site audits and are usually conducted as an initial step in human rights due diligence. By utilising a network of operators across the NCS, the ability to contribute to improving working conditions in the value chain is enhanced. Audited suppliers are required to address findings, develop corrective action plans, record and close findings in Magnet JQS. Aker BP follows up findings from these desktop assessments with the suppliers through meetings as part of contract management.

8.2.4 Forward-looking plans

In 2025, we plan to follow up the findings from the audits conducted in 2024 to assess the effectiveness of measures intended to mitigate adverse impacts on value chain workers and reduce associated risks. New audits will be conducted with an increased focus on suppliers located in Norway. This focus aligns with the current state of development projects, which will primarily be ongoing in Norway from 2025. Engaging closely with workers in the value chain remains a priority to identify and mitigate any actual and potential adverse impacts that we may cause or contribute to. This approach aims to ensure that our commitment to human rights and sustainable practices is both steadfast and effective.

8.3 TARGETS AND METRICS

While we are focusing on improving our efforts towards workers in the value chain, we have not defined any measurable targets as we have not identified any targets that are likely to result in changes for workers in the value chain. However, several metrics are derived from the on-site audits conducted. figure 48 provides an overview of how the findings from 2024 are distributed across various categories. The categories were created by internal experts within this topic. Additionally, these findings have been classified into four different categories by an external audit provider, with none falling into the most critical category indicating severe human rights issues or incidents. None of our metrics are validated by an external body.

Figure 48: Categorisation of findings from on-site audits

Figure 49: Severity of the findings from on-site audits

150,000 full-time equivalents

Projected at Norwegian suppliers across the country due to Aker BP operated development projects

9 Affected communities

Aker BP acknowledges the potential impact we may have on communities, both through our operations, but also through our upstream and downstream value chain. Our primary focus is on local communities as well as those affected by our tier 1 suppliers, as they represent the group where we have the most significant impact potential.

Local communities

Refers to communities affected by our operations, such as fisheries in the sense that we share the use of the ocean and the same areas where these communities are dependent on fisheries.

Affected communities

Refers to both Aker BP's local communities and the communities affected by our supply chain, such as communities in Norway and abroad where we have fabrication and commissioning work related to ongoing development projects.

Table 36: Material impacts, risks and opportunities: Affected communities

Material matters	Scope	Description of materiality
Material impacts1)
Positive impact through investment and job creation in local communities (+)	Own operations	A positive impact on local communities in Norway due to investments and job creation through building industry.
Positive impact through donations and sponsorships (+)	Own operations	Aker BP provides donations and sponsorships for local communities, further enhancing the positive impact.
Material risks
Risk of reputation damage due to negative media coverage in affected communities caused by poor stakeholder engagement and failure to demonstrate the positive impact on affected communities	Own operations	If its operations are not seen as positively impacting the economic, social and cultural rights of people living in affected communities, this may have negative reputational effects. This is because Aker BP may be the subject of negative media coverage and be negatively portrayed in the local communities where it operates if it is not viewed as having a positive impact on the people living in the affected communities, thus having a negative reputational effect.
Risk of sanctions, financial penalties and reputation damage due to negative impact on people living in affected communities	Own operations	In addition, there are legal risks as Aker BP faces the possibility of fines and sanctions if negatively impacting the economic, social and cultural rights of people living in affected communities, or if it is viewed as not heeding environmental guidelines.
Material opportunities
Opportunity for enhanced collaboration with local communities, access to skilled local workforce and positive reputation through the support of local communities	Own operations	Further improving Aker BP's relations with local communities, which may have a positive reputational effect on Aker BP and constitute an opportunity as it may make it easier for Aker BP to expand its operations in local communities or in general make it easier for Aker BP to operate in affected communities.

Relevant policies:

• Code of conduct
• Human rights policy
• Anti-corruption policy
• Supply chain management policy
• Sponsorship policy

There are both risks and opportunities related to affected communities. If Aker BP fails to manage its relationship with these communities, for example through poor stakeholder management or by damaging their well-being, we may face both reputational and legal risks. On the other hand, our focus on local job creation, investments, donations and sponsorships may impact these communities positively. This can further result in community support, strengthening Aker BP's reputation, and enhancing access to skilled local workforce.

9.1 POLICIES AND PROCEDURES

Aker BP strives to ensure that our activities, as well as those within our value chain, do not cause any harm to affected communities. Our code of conduct and human rights policy thoroughly address this concern. For further details, please refer to section 10.1.1 and Commitment to respecting human rights of individuals, page 105.

We aim to create positive impacts on affected communities through investments and job creation. Aker BP makes substantial investments in new projects, generating employment opportunities not only within the company but also for our value chain. Over the next few years, we will complete several development projects with Yggdrasil as the largest. It is expected that these projects will contribute to more than 150,000 full-time equivalents at suppliers throughout the country. Our supply chain management policy, together with our alliance model, specifically outlines our ambition to source locally whenever feasible, ensuring that our operations benefit, build and strengthen the communities in which we are active, particularly along the Norwegian

coast. Detailed information about our supply chain management policy can be found in section 10.3. Additionally, we expect our tier 1 suppliers to adopt similar practices. This expectation is formalised in our supplier declaration, where the supplier commits to sourcing locally whenever possible.

Additionally, we are leveraging our role to positively impact communities, particularly in areas where we conduct business activities, by supporting various causes we believe in. We also believe this presents opportunities to build a positive reputation in these areas, collaborate with affected communities and access a skilled local workforce. Some of the initiatives are 'one-offs', whereas others have a more strategically aligned approach and a multi-year perspective, such as our sponsorships within sports, culture and learning. Our sponsorship and donation strategy is grounded in our sponsorship policy which is further aligned with our code of conduct, anti-corruption policy, and applicable rules and laws. The sponsorship policy is overseen by the CFO and is available on our internal website. The policy outlines the framework for all Aker BP sponsorship activities. When evaluating potential sponsorship recipients, we seek partners who share our core values and where the relationship will yield mutual benefits. We prioritise organisations, institutions, teams or athletes that make a positive impact on society. To mitigate potential risks associated with sponsorship activities, we adhere strictly to the policy and internal procedures, ensuring transparency and that the funds are utilised for their intended purpose. All sponsorships and charitable donations shall be made in accordance with this policy and shall be approved by the VP communications.

9.1.1 Engagement with affected communities

Aker BP sets high expectations for our understanding of the society in which we operate. The oil and gas resources on the Norwegian continental shelf, where Aker BP operates, belong to the Norwegian society at large. Aker BP's role is to create value based on these resources. We are, amongst other things, guided by the OECD's due diligence guidance for responsible business. Engaging with affected communities, through formal consultation and day-to-day dialogue, is essential to identify our actual and potential impacts, risks and opportunities concerning those communities, as well as to monitor compliance with UN Guiding Principles in Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work and OECD Guidelines for Multinational Enterprises. It also provides insight into how different groups may be at greater risk of harm.

9.1.1.1 Formal consultation

Aker BP has a systematic process for engaging with affected communities, which is directly linked to and regulated by Norwegian legislation and government expectations. This process is part of Aker BP's governance and business model.

During this process, we carefully adhere to the public consultation procedures to identify and consider impacts of significant activities. For instance, we are obliged to conduct public consultations of the environmental and societal impact assessments for any projects to be sanctioned. This approach provides affected communities, and others, an opportunity to discuss and address both positive and negative aspects of the company's plans, ensuring their perspectives are considered in our planning. A senior role within the project to be under development is responsible for this process.

9.1.1.2 Day to day dialogue

We use informal communication with affected communities daily to foster open dialogue and collaboration, addressing concerns and ensuring well-being. These efforts also help anticipate potential grievances. For example, we meet with local municipalities, politicians and other stakeholders in areas affected by high activity levels and ripple effects from our investments, focusing on Aker BP's project portfolio. The frequency of this type of engagement depends on the activities. The feedback we receive through continuous dialogue and follow-ups is used to achieve effective processes. A designated role within the company is responsible for ensuring that this engagement occurs.

Moreover, Aker BP's integrity channel, which is available to all on our external website, serves as a platform for affected communities and individuals to raise their concerns. Through our website, code of conduct and sustainability statement,

we provide information needed to ensure trust in the processes for raising concerns. For further details on the integrity channel, refer to section 10.2. To facilitate that our suppliers engage with affected communities, we require them to maintain transparency in their interactions, as outlined in our integrity due diligence (IDD) process and supplier declaration.

9.2 ACTIONS

Aker BP's policies and procedures for investments, job creation, sponsorships and donations are designed to create positive impacts and opportunities, as well as mitigate actual and potential risks related to affected communities. The key practice each year is to adhere to these policies and principles and implement measures when necessary. The supply chain management department is responsible for securing local sourcing and job creation, whereas the VP communication is responsible for donations and sponsorships.

In addition, in 2024 we updated our IDD process as an effort to better mitigate the risk of adverse impacts and poor stakeholder engagement by our tier 1 suppliers, as well as Aker BP's risk of sanctions, financial penalties and reputational damage. In the updated IDD process, potential suppliers within certain thresholds are required to confirm that they have policies and procedures in place to

avoid and manage adverse impacts on communities. Further, once contracted, they must sign our supplier declaration, committing to responsibly manage the effect of their operations, engage in dialogue and consider local needs. The effectiveness of this initiative is typically assessed in our supplier audits. Refer to section 8 Workers in the value chain for more information.

9.3 TARGETS AND METRICS

We believe that Aker BP is well-positioned to generate positive ripple effects while mitigating the risk of adversely impacting affected communities. We have not yet established defined and measurable targets in this area as we have not identified any targets that are likely to result in changes for the affected communities.

In 2024, we did not receive any reports of human rights issues or incidents affecting communities through our whistleblowing channel. Further, we are not aware of any cases of non-respect of the UN Guiding Principles in Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involve affected communities by our own operations or in our upstream or downstream value chain.

Governance

Business Conduct

93%

0

refresher training1)

laws and regulations

Completion of the code of conduct

Incidents of non-compliance with

10 Business Conduct

10.1 CORPORATE CULTURE

Aker BP strives to conduct its business in an ethical and transparent manner and in compliance with applicable laws, rules and regulations, as well as internationally accepted guidelines. Any non-compliance by Aker BP or our value chain, such as corruption and bribery, may lead to adverse impacts on the markets, society and governmental bodies. Should Aker BP fail to manage these impacts properly, we may risk financial penalties, damaged relationships and reputation in our operations or supply chain, and loss of business partnerships and missed opportunities for favourable relationships.

10.1.1 Policies and procedures

Our code of conduct is our main governance tool and is intended to be a source to help Aker BP representatives act in accordance with Aker BP's core values. It provides guidance for conducting our business ethically and transparently, in compliance with applicable rules and regulations related to anti-corruption, money laundering, fraud, modern slavery, human rights and labour standards, environment and other applicable rules. It also includes a separate chapter on speaking up and protection of whistleblowers.

Relevant policies:

• Code of conduct
• Human rights policy
• Anti-corruption policy
• Security policy
• Speaking up policy
• Supply chain management policy

1) The figure includes participants completing the course during January 2025.

Table 37: Material impacts, risks and opportunities: Business conduct

Material matters	Scope	Description of materiality
Material impacts1)
Potential impacts from not sufficiently protecting whistleblowers and creating a culture where concerns are not raised (-)	Own operations, value chain	Mistreatment of whistleblowers might suppress important information about environmental or societal harm. A whistleblower, who reports non-ethical behaviour in accordance with applicable laws, may be negatively impacted by his/her actions if the company does not ensure whistleblower protection. These negative impacts may for the whistleblower be unfair dismissal, reputational loss, economic consequences etc.
Potential harm caused by unethical and non-transparent behaviour (-)	Own operations, value chain	Unethical business practices can lead to bypassing environmental regulations, acceptable social standards and bribery and corruption. Therefore, ensuring a transparent business practice is key. It may also have a negative effect on business partners.
Use leverage and dialogue to improve suppliers' social and environmental performance (+)	Own operations, upstream value chain	Aker BP uses leverage as a large customer and engages in constructive dialogue with its suppliers to help them improve their social and environmental performance throughout their value chain. Social and environmental screening of suppliers is one the tools that is applied.
Potential impacts from corruption in dealing with business partners (-)	Own operations	Corruption has a clear negative impact on both social and governance issues and may lead to a negative impact on the environment. Examples of negative impacts include, but are not limited to, poverty in transition economies, damage to the environment, abuse of human rights, abuse of democracy, misallocation of investments and undermining the rule of law.
Providing secure and reliable energy to Europe (+)	Own operations	Aker BP can negatively impact cyber security as our possession of critical information about Norwegian infrastructure, combined with the current geopolitical climate and heightened risks to such facilities, exposes vulnerabilities that could be exploited, undermining national security and public trust.
Material risks
Risk of sanctions, damaged relationship with authorities and reputation damage due to poor handling and protection of whistleblowers in Aker BP and among alliance partners	Own operations	Legal and reputational risks if Aker BP does not protect whistleblowers in line with the Whistleblower Protection Directive, as this may lead to governmental actions and sanctions, in addition to having negative reputational effects if Aker BP is seen as not protecting whistleblowers.
Risk of loss of business partnerships and missed opportunities for favourable relationships due to poor business conduct in the value chain	Own operations	Without appropriate business conduct vis-a-vis business partners in the value chain, there is a risk that Aker BP will lose out on favourable business partnerships and lose business in general.
Risk of financial impact and reputation damage due to insufficient ESG screening of suppliers	Own operations, upstream value chain	Risks associated with not properly screening current and new suppliers for environmental and social aspects. This is because Aker BP risks having, or entering, business relationships with business partners where social and/or environmental misconducts takes place. This may represent a financial risk if it loses critical suppliers or needs to replace them over a short time horizon. Reputational risk is due to negative publicity because of lack of proper screening and thus doing business with companies where environmental and social misconduct occur.
Risk of financial penalties, damaged relationships and reputation due to corruption and bribery in own operations and/or supply chain	Own operations, value chain	There are legal and reputational risks if corruption and bribery is discovered, as it can lead to both fines from government, damaged business relationships in addition to a negative reputation. This risk is larger with business partners and suppliers in the value chain. In addition, corruption and bribery are associated with an increased cost of doing business as it may be costly to avoid some suppliers etc. in certain locations.
Risk of business disruption and reduced performance due to cyber attacks on critical IT structures caused by increased geopolitical instability	Own operations, value chain	Increased geopolitical instability and increased threats of cyber attacks is a risk for Aker BP, especially given their role in providing energy security for Europe. The risk associated with a cyber attack extends to the value chain, potentially leading to disruptions such as delayed deliveries.
Material opportunities
Opportunity for influence and efficient preparation for regulatory developments through political engagement	Own operations	A financial opportunity by staying up to date on the latest regulatory developments and trying to have an effect on political and regulatory developments in Aker BP's favor. This is because Aker BP, by doing so, will be prepared for changes in its operating environment and influence its operating environment and the framework conditions it faces.
Opportunity for more resilient supply of products through long term relationships with suppliers	Own operations	Ensuring a good relationship with suppliers may secure a more stable supply of products Aker BP needs and will decrease costs of having to screen new ones.

1) (+) symbolises a positive impact whereas (-) symbolises a negative impact.

Figure 50: Training requirements framework The underpinning anti-corruption policy establishes a framework for preventing all forms of corruption and guidance for our employees and business partners on how to apply these principles in their work. As stated in our anti-corruption policy, Aker BP prohibits all forms of corruption, including bribery. All allegations or incidents of corruption and bribery shall be handled in line with this policy, applicable laws and regulations. Parties within Aker BP's compliance department oversees the risk of corruption and bribery and reports on a quarterly basis to the executive management team and the audit and risk committee.

The code of conduct and anti-corruption policy, which are owned by the CEO, applies to all employees and those acting for or on behalf of Aker BP. Employees are required to report immediately any suspected violation of Aker BP's code of conduct, anti-corruption policy or applicable rules. Aker BP regularly communicates the content of its policies through internal channels and external websites, as well as meeting with suppliers and business partners. Our contractual provisions set expectations for our business partners to align their business conduct with Aker BP's standards.

10.1.2 Actions

Everyone working for or on behalf of Aker BP shall follow the policies and procedures outlined above to prevent unethical and non-transparent behaviour.

Each year, Aker BP conducts a compliance risk assessment. The compliance department is responsible for conducting the assessment and gathering input from company functions such as legal, finance, supply chain and projects. The compliance risk assessment aims to identify areas with the highest risk of non-compliance, including corruption and bribery. The result of the assessment is used to improve our compliance programme by enabling us to implement more targeted actions to mitigate the identified risks.

Based on the compliance risk assessment, we have developed a compliance training plan tailored for all levels within the organisation. The objective of this plan is to ensure that all employees understand the potential impact of unethical and non-transparent behaviour on markets, society and governmental bodies. Since certain positions are at higher risk, this customised plan ensures that all employees, including those in functionsat-risk, receive training to help them managing the risks they encounter.

The compliance training plan requires all new employees and non-employees to complete mandatory ethics and compliance onboarding training. Additionally, our own workforce, including the executive management team, and the board of directors must take an annual code of conduct refresher course. These courses aim to provide basic knowledge and guidance within topics such as business ethics and corporate culture, corruption and speaking up.

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Other courses are specifically designed for functions at risk. For instance, all international site managers and employees are required to complete a compliance course focusing on risks associated with international projects. An additional example is a dilemma training programme on compliance topics for managers, focusing on issues such as anti-corruption, bribery and speaking up. This training, initiated in 2024, offers managers examples of potential ethical dilemmas encountered in their work, and aims to increase awareness of compliance topics and grey areas.

The compliance training plan will be updated annually based on a revised compliance risk assessment.

In 2024, Aker BP conducted several awareness campaigns related to the topics of conflict of interest, gifts and hospitality and speaking up. To address legal and reputational risks related to bribery and corruption, Aker BP's compliance department plans to conduct several compliance verification activities in 2025.

10.1.3 Targets and metrics

We have not set any time bound outcome-oriented targets for business ethics and corporate culture, including corruption and bribery. However, we have two ambitions: Firstly, we aim to maintain zero incidents of corruption, in compliance with Norwegian anti-corruption legislation. In 2024, there were no reported incidents of corruption, and no convictions or

fines for violation of anti-corruption and antibribery laws. Secondly, we aim for all employees to complete the annual code of conduct refresher course. In 2024, 93 percent1) of Aker BP's own workforce and 100 percent of the board members, completed the course.

None of these numbers have been validated by an external body other than the assurance provider.

10.2 PROTECTION OF WHISTLEBLOWERS

At Aker BP, we strive to establish a culture that encourages reporting of potential misconducts, where people know how to raise concerns and where leaders know how to respond. If we fail to create this culture and protect whistleblowers, it may lead to adverse impacts on our own workforce, workers in the value chain and affected communities by preventing potential misconducts from being detected and addressed. Additionally, if we fail to protect whistleblowers, we may also risk sanctions, damaged relationships with authorities and reputation damage.

10.2.1 Policies and procedures

Our internal speaking up policy describes the main principles of speaking up and provides guidance on how concerns can be raised. Aker BP encourages its own workforce, workers in the value chain and affected communities to speak up about breaches or suspected breaches of law, Aker BP's

code of conduct, internal regulations or ethical norms that are broadly endorsed by society. The policy, which is applicable to our own workforce, builds on a strict non-retaliation principle, ensuring that no retaliatory actions are taken against whistleblowers. The CEO is the owner of the policy and is responsible for implementing the principles therein.

The speaking up policy describes the multiple ways to report a concern at Aker BP. Our own workforce can report to their line manager, a representative of senior management, their trade union representative, safety delegates, offshore installation managers, the compliance or legal departments, other functional units, or report anonymously via the company's integrity channel. The integrity channel can also be used by value chain workers and affected communities and is accessible via our website. The integrity channel is managed by an independent third-party (KPMG), ensuring confidentiality and proper handling of reports in accordance with the applicable standards and the internal procedure for handling integrity reports, which address topics such as confidentiality and data privacy considerations.

Aker BP's compliance department reviews all integrity reports, ensuring that they are managed in accordance with our policies and internal procedures. They also implement appropriate measures to protect the whistleblower from any adverse impacts. The investigation team operate separately from the management involved in

the matter. The compliance department reports regularly on the received whistleblowing reports and the actions taken to address concerns to the executive management team and the audit and risk committee.

10.2.2 Actions

In 2024, we implemented measures to encourage raising concerns and ensure proper handling of whistleblowers according to our policies and procedures. This included:

10.2.2.1 Internal awareness campaigns

In 2024, we addressed the topic of speaking up and protecting whistleblowers through several awareness initiatives in Aker BP to ensure that our own workforce feels safe to report censurable conditions.

As part of the 2024 awareness campaign on whistleblowing, several meetings with unions and safety delegates were held with the aim of aligning on the requirements related to handling of whistleblowing reports and the role they play in the whistleblowing process.

A separate awareness initiative was held for the offshore organisation to address whistleblowing routines and what is included in the notion of censurable conditions under the Norwegian Working Environment Act.

10.2.2.2 Training

We provide regular training related to handling of integrity reports for managers as potential receivers of integrity reports as part of our training programme for new leaders. The training on speaking up provides managers with knowledge of the main principles of the speaking up policy, how integrity reports shall be handled, and how to help maintain an open culture for speaking up. In 2024, similar training was provided to all functional and line managers as potential receivers of whistleblowing reports. Additionally, our annual code of conduct training, which is mandatory for Aker BP's own workforce, includes a module on speaking up which provides details of the internal mechanisms to raise concerns.

10.2.2.3 Improvement of internal processes related to whistleblowing

We regularly conduct evaluations of the effectiveness of our integrity channel and endeavour to include lessons learned in our further work.

In 2025, we plan to continue the awareness training on the topic of whistleblowing, further strengthen the collaboration with other support functions and support the organisation and leaders in handling whistleblowing reports.

10.2.3 Targets and metrics

We have not set any timebound outcome-oriented targets for speaking up and protection of whistleblowers. However, the compliance department carefully evaluates the integrity reports that we receive. 21 whistleblowing cases were received via the integrity channel and via reports directly to the compliance department in 2024. figure 51 outlines the subjects of these reports.

10.3 MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS INCLUDING PAYMENT PRACTICES

Our business has a significant impact on society and the environment through our supply chain and value chain. We had approximately 1,600 tier 1 suppliers in 2024 and work closely with our key suppliers to mitigate any potential adverse impacts on people, communities and environment. We use leverage and dialogue to improve suppliers' social and environmental performance and believe that fostering long-term relationships and close collaboration with suppliers allow us to create a more resilient supply of products, ensuring stability and reliability in our operations. Moreover, these partnerships enable us to engage in meaningful dialogue, creating a safe atmosphere for sharing risks and potential problems as early as possible. By doing so, we can to a higher degree prevent negative outcomes such as the risk of loss of business partnerships and missed opportunities for favourable relationships due to poor business conduct in the value chain. It can also help us avoid the risk of financial impact and reputational damage due to insufficient ESG screening of suppliers.

10.3.1 Policies and procedures

We expect our suppliers to comply with applicable laws and regulations, as well as Aker BP's business terms and key principles outlined on our website, and our supply chain management policy and its principles.

The general objectives of our supply chain management policy are to ensure that Aker BP's supply chain is efficient, ethical and capable of supporting the company's business goals through strategic partnerships, effective risk management

Figure 51: Integrity reports

and continuous improvement. It is designed to secure access to competence, services and products with the quality, innovation and competitive terms necessary to enable Aker BP to deliver its business and transformation objectives. It emphasises the importance of understanding Aker BP's present and future demand and having comprehensive knowledge of the supplier markets.

The supply chain management policy covers various activities across the supply chain, including strategic sourcing, procurement and supplier management. It is applicable to all geographical areas where Aker BP operates, ensuring that the supply chain processes are tailored to provide a fit-for-purpose end-to-end supply chain. The policy affects various stakeholder groups, including suppliers, alliance partners, strategic partners and internal stakeholders such as the supply chain management team and business units. It emphasises the importance of developing strong relationships with key suppliers to create value through market knowledge and supplier engagement.

The supply chain management policy is available for Aker BP's own workforce through the business management system, approved and owned by the VP supply chain management and logistics and is reviewed once a year. We monitor adherence to the principles of the policy through supplier engagement and audits, which are more thoroughly described later in this chapter.

We work closely with our suppliers through formalised processes. These processes are part of Aker BP's business management system and are therefore mandatory for all workers as stated in our governance processes. We believe that supplier engagement and close collaboration through formalised processes allows us to leverage our influence and engage in dialogue to improve our suppliers' social and environmental performance.

10.3.1.1 Payment practices

We recognise the potential impact our actions may have on our suppliers and strive to always conduct ourselves in a fair manner. We have standard payment terms of 30 days for all suppliers. Our payment practice is consistent across all our suppliers, regardless of size, scope of deliveries or geographical location. The only exceptions to this rule are vendors where we have limited impact, such as governmental bodies or monopolists within infrastructure for oil and gas transportation. Including the mentioned exceptions, the average time from the receipt of correct invoice to payment was 29.9 days in 2024. The company does not have a separate policy to prevent late payments, as it complies in all material respects with the standard payment terms for all vendors. There are no legal proceedings currently outstanding in relation to late payments.

10.3.2 Actions

Aker BP has started to update its supply chain management practices to align with new

regulatory requirements. These efforts aim to enhance sustainability and mitigate potential risks within the supply chain. In response to the new ESRS requirements, we have reviewed our supply chain management policy and implemented necessary actions to adjust where improvements were identified. For instance, in 2024, we launched a new training programme aimed at enhancing internal awareness and understanding of how ESG factors should be integrated into our evaluation of new suppliers. This initiative aims to mitigate the risk of financial impact and reputational damage resulting from inadequate ESG screening of suppliers.

At Aker BP, we form alliances and strategic partnerships with key suppliers to drive longterm collaboration and mutual growth. These partnerships enable us to leverage strengths and foster innovation across the supply chain. They are integral to our operations and encompass most of our procurement activities, ensuring effective risk management and the capitalisation of opportunities. This collaboration allows us to continuously improve our supply and value chains. Our supplier relationship management framework shall in this way foster strong, collaborative and resilient partnerships addressing industry challenges such as volatility, competition and sustainability. These partnerships shall have defined governance models compliant with our standards, including performance, risk and opportunity management, and high levels of integrity and anti-corruption, health, safety, security, environment and quality

standards. These partnerships shall enable continuous improvement of our actions within the supply chain in close collaboration with our main suppliers, both for risks and opportunities. Long-term relationships allow us to create a more resilient supply of products, ensuring stability and reliability in our operations.

In addition to procurement through alliances and strategic partnerships, Aker BP employs a traditional supply chain management approach to ensure comprehensive and effective supplier relationships. This process begins with category management, where procurement activities are segmented into categories to optimise strategies and reduce costs. Following this, the sourcing phase identifies and evaluates potential suppliers based on various criteria, including cost, quality and sustainability. The integrity due diligence process (IDD) is a crucial part of sourcing, involving a thorough assessment of potential suppliers to identify and mitigate integrity risks by evaluating their financial stability, operational capabilities and adherence to legal and ethical standards. During the award of contract phase, terms and conditions are negotiated, and the contract is awarded to the chosen supplier, ensuring all necessary approvals and documentation are in place. All suppliers sign the supplier declaration to ensure compliance with ethical standards and regulatory requirements.

Contract management oversees the contract's lifecycle, ensuring compliance and managing

any changes or disputes. Each phase is crucial for ensuring efficient and effective supply chain operations, optimising costs and building strong supplier relationships at Aker BP.

10.3.3 Targets and metrics

We have not set any time bound outcome-oriented targets for management of relationship with suppliers. However, we have an ambition of at least an 80 percent response rate from our requested environmental performance data requested from our most relevant suppliers with regards to environmental impact. In 2024, we received 26 responses, which corresponds to 88 percent. Further, through our supplier relationship management (SRM) which extends beyond the traditional supply chain, we have ambitions of fostering strong, collaborative and resilient partnerships with our suppliers. In 2024, we had around 40 SRM meetings with 43 of our key suppliers.

10.3.3.1 Assurance activities and findings

Supplier audits are part of Aker BP's assurance, and help us comply with regulations, standards and contractual requirements. They allow us to check the quality, sustainability and performance of our suppliers and sub-contractors. They also create opportunities for improvement and cooperation with our suppliers.

Aker BP follows the Three Lines Model for assurance. For 2024, the company performed approximately 190 verifications and audits. Most of the second line activities in the table were performed in Aker BP development projects. The third line activities were coordinated by the supply chain department in collaboration with all the business units.

Second line verifications covered a wide range of topics, based on the needs and risks in the projects.

Third line activities are typically audits coordinated and led by the supply chain organisation, with subject matter experts on the audit team.

These HSSEQ audits were selected based on evaluations of risk and criticality. They were proposed and selected in cooperation with identified needs and input from the organisation.

Overall, the findings were regarded as having only small to moderate risk and criticality. The most recurring findings were non-conformities and improvement areas in the following broad categories:

• 1. Management of non-conformities and changes
• 1. Management of risk
• 1. Management of competence (including lessons learned)
• 1. Management of HSSE activities
• 1. Management system deficiencies
• 1. Management of roles and responsibilities

Following each audit, the supplier is required to assess and outline their plan for addressing the audit findings. Should the audit team determine that the findings have not been satisfactorily addressed, the responsibility for further follow-up will be escalated. None of our metrics have been validated by an external body other than the assurance provider.

10.4 POLITICAL ENGAGEMENT

Due to the nature of the oil and gas industry, Aker BP is significantly impacted by policies and regulatory frameworks related to energy production. This presents an opportunity for Aker BP to ensure Aker BP's perspectives are taken into account in the process of policy development. Staying up-to-date on the latest regulatory developments and actively participating in discussions, can be beneficial to Aker BP.

10.4.1 Policies and procedures

Public engagement, including political engagement, is governed by our code of conduct and anti-corruption policy. While the policies prohibit Aker BP from providing financial contributions to political parties, they do allow the company to support political views that align with its interests. For more information about our code of conduct and anti-corruption policy, see section 10.1.1.

Table 38: Assurance activities

Activity classification	Activity type	Number
Second line	Verifications, and similar	160
Third line	Supplier audits	31

Table 39: HSSEQ audits conducted in 2024 1)

Number of HSSEQ audits 31

Total number of non-conformities identified 41

Total number of improvement areas identified 105

10.4.2 Actions

We advocate for our views on critical issues through direct interaction with public authorities and participation in various industry associations. Aker BP engages directly with public authorities such as the Ministry of Energy, the Norwegian Offshore Directorate, the Norwegian Ocean Industry Authority and the Norwegian Environment Agency. These engagements include separate annual contact meetings with senior officials from each agency, where we discuss main topics related to oil and gas policy and future development of the Norwegian continental shelf. Aker BP emphasises several key positions on these topics, including the importance of continued exploration, innovation and new technology, leveraging digital solutions, the need for predictable framework conditions, and the importance of exporting oil and gas to Europe. By engaging politically, Aker BP takes advantage of opportunities to influence policy development and efficiently prepare for regulatory changes. One designated person in the communications department is responsible for managing these engagements. Any presentation materials reviewed during these contact meetings are submitted to the respective government agencies and made publicly accessible in case registers.

Offshore Norge is Aker BP's primary network for reviewing and addressing relevant public issues related to regulatory frameworks, conditions or other significant matters. Aker BP is represented on the Offshore Norge board and participates in various committees within the organisation. Our active participation in Offshore Norge supports our efforts to influence policy development and efficiently prepare for regulatory changes. Offshore Norge's views on relevant policy issues are available at www.offshorenorge.no.

Data on public affairs and lobbying is gathered from Aker BP's communication department. This unit covers all consolidated activities. Approximately one full-time equivalent was dedicated to public affairs and public policy development in 2024. In the past two years, no members of the executive management team or the board of directors have held a comparable position in public administration.

10.4.3 Targets and metrics

We do not currently have specific metrics or targets related to political influence and lobbying activities. In accordance with our policies, we provided zero financial and in-kind contributions to political parties in 2024.

10.5 CYBER SECURITY

Given Aker BP's role as an energy supplier, there is a potential risk of business disruption and reduced performance due to cyber attacks on critical IT infrastructure. Unexpected imbalances in the energy supply may impact political and financial stability on a global scale, and the evolving situation further emphasises this topic. There may be those who will deliberately seek to cause such imbalances to reap financial, political or other benefits. Our security efforts are dedicated to mitigating this risk, thereby ensuring the provision of secure and reliable energy to Europe.

10.5.1 Policies and procedures

Preventing bad actors from succeeding is the overall objective of our security efforts. Our security policy and security management principles, coupled with the rest of our governance, set out how we integrate with the business to deliver on this objective. This involves a commitment to

include requirements in contracts and agreements to mitigate cyber risks from third parties, ensuring they do not pose an unacceptable risk to Aker BP. Additionally, it entails implementing cyber security controls for digital systems to manage cyber risk effectively and adhere to architectural principles.

The security policy is owned by the SVP people and safety. Security encompasses the entire Aker BP organisation and our relationships with alliance partners, licence partners, owners, suppliers and other stakeholders. Our practices and methods are all derived from and inspired by international standards, such as ISO 27000-series, NIST CSF and best practices shared from organisations like The International Association of Oil & Gas Producers (IOGP).

10.5.2 Actions

In 2024, we strengthened Aker BP's security preparedness to reduce the risk and impact of a potential cyber attack. Internal learning has been a key area, with activities including:

• – A mandatory cyber security course available to all employees. The course provides knowledge about digital threats and how to act if experiencing uncertainty or a cyber attack
• – Leaders in Aker BP have attended a competency programme that includes mandatory lectures on raising awareness about cyber risk within their departments and projects
• – The organisation has received fake phishing emails to raise awareness about identifying and handling such threats. These tests also help us understand how many people fail to recognise phishing attempts, enabling us to implement targeted measures

Furthermore, we have implemented measures to mitigate the physical vulnerabilities associated with potential cyber attacks:

• – Aker BP's IT vulnerability management has improved by utilising data-driven metrics as a support mechanism for risk-based decision making
• – Aker BP's offshore network connectivity is modernised
• – Aker BP has operationalised governance that makes cyber security one of the barriers mitigating against major accidents in the offshore environment

In 2024, we conducted cyber security audits on four companies that are critical to Aker BP. These companies generally had well-established systems and routines for cyber security. However, we identified vulnerabilities related to the remote operations of operational technology (OT) systems, the use (or lack thereof) of service laptops and the interfaces with Aker BP's systems. For 2025, we plan to increase the number of cyber audits.

We have observed an increase in the percentage of individuals failing to recognise phishing attempts in 2024. We plan to conduct further analysis and evaluate appropriate mitigation actions in 2025.

10.5.3 Metrics and targets

In 2024, Aker BP experienced no critical incidents due to cyber attacks. The ambition is to maintain this record in the future. We have not set any time bound and outcome-oriented targets related to cyber security. However, one of our alliance partners was the victim of a cyber attack. Measures were implemented to ensure that Aker BP was not directly affected by this attack.

ESRS reference index

	Disclosure requirement	Relevant section
ESRS 2 General Disclosures
	BP-1	section 1.1
	BP-2	section 1.1
	GOV-1	section 1.3 section 1.4
	GOV-2	section 1.2.1 section 1.3.5 section 1.4 section 1.5.4
	GOV-3	section 1.2.1.2
	GOV-4	section 1.6
	GOV-5	section 1.3.6
	SBM-1	section 1.2.1 figure 3
	SBM-2	section 1.5.1
	SMB-3	section 1.5.4 section 2.6 section 5
	IRO-1	section 1.5 section 2.6 section 5.4
	IRO-2	section 1.5.4.3 ESRS reference index, page 135
E1 Climate change
	E1-1	section 2.2
	E1-2	section 2.1
	E1-3	section 2.3
	E1-4	section 2.4

Disclosure requirement	Relevant section
E1-5	section 2.5.5
E1-6	section 2.5.5
E1-7	section 2.5.7
E1-8	section 2.5.6
E1-9	NA
E2 Pollution
E2-1	section 3.1
E2-2	section 3.2
E2-3	section 3.3
E2-4	section 3.4.1
	section 3.4.2 section 3.4.3
E2-5	section 3.4.4
E2-6	NA
E3 Water and marine resources
E3-1	section 4
E3-2	section 4
E3-3	section 4
E3-4	section 4
E3-5	section 4
E4 Biodiversity and ecosystems
E4-1	section 5
E4-2	section 5.1

E4-3 section 5.2

Disclosure requirement	Relevant section
E4-4	section 5.3
E4-5	section 5.4
E4-6	NA
E5 Resource use and circular economy
E5-1	section 6.1
E5-2	section 6.2
E5-3	section 6.3

E5-4 section 6.4.1 E5-5 section 6.4.2

E5-6 NA

S1 Own workforce
S1-1	Commitment to respecting human rights of individuals, page 105 section 7.1.1 section 7.2.1 section 7.3.1
S1-2	section 7.1.1.1
S1-3	section 7.1.1.1 Commitment to respecting human rights of individuals, page 105
S1-4	section 7.1.2 section 7.2.2 section 7.3.2
S1-5	section 7.1.3 section 7.2.3 section 7.3.3

Disclosure requirement	Relevant section
S1-6	figure 36
S1-7	figure 36
S1-8	section 7.1.1.1 figure 39
S1-9	section 7.2
S1-10	section 7.1.1.1
S1-11	section 7.1.1.2
S1-12	Not material
S1-13	section 7.2 figure 43
S1-14	section 7.3
S1-15	section 7.1.1.2 section 7.1.1.3 section 7.1.3
S1-16	section 7.2.3
S1-17	section 7.2.3

Disclosure requirement	Relevant section
S3-4	section 9.2
S3-5	section 9.3
S4 Consumers and end-users	Not material
G1 Business conduct
G1-1	section 10.1 section 10.2
G1-2	section 10.3
G1-3	section 10.1 section 10.2
G1-4	section 10.1.3
G1-5	section 10.4
G1-6	section 10.3.1.1

S2 Workers in the value chain

S2-1	Commitment to respecting human rights of individuals, page 105 section 8.1
S2-2	section 8.1.1
S2-3	section 8.1.1
S2-4	section 8.2
S2-5	section 8.3

S3 Affected communities

S3-1	Commitment to respecting
	human rights of individuals,
	page 105
	section 9.1
S3-2	section 9.1.1
S3-3	section 9.1.1.2

SIGNATURES – BOARD OF DIRECTORS

The board of directors and the CEO of Aker BP ASA Fornebu, 1 April 2025

ØYVIND ERIKSEN Chairman of the board

ANNE MARIE CANNON

Deputy chair

KJELL INGE RØKKE Board member

TROND BRANDSRUD Board member

KATE THOMSON Board member

CHARLES ASHLEY HEPPENSTALL

Board member

DORIS REITER Board member

ANI ISABEL CHIANG

Board member

INGARD HAUGEBERG

Board member

MARIT HARGEMARK Board member

TORE VIK Board member

THOMAS HUSVÆG

Board member

VALBORG LUNDEGAARD Board member

KARL JOHNNY HERSVIK

Chief executive officer

To the General Meeting of Aker BP ASA

Independent Sustainability Auditor's Limited Assurance Report

Limited Assurance Conclusion

We have conducted a limited assurance engagement on the consolidated sustainability statement of Aker BP ASA (the «Company») included in the Sustainability Statement of the Board of Directors' report (the «Sustainability Statement»), as at 31 December 2024 and for the year then ended.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Norwegian Accounting Act section 2-3, including:

• compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the Company to identify the information reported in the Sustainability Statement (the «Process») is in accordance with the description set out in section 1.5 Double materiality assessment; and
• compliance of the disclosures in section 2.7 EU Taxonomy reporting of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»).

Basis for Conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information («ISAE 3000 (Revised)»), issued by the International Auditing and Assurance Standards Board.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor's Responsibilities section of our report.

Our Independence and Quality Management

We have complied with the independence and other ethical requirements as required by relevant laws and regulations in Norway and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Other Matter

The comparative information included in the Sustainability Statement was not subject to an assurance engagement. Our conclusion is not modified in respect of this matter.

Responsibilities for the Sustainability Statement

The Board of Directors and the Managing Director (Management) are responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process in section 1.5 Double materiality assessment of the Sustainability Statement. This responsibility includes:

PricewaterhouseCoopers AS, Kanalsletta 8, Postboks 8017, NO-4068 Stavanger T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

• understanding the context in which the Group's activities and business relationships take place and developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.

Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian Accounting Act section 2-3, including:

• compliance with the ESRS;
• preparing the disclosures in section 2.7 EU Taxonomy reporting of the Sustainability Statement, in compliance with the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, Management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.

Sustainability Auditor's Responsibilities

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
• Designing and performing procedures to evaluate whether the Process is consistent with the Company's description of its Process set out in section 1.5 Double materiality assessment.

4 / 4

Independent auditor's statement

Transparency Act statement

Organisation and general information
Our commitment to human rights and decent working conditions
Governance of human rights and decent working conditions
Our approach to management of risks related to human rights and decent working conditions

2024 performance

Pursuant to Section 5 (§ 5) of the Norwegian Transparency Act (2021), we hereby present Aker BP's report, which has been developed to comply with the legal requirements as stated in the Act. The reporting requirements apply to Aker BP as an enterprise domiciled in Norway which fulfils the requirements for 'larger enterprises' as set out in Section 3 of the Transparency Act, which means that it is directly subject to the obligations of the Transparency Act. The information in this report is valid for Aker BP ASA. This report was approved by Aker BP's management and the board of directors (BoD) on 1 April 2025 and covers the financial year ending 31 December 2024.

ORGANISATION AND GENERAL INFORMATION

Overview

Aker BP ASA is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf (NCS). The company's headquarters is at Fornebu, outside Oslo, Norway. We also have offices in Harstad, Trondheim, Sandnessjøen and Stavanger.

Aker BP is listed on the Oslo stock exchange (AKRBP), and major shareholders are Aker ASA (21 percent), BP PLC (16 percent) and Nemesia S.A.R.L (14 percent).

With a total production of 439 mboepd in 2024, Aker BP is one of the largest independent listed oil and gas companies in Europe. The company operates the field centres Alvheim, Grieg Aasen,

Skarv, Ula and Valhall, and is a partner in the Johan Sverdrup field. The extensive project portfolio, initiated in 2022, is progressing as planned. Please see www.akerbp.com for more information about our assets and development projects.

Sustainability

Aker BP's vision is to be the exploration and production (E&P) company of the future. This vision is founded on our strategic belief that the world needs affordable, sustainable and reliable energy, and that oil and gas will remain a crucial part of the energy mix for decades to come. Aker BP intends to contribute to the energy transition and energy security through our role as a responsible provider of low-cost oil and gas, produced with low GHG intensity (scope 1 and 2).

Our People

Aker BP's own workforce consists of 2,962 (2,727 in 2023) employees and 1,105 (946 in 2023) non-employees1). Full-time employment is offered to all permanent employees. Temporary contracts are either summer students or temporary substitutes for permanent employees. Our part-time employees are employees who have applied for and been granted reduced working hours. We do not hire employees on zero-hour contracts. More information on our workforce can be found in the sustainability statement of our annual report.

Our supply chain

Aker BP has more than 1,600 suppliers in our global supply chain, and we source services and equipment from all over the world. These suppliers are crucial to our success, and we

work closely with them to mitigate any potential negative impacts on people, communities and the environment. We further believe that close collaboration and thorough supplier risk evaluations are essential to obtain a stable supply of high-quality products and services.

OUR COMMITMENT TO HUMAN RIGHTS AND DECENT WORKING CONDITIONS

Aker BP acknowledges all internationally recognised human and labour rights standards as set out in the International Bill of Human Rights and the International Labour Organization's Declaration on Fundamental Principles and Rights at Work. Our human rights work is guided by the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises. We align our work with the United Nations Sustainable Development Goals. Aker BP works to ensure that our business operations do not cause, contribute or are directly linked to, actual or potential adverse impacts on human rights and decent working conditions.

GOVERNANCE OF HUMAN RIGHTS AND DECENT WORKING CONDITIONS

Policies and governing documents

Our commitments to respect all internationally recognised human rights are embedded into internal polices and management systems.

Aker BP's human rights policy describes Aker BP's approach to managing human rights risks in our operations and compliments Aker BP's code of conduct.

It sets out our obligation to perform human rights impact assessments and due diligence to understand and mitigate potential and actual adverse impacts and ensure that Aker BP, through its operations, does not cause or contribute to adverse human rights impacts. The policy is approved by the BoD. The CEO is the owner of the policy and is ultimately responsible for implementation and monitoring.

The human rights policy is available on our external website and is communicated to our stakeholders and through contractual provisions.

Aker BP's human rights commitments are embedded in our internal policies, procedures and processes, such as:

• – Code of conduct
• – Human rights policy
• – Diversity and inclusion policy
• – Business partner integrity procedure
• – Supplier declaration
• – Speaking up policy
• – Procedure for handling integrity reports
• – Integrity procedure for M&A transactions
• – Procedure for handling information requests under the Transparency Act

Responsibilities

Aker BP's BoD is responsible for overseeing the management of the company. A key responsibility is adopting the corporate strategy and overseeing Aker BP's environmental, social and governance (ESG) performance. Additionally, the BoD ensures that the company has sound internal control and risk assessment in place.

The BoD has three subcommittees, all with functions related to sustainability matters. The audit and risk committee (ARC) assists management in evaluating the risk management and effectiveness of internal controls. The organisational development and compensation committee (ODCC) is responsible for ensuring that the remuneration arrangements support the company's strategy, including the integral aspect of sustainability matters. Additionally, the safety and environmental assurance committee (SEAC) works closely with management to identify and address issues related to safety, cyber security, and the environment; thus promoting that the company operates in a responsible and sustainable manner.

The CEO is responsible for managing ESG risks, including impacts on human rights and decent working conditions, supported by the executive management team (EMT), which is accountable for ensuring the effectiveness of the risk management processes and reviewing mitigation efforts for identified impacts. This includes assessing and managing risks of adverse impact on human rights and decent working conditions related to Aker BP's operations. The CEO reports to the BoD on a regular basis.

Aker BP's VP internal audit and compliance and VP strategy and sustainability are responsible for more detailed implementation processes related to human rights management, including training and establishment of risk-based assessment, monitoring and control procedures.

Aker BP's compliance department and sustainability department regularly report to the audit and risk committee on ESG risks, including impact on human rights and decent working conditions.

OUR APPROACH TO MANAGEMENT OF RISKS RELATED TO HUMAN RIGHTS AND DECENT WORKING CONDITIONS

Risk based approach

In line with the principles of the Transparency Act and the OECD Guidelines for Multinational Enterprises, as well as the United Nations Guiding Principle on Business and Human Rights, we apply a risk-based approach when evaluating potential adverse impact on human rights.

This involves looking at the location and context of operations, nature of activity, the number of people that are potentially affected and the severity and probability of impact. When assessing human rights risks in our supply chain, we apply country risk levels based on independent sources and relevant indises such as the CPI index, Transparency International and other.

Human rights risk assessment is part of the annual compliance risk assessment.

Risk assessment

In 2024, Aker BP has performed its annual compliance risk assessment where human rights risks were included. Together with supply chain, we have mapped out suppliers and production sites that we consider have higher exposure to human rights risks. The following potential risk areas were mapped as particularly relevant:

• – Dangerous working environment
• – Excessive working hours and overtime
• – Discrimination, harassment, bullying
• – Low wages and compensation
• – Involuntary/forced labour

In 2024, we enhanced our supplier risk and due diligence process. This involved reviewing and updating the screening risk model, streamlining requirements, and revising the due diligence process and risk classification. One reason for this enhancement was to reduce third-party risk exposure, and to create a more streamlined process aimed at minimizing manual tasks and improving throughput time.

Due diligence

Aker BP performs human rights due diligence to identify, prevent, mitigate and account for our human rights impacts and has processes in place to enable remediation for adverse human rights impacts we may cause or contribute to. The process is based on the OECD Due Diligence

Guidance for Responsible Business Conduct and is integrated in relevant business processes.

Stakeholder engagement and industry cooperation

Meaningful stakeholder engagement and dialogue is a key element in managing human rights risks. We collaborate regularly with relevant stakeholders and rightsholders to inform them on our ongoing work to ensure respect for human rights and include feedback into our work to reduce actual and potential human rights risks. Our stakeholders include employees, authorities, local communities, NGOs, business partners, suppliers, contractors, investors and other counterparties.

Aker BP participates in a cross-industry initiative by Offshore Qualific, a collaboration between companies and suppliers in the offshore and energy industry. Through this initiative, we gain access to shared supplier data and human rights audits results.

In 2024, Aker BP became a member of Ipieca, a global oil and gas association. Ipieca brings together members and stakeholders to lead in integrating sustainability by advancing climate action, environmental responsibility and social performance across oil, gas and renewables activities.

Engaging in Ipieca's working groups, including the human rights working group, enables Aker BP to collaborate with other industry leaders, sharing best practices and exploring innovative solutions.

Training and awareness

We provide regular training to our own workforce on human rights. In 2024, our annual code of conduct training which is mandatory for all employees and consultants included topics on human rights, such as speaking up. Additionally, in 2024, we provided targeted training on human rights to site managers.

We regularly communicate the content of our policies to our suppliers, business partners and external stakeholders through dialogue and meetings.

Requirements for our suppliers

We work in cooperation with our suppliers to make sure they operate in accordance with Aker BP's standards in HSSEQ, ethics and corporate social responsibility. These requirements are stated in our supplier declaration, which must be signed by the supplier prior to conducting business with Aker BP. Signing our supplier declaration demonstrates a commitment to conduct business in a manner consistent with our principles, and set similar standards for their own suppliers. During our supplier audits, we evaluate their capability to communicate the expectations outlined in our supplier declaration throughout their supply chain and ensure these standards are upheld.

As a preventive measure to reduce risk, Aker BP includes appropriate compliance clauses in the contracts based on the level of risk identified.

Grievance mechanisms and remediation

Where we have identified any negative actual or potential human rights impacts, we aim at having measures in place to reduce or mitigate adverse impacts. We encourage employees and external

parties to raise concerns and report suspected violations of applicable laws and regulations via our integrity channel. Reports can be sent anonymously through Aker BP's integrity channel, which is managed by an external third party. Aker BP has a strict non-retaliation policy.

2024 PERFORMANCE

Human rights audits of alliance partners

In 2023, Aker BP audited all alliance partners to ensure compliance with the Norwegian Transparency Act and Aker BP's standards for human rights and working conditions. In 2024, all findings were addressed and resolved in collaboration with our suppliers.

Human rights on-site audits

In 2024, we conducted seven human rights on-site audits.

Aker BP is currently undertaking a significant investment portfolio on the Norwegian continental shelf, engaging with a global network of suppliers. This elevated level of activity is mirrored in the human rights audit program carried out throughout 2024. During this year, seven on-site audits were conducted at 10 production sites across seven countries in Europe and Asia. These audits were selected based on an assessment of risk and criticality, and involved document reviews and interviews with management, value chain workers, and union representatives, encompassing 401workers.

All audits, with one exception, were conducted on tier one suppliers, as they are deemed as the main point of contact in order to assess impact to

Table 40: Overview of findings from on-site audits in 2024

Findings from on-site audits 2024	Total number of findings
Management systems	12
Freely chosen employment	15
Freedom of association	8
Health and safety (incl. accomodation)	21
Child labour/young workers	4
Remuneration	26
Working hours	8
Regular employment, responsible recruitment and subcontractor management	21
Disciplinary and grievance mechanisms	20
Discrimination	9
Total	144

the workers in that value chain. The objective of these audits was to assess compliance with Aker BP's guidelines, the ETI base code, and local laws and regulations, to identify material impacts on value chain workers. This includes verifying that suppliers have implemented systems and actions consistent with our supplier declaration and contractual obligations to mitigate any adverse impacts on workers further down the value chain. Additionally, the audits highlighted best practices and identified areas for improvement.

All the on-site audits had a dedicated focus towards the following topics:

• – Human rights (child, forced or compulsory labour)
• – Working conditions (freedom of association, wages and benefits, working hours, regular employment and responsible recruitment)
• – Health and safety
• – Violence and harassment

All audits have resulted in reports with findings and recommendations. Additionally, Aker BP and audited companies have created separate corrective action plans to address the findings.

Magnet JQS desktop assessments

In addition to the audits mentioned above, Aker BP conducted three human rights desktop assessments through the cross-operator platform Magnet JQS (managed by Offshore Qualific) where audit findings are shared among the major operators on the Norwegian continental shelf.

Audited suppliers are required to address findings, develop corrective action plans, record, and close findings in Magnet JQS.

Aker BP follow up findings from these desktop assessments with the suppliers through meetings as part of contract management.

Information requests according to the Transparency Act

In 2024, we have received five information requests according to the Norwegian Transparency Act. All requests were responded to within the deadline.

For further information contact us at: humanrights@akerbp.com

Forward-looking plans

Based on our risk assessment, Aker BP has defined the following key risk areas for human rights due diligence for 2025:

• – Marine construction and installation services
• – Construction of fixed oil and gas facilities
• – Drilling and well services

To assess these risks in more detail, we will conduct new audits, with an increased focus on suppliers located in Norway, as the activities related to our investment portfolio transfer to Norway as the international suppliers complete

their activities for us. Going forward, we intend to continuously monitor actual and potential risks related to our supply chain through verifications, audits and supplier dialogue.

In 2025, we plan to follow up on the findings from the audits conducted during 2024 and we continue to engage closely to ensure our commitment to human rights and sustainable practices remains steadfast and effective.

Specific instance process before the OECD contact point for responsible business conduct

On 31 May 2022, Aker BP received a complaint filed with the Norwegian OECD Contact Point for Responsible Business Conduct (the NCP) by eight civil society organisations, regarding the acquisition of Lundin Energy Norway AS from Lundin Energy AB (new name Orrön Energy AB). The complaints relate to well-known allegations that Lundin Energy AB has caused or contributed to adverse human rights impact relating to its operations in Sudan during the period 1999–2003, and claims that the transaction has left Orrön Energy AB incapable of providing remedy for their alleged contribution to human rights violations. In relation to the transaction, Aker BP was very conscious that Orrön Energy AB should have sufficient financial capabilities to undertake all potential obligations related to the Sudan activities.

NCP's final statement on the matter is expected to be submitted in first half of 2025.

SIGNATURES – BOARD OF DIRECTORS

The board of directors and the CEO of Aker BP ASA Fornebu, 1 April 2025

ØYVIND ERIKSEN Chairman of the board

ANNE MARIE CANNON

Deputy chair

KJELL INGE RØKKE Board member

TROND BRANDSRUD Board member

KATE THOMSON Board member

CHARLES ASHLEY HEPPENSTALL

Board member

DORIS REITER Board member

ANI ISABEL CHIANG

Board member

INGARD HAUGEBERG

Board member

MARIT HARGEMARK Board member

TORE VIK Board member

THOMAS HUSVÆG

Board member

VALBORG LUNDEGAARD

Board member

KARL JOHNNY HERSVIK Chief executive officer

Financial statements

Income statements
Statement of comprehensive income
Statement of financial position
Statement of changes in equity - group
Statement of changes in equity - parent
Statement of cash flows
Notes to the accounts
Note 1		Note 12		Note 23
Note 2		Note 13		Note 24
Note 3		Note 14		Note 25
Note 4		Note 15		Note 26
Note 5		Note 16		Note 27
Note 6		Note 17		Note 28
Note 7		Note 18		Note 29
Note 8		Note 19		Note 30
Note 9		Note 20		Note 31
Note 10		Note 21
Note 11		Note 22

Statement by the board of directors and chief executive officer
Alternative performance measures
Independent auditor's statement

Income statements

		Group		Parent
(USD million)	Note	2024	2023	2024	2023
Petroleum revenues	5	12,242.7	13,580.0	12,242.7	13,580.0
Other income	5	136.7	89.9	136.7	89.9
Total income		12,379.4	13,669.9	12,379.4	13,669.9
Production expenses	6	916.4	1,060.1	916.4	1,060.1
Exploration expenses	7	326.5	266.3	326.0	264.3
Depreciation	13	2,397.8	2,406.8	2,397.8	2,406.8
Impairments	13,14	421.6	889.5	421.6	889.5
Other operating expenses	8,9	53.5	57.8	53.5	58.0
Total operating expenses		4,115.8	4,680.5	4,115.3	4,678.7
Operating profit/loss		8,263.6	8,989.4	8,264.1	8,991.2
Interest income		162.9	133.4	162.9	133.4
Other financial income		391.7	321.2	392.4	322.0
Interest expenses		95.5	161.8	95.5	161.8
Other financial expenses		674.0	518.2	684.3	518.2
Net financial items	10	-214.9	-225.4	-224.5	-224.7
Profit/loss before taxes		8,048.7	8,764.0	8,039.6	8,766.5
Tax expense (+)/income (-)	11	6,221.0	7,428.3	6,221.0	7,428.3
Net profit/loss		1,827.7	1,335.7	1,818.6	1,338.2
Weighted average no. of shares outstanding basic and diluted	12	631,224,495	631,311,010	631,224,495	631,311,010
Basic and diluted earnings/loss USD per share	12	2.90	2.12	2.88	2.12

Statement of comprehensive income

		Group		Parent
(USD million)	Note	2024	2023	2024	2023
Profit/loss for the period		1,827.7	1,335.7	1,818.6	1,338.2
Items which will not be reclassified over profit and loss (net of taxes)
Actuarial gain/loss pension plan		0.1	0.1	0.1	0.1
Total comprehensive income/loss in period		1,827.8	1,335.8	1,818.7	1,338.3

Statement of financial position

		Group		Parent
(USD million)	Note	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Assets
Intangible assets
Goodwill	13	12,756.6	13,142.8	12,756.6	13,142.8
Capitalised exploration expenditures	13	420.4	325.4	420.4	325.4
Other intangible assets	13	1,937.6	2,123.4	1,937.6	2,123.4
Tangible fixed assets
Property, plant and equipment	13	20,238.4	17,449.8	20,238.4	17,449.8
Right-of-use assets	13	578.8	655.3	578.8	655.3
Financial assets
Long-term receivables		69.0	69.1	69.0	77.5
Other non-current assets	18	22.6	102.9	22.6	102.9
Long-term derivatives	23	5.0	38.1	5.0	38.1
Total non-current assets		36,028.4	33,906.8	36,028.4	33,915.2
Inventories
Inventories	17	305.9	202.3	305.9	202.3
Financial assets
Trade receivables	15	914.9	875.7	914.9	875.8
Other short-term receivables	16	796.4	525.3	796.4	525.2
Short-term derivatives	23	0.3	148.1	0.3	148.1
Cash and cash equivalents
Cash and cash equivalents	19	4,146.9	3,388.4	4,146.9	3,388.4
Total current assets		6,164.5	5,139.7	6,164.4	5,139.8
Total assets		42,192.9	39,046.5	42,192.8	39,055.0

Statement of financial position

		Group		Parent
(USD million)	Note	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Equity and liabilities
Equity
Share capital	20	84.3	84.3	84.3	84.3
Share premium		12,946.6	12,946.6	12,946.6	12,946.6
Other equity		-339.9	-668.8	-339.8	-659.7
Total equity		12,691.1	12,362.2	12,691.2	12,371.3
Non-current liabilities
Deferred taxes	11	12,990.0	10,592.3	12,990.0	10,592.3
Long-term abandonment provision	22	4,147.7	4,304.1	4,147.7	4,304.1
Long-term bonds	21	7,336.8	5,798.2	7,336.8	5,798.2
Long-term derivatives	23	55.3	0.5	55.3	0.5
Long-term lease debt	25	458.0	555.5	458.0	555.5
Other non-current liabilities		-	1.0	-	1.0
Total non-current liabilities		24,987.8	21,251.5	24,987.8	21,251.5
Current liabilities
Trade creditors		329.1	291.0	329.1	291.1
Short-term bonds	21	63.5	-	63.5	-
Accrued public charges and indirect taxes		40.8	38.8	40.8	38.8
Tax payable	11	2,433.6	3,599.9	2,433.6	3,599.9
Short-term derivatives	23	151.7	32.8	151.7	32.8
Short-term abandonment provision	22	131.7	250.6	131.7	250.6
Short-term lease debt	25	217.7	148.7	217.7	148.7
Other current liabilities	24	1,145.8	1,071.0	1,145.7	1,070.2
Total current liabilities		4,514.0	5,432.9	4,513.9	5,432.2
Total liabilities		29,501.7	26,684.3	29,501.7	26,683.7
Total equity and liabilities		42,192.9	39,046.5	42,192.8	39,055.0

SIGNATURES – BOARD OF DIRECTORS

The board of directors and the CEO of Aker BP ASA Fornebu, 1 April 2025

ØYVIND ERIKSEN Chairman of the board

ANNE MARIE CANNON

Deputy chair

KJELL INGE RØKKE Board member

TROND BRANDSRUD Board member

KATE THOMSON Board member

CHARLES ASHLEY HEPPENSTALL

Board member

DORIS REITER Board member

ANI ISABEL CHIANG

Board member

INGARD HAUGEBERG

Board member

MARIT HARGEMARK Board member

TORE VIK Board member

THOMAS HUSVÆG Board member

VALBORG LUNDEGAARD Board member

KARL JOHNNY HERSVIK Chief executive officer

Statement of changes in equity - group

			Other equity
	Share capital	Share premium		Other comprehensive income
(USD million)			Other paid-in capital	Actuarial gains/(losses)	Foreign currency translation reserves	Accumulated deficit	Total other equity	Total equity
Equity as of 31.12.2022	84.3	12,946.6	573.1	-0.1	179.8	-1,356.3	-603.5	12,427.5
Dividends distributed	-	-	-	-	-	-1,390.4	-1,390.4	-1,390.4
Profit/loss for the period	-	-	-	-	-	1,335.7	1,335.7	1,335.7
Purchase/sale of treasury shares1)	-	-	-	-	-	-10.5	-10.5	-10.5
Other comprehensive income for the period	-	-	-	-0.1		-	-0.1	-0.1
Equity as of 31.12.2023	84.3	12,946.6	573.1	-0.2	179.8	-1,421.6	-668.8	12,362.2
Dividends distributed	-	-	-	-	-	-1,516.9	-1,516.9	-1,516.9
Profit/loss for the period	-	-	-	-	-	1,827.7	1,827.7	1,827.7
Purchase/sale of treasury shares1)	-	-	-	-	-	17.0	17.0	17.0
Share-based payments	-	-	-	-	-	1.0	1.0	1.0
Other comprehensive income for the period	-	-	-	0.1	-	-	0.1	0.1
Equity as of 31.12.2024	84.3	12,946.6	573.1	-0.1	179.8	-1,092.7	-339.9	12,691.1

1) The treasury shares are purchased/sold for use in the company's share saving plan.

Statement of changes in equity - parent

			Other equity
		Share premium		Other comprehensive income
(USD million)	Share capital		Other paid-in capital	Actuarial gains/(losses)	Foreign currency translation reserves	Accumulated deficit	Total other equity	Total equity
Equity as of 31.12.2022	84.3	12,946.6	573.1	-0.1	-115.5	-1,054.3	-596.8	12,434.2
Dividends distributed	-	-	-	-	-	-1,390.4	-1,390.4	-1,390.4
Profit/loss for the period	-	-	-	-	-	1,338.2	1,338.2	1,338.2
Purchase/sale of treasury shares1)	-	-	-	-	-	-10.5	-10.5	-10.5
Other comprehensive income for the period	-	-	-	-0.1	-	-	-0.1	-0.1
Equity as of 31.12.2023	84.3	12,946.6	573.1	-0.2	-115.5	-1,117.1	-659.7	12,371.3
Dividends distributed	-	-	-	-	-	-1,516.9	-1,516.9	-1,516.9
Profit/loss for the period	-	-	-	-	-	1,818.6	1,818.6	1,818.6
Purchase/sale of treasury shares1)	-	-	-	-	-	17.0	17.0	17.0
Share-based payments	-	-	-	-	-	1.0	1.0	1.0
Other comprehensive income for the period	-	-	-	0.1	-	-	0.1	0.1
Equity as of 31.12.2024	84.3	12,946.6	573.1	-0.1	-115.5	-797.3	-339.8	12,691.2

1) The treasury shares are purchased/sold for use in the company's share saving plan.

Statement of cash flows

		Group		Parent
(USD million)	Note	2024	2023	2024	2023
Cash flow from operating activities
Profit/loss before taxes		8,048.7	8,764.0	8,039.6	8,766.5
Taxes paid	11	-4,763.8	-7,455.2	-4,763.8	-7,455.2
Taxes refunded	11	36.2	-	36.2	-
Depreciation	13	2,397.8	2,406.8	2,397.8	2,406.8
Impairment	13,14	421.6	889.5	421.6	889.5
Expensed capitalised dry wells	7,13	194.1	153.9	194.1	153.9
Accretion expenses related to abandonment provisions	10,22	184.1	166.3	184.1	166.3
Total interest expenses	10	95.5	161.8	95.5	161.8
Changes in unrealised gain/loss in derivatives	5,10	354.6	-48.8	354.6	-48.8
Changes in inventories and trade creditors/receivables		-104.7	575.0	-104.7	574.9
Changes in other balance sheet items		-441.7	-206.3	-432.6	-208.6
Net cash flow from operating activities		6,422.6	5,407.1	6,422.5	5,407.1
Cash flow from investment activities
Payment for removal and decommissioning of oil fields	22	-202.5	-152.7	-202.5	-152.7
Disbursements on investments in fixed assets (excluding capitalised interest)	13	-4,773.7	-3,171.6	-4,773.7	-3,171.6
Disbursements on investments in capitalised exploration expenditures	13	-338.7	-238.6	-338.7	-238.6
Investments in financial asset		-	95.0	-	95.0
Net cash flow from investment activities		-5,315.0	-3,467.9	-5,315.0	-3,467.9

Statement of cash flows

	Note	Group		Parent
(USD million)		2024	2023	2024	2023
Cash flow from financing activities
Net drawdown/repayment/fees related to revolving credit facility		-1.5	-8.3	-1.5	-8.3
Repayment of bonds		-645.5	-1,000.0	-645.5	-1,000.0
Net proceeds from bond issue		2,287.7	1,486.1	2,287.7	1,486.1
Interest paid (including interest element of lease payments)		-266.0	-251.8	-266.0	-251.8
Payments on lease debt related to investments in fixed assets		-52.6	-79.5	-52.6	-79.5
Payments on other lease debt		-106.5	-54.0	-106.5	-54.0
Paid dividend		-1,516.9	-1,390.4	-1,516.9	-1,390.4
Net purchase/sale of treasury shares		17.0	-10.5	17.0	-10.5
Net cash flow from financing activities	28	-284.2	-1,308.5	-284.2	-1,308.5
Net change in cash and cash equivalents		823.4	630.7	823.3	630.7
Cash and cash equivalents at start of period		3,388.4	2,756.0	3,388.4	2,756.0
Effect of exchange rate fluctuation on cash held		-64.8	1.7	-64.8	1.7
Cash and cash equivalents at end of period	19	4,146.9	3,388.4	4,146.9	3,388.4
Specification of cash equivalents at end of period
Bank deposits and cash		4,125.8	3,366.9	4,125.7	3,366.9
Restricted bank deposits		21.2	21.5	21.2	21.5
Cash and cash equivalents at end of period	19	4,146.9	3,388.4	4,146.9	3,388.4

Notes to the accounts

GENERAL INFORMATION

Aker BP ASA ('Aker BP' or 'the company') is an oil and gas company involved in exploration, development and production of oil and gas on the Norwegian continental shelf (NCS).

The company is a public limited liability company registered and domiciled in Norway. Aker BP's shares are listed on Oslo Stock Exchange (Oslo Børs) under the ticker AKRBP. The company's registered business address is Oksenøyveien 10, 1366 Lysaker, Norway.

In 2024 the Aker BP group comprised the parent company Aker BP ASA and the three subsidiaries Det norske oljeselskap AS (including its subsidiary Aker BP UK Limited), Alvheim AS and Sandvika Fjellstue AS. Except for Aker BP UK Limited, none of the subsidiaries are consolidated in the group financial statements as they are immaterial.

The financial statements were approved by the board of directors on 1 April 2025 and will be presented for approval at the Annual General Meeting on 9 May 2025.

note 1 SUMMARY OF IFRS ACCOUNTING POLICIES

1.1 Basis of preparation

The group and the parent company financial statements have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU and the Norwegian Accounting Act.

All amounts have been rounded to the nearest hundred thousand unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements and notes may not add up to the total of that row or column.

The group financial statements for Aker BP ASA include the subsidiaries as described in note 2 'Overview of subsidiaries'. The accounting policies are applied consistently when consolidating ownership interests in subsidiaries and are based on the same reporting periods as those used for the parent company. When preparing the consolidated financial statements, intragroup transactions and balances, along with gains and losses on transactions between group units, are eliminated.

1.2 Functional currency and presentation currency

The presentation currency in the Group's consolidated financial statements is United States Dollars ('USD'). The parent company of the Group, Aker BP ASA, has USD as its functional currency as most revenue and financing are in USD and represents the primary economic environment in which the entity operates. Balance sheet items of subsidiaries in other functional currencies are translated into the presentation currency, USD, according to the exchange rates prevailing on the balance sheet date, while profit or loss items are translated according to average quarterly exchange rates for the relevant quarters.

1.3 Critical judgements and estimates

The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that have an effect on the application of accounting policies and the reported assets, liabilities, income and expenses.

The important judgments management has made regarding the application of accounting policies are as follows:

Goodwill allocation and methodology for impairment testing

For the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU), or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. A CGU is typically a producing field or group of producing licences for which a separate offtake facility exist that can generate separate cash flows. The allocation of goodwill requires judgment and may significantly impact any subsequent impairment charge. Although not an IFRS term, 'technical goodwill' is used by Aker BP to describe the category of goodwill arising as an offsetting account to deferred tax liabilities recognised in business combinations, as described in section 1.6 below. There are no specific IFRS guidelines pertaining to the allocation of technical goodwill, and management has therefore applied the general guidelines for allocating goodwill. In general, technical goodwill is allocated at the CGU level for impairment testing purposes, while residual goodwill may be allocated across all CGUs based on the facts and circumstances of the business combination.

When performing the impairment test for technical goodwill, deferred tax liabilities recognised in relation to the acquired licences reduce the net carrying value prior to any impairment charges. This methodology avoids an immediate impairment of all technical goodwill. When deferred tax liabilities from the initial recognition decreases, additional technical goodwill is 'exposed' to impairment. Subsequent to the initial purchase price allocation, depreciation of book values will result in decreasing deferred tax liabilities. When applicable, technical goodwill is impaired before the asset.

Since Aker BP operates in a single segment, impairment testing for residual goodwill is conducted at the company level based on its corporate valuation. As a starting point, if the fair value of the company's equity exceeds its book value, no impairment is recorded.

Proven and probable oil and gas reserves

Proven and probable reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of licence-related assets and goodwill.

Oil and gas reserves are estimated by the company's experts in accordance with industry standards. The estimates are based on Aker BP's own assessment of internal information and information received from operators. In addition, proven and probable reserves are certified by an external party. Proven and probable oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under existing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used in the estimates.

Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to

reserve estimates can also result from updated production and reservoir information. Future changes to proven and probable oil and gas reserves can have a material effect on depreciation, life of field, impairment of licence-related assets and goodwill, and operating results.

Accounting for Exploration costs – application of the Successful Effort Method

Expenses relating to the drilling of exploration wells are temporarily recognised in the Statement of financial position as capitalised exploration expenditures, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells are expensed. Judgments as to whether this expenditure should remain capitalised or be expensed at the reporting date may materially affect the operating result for the period.

Fair value measurement

The fair values of non-financial assets and liabilities are required to be determined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less cost to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The fair value of oil fields in production and development phase is normally based on discounted cash flow models, where the determination of inputs to the model may require significant judgment, as described in the section below regarding impairment.

Impairment/reversal of impairment

The evaluation of impairment requires long-term assumptions concerning a number of often volatile economic factors, including future oil and gas prices, oil and gas production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates and decommissioning costs. These evaluations are also necessary to determine a CGU's fair value unless information can be obtained from an actual observable market transaction. See note 13 'Tangible fixed assets and intangible assets' and note 14 'Impairments' for details of impairments.

Decommissioning and removal obligations

The company has obligations to decommission and remove offshore installations at the end of their production period. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of single-lift and heavy-lift barges and drilling rigs. There is significant future uncertainty in the estimate of costs for decommissioning and removal, as these estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning and removal activities will take place many decades in the future, and the technology and related costs are expected to evolve in this time. As a result, there may be significant adjustments to the estimates of decommissioning liabilities and associated assets that can affect future financial results. See note 22 'Provision for abandonment liabilities' for further details about decommissioning and removal obligations.

Income tax

Income tax expense, tax payables or receivables, and deferred taxes are based on management's interpretation of applicable laws and regulations, and on relevant court decisions where relevant. These estimates are dependent on management's ability to interpret and apply the requirements of tax and other relevant legislation, and requires judgment in respect of the recognition and measurement of any uncertain tax positions. See note 11 'Taxes' for further details.

1.4 Revenue recognition

Revenue from the sale of liquids or gas is recognised at the point in time when the company's contractual performance obligations have been fulfilled and control is transferred to the customer, which will ordinarily be at the point of delivery when title passes (sales method). This is normally at the time of loading oil or NGL on vessels used for transport, or at agreed point of delivery for dry gas.

There is no significant judgement applying IFRS 15 'Revenue from contracts with customers' to the company's revenue generating contracts.

Changes in over/underlift balances are valued at production cost including depreciation and presented as an adjustment to cost. See note 6 'Production expenses' for further details.

Gains or losses on asset disposals as described in section 1.7 are included in other operating income.

Tariff revenue from processing of oil and gas is recognised as earned in line with underlying agreements.

1.5 Interests in licences and partnerships

The company has interests in licences on the Norwegian continental shelf. Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. The company recognises investments in joint operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the company's financial statements.

IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.

For those licences that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control, the company recognises its share of related expenses, assets, liabilities and cash flows on a line-by-line basis in the financial statements by analogy to IFRS 11 and in accordance with applicable IFRSs.

1.6 Business combinations and goodwill

In a business combination, goodwill is allocated to the CGUs or groups of CGUs that are expected to benefit from synergies of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. Goodwill resulting from business combinations is separated in two classes of goodwill.

If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets, residual goodwill arises. Residual goodwill represents the ability to capture synergies that can be realised from managing a larger portfolio of both acquired and existing fields on the Norwegian continental shelf, including workforce. The residual goodwill is tested for impairment on an operating segment level at least annually. Aker BP operates in one single operating segment and residual goodwill is thus tested for impairment on company level based on a corporate valuation of the company. As a starting point, if the fair value of the company's equity, exceeds the book value of equity, no impairment is recorded.

The other class of goodwill is related to the requirement to recognise deferred tax for the difference between the assigned fair values and the related tax base ('technical goodwill'). The fair value of the company's licences, all of which are located on the Norwegian continental shelf, are based on cash flows after tax. This is because these licences are only sold in an after-tax market based on the tax carry-over principles pursuant to the Petroleum Taxation Act section 10. The purchaser is therefore not entitled to a tax deduction for the consideration paid over and above the seller's tax values. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Technical goodwill is tested for impairment separately for each CGU which give rise to the technical goodwill. A CGU may be individual oil fields, or a group of oil fields that are connected to the same infrastructure/production facilities.

1.7 Acquisitions, sales and licence swaps

On acquisition of a licence that involves the right to explore for and produce petroleum resources, it is considered in each case whether the acquisition should be treated as a business combination (see section 1.6) or an asset purchase. Generally, purchases of licences in a development or production phase will be regarded as a business combination. Other licence purchases regarded as asset purchases are described below.

Oil and gas production licences

For licences in the development phase, the acquisition cost is allocated between capitalised exploration expenses, licence rights (other intangible assets) and production plant (tangible fixed assets).

When entering into agreements regarding the purchase/swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year which would also normally be the effective date for tax purposes). In the period between the effective date and the completion date, the seller will include its sold share of the licence in the financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flow from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will be adjusted to the seller's losses/gains and to the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchaser's Income statement from the acquisition date.

For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date.

Deferred tax is not recognised when acquiring licences that are defined as asset acquisitions.

1.8 Tangible fixed assets and intangible assets

General

Tangible fixed assets are recognised on a historical cost basis.

Gains and losses relating to the disposal of assets are determined by comparing the selling price with the book value, and are included in other operating income/expenses on a post-tax basis, to the extent the selling price is on a post-tax basis.

Operating assets related to petroleum activities

Exploration and development costs relating to oil and gas fields

Capitalised exploration expenditures are classified as intangible assets and reclassified to tangible assets at the start of development. For accounting purposes, the field is considered to enter the development phase when the technical feasibility and commercial viability of extracting hydrocarbons from the field are demonstrable, normally at the time of concept selection. All costs relating to the development of commercial oil and/or gas fields are recognised as tangible assets. Pre-operational costs are expensed as they are incurred.

The company employs the 'successful efforts' method to account for exploration and development costs. All exploration costs (including seismic shooting, seismic studies and 'own time'), with the exception of acquisition costs of licences and drilling costs for exploration wells, are expensed as incurred. When exploration drilling is ongoing in a period after the reporting date and the result of the drilling is subsequently not successful, the capitalised exploration cost as of the reporting date is expensed if the evaluation of the well is completed before the date when the financial statements are authorised for issue.

Drilling cost for exploration wells are temporarily capitalised pending the evaluation of potential discoveries of oil and gas resources. Such costs can remain capitalised for more than one year. The main criteria is that there must be plans for future activity in the licence area or that a development decision is expected in the near future. If no resources are discovered, or if recovery of the resources is considered technically or commercially unviable, expenses relating to the drilling of exploration wells are charged to expense.

Other intangible assets

Acquired licence rights are recognised as intangible assets at the time of acquisition. Acquired licence rights related to fields in the exploration phase remain as intangible assets also when the related fields enter the development or production phase.

Depreciation of oil and gas fields

Capitalised exploration and evaluation expenditures, development expenditures from construction, installation or completion of infrastructure facilities such as platforms, pipelines and production wells, and field-dedicated transport systems for oil and gas are capitalised as production facilities and are depreciated using the unit-of-production method based on proven and probable developed reserves expected to be recovered from the area during the concession or contract period. Acquired assets used for the recovery and production of petroleum deposits, including licence rights, are also depreciated using the unit-of-production method based on proven and probable reserves. The reserve basis used for depreciation purposes is updated at least annually. Any changes in the reserves affecting unit-of-production calculations are reflected prospectively.

Depreciation of assets other than oil and gas fields, including right of use assets, is calculated using the straight-line method over estimated useful lives and adjusted for any impairment or change in residual value, if applicable.

1.9 Impairment

Tangible fixed assets and intangible assets

The unit of account for assessment of impairment is based on the lowest level at which it is possible to identify cash inflows that are independent of cash inflows from other groups of fixed assets. For oil and gas assets, this is typically the field or licence level. Impairment is recognised when the book value of the CGU (including any allocated goodwill) exceeds the recoverable amount. When estimating value in use and fair value less cost of disposal, expected future cash flows are discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money and the specific risk related to the asset. The discount rate is derived from the Weighted Average Cost of Capital (WACC).

The lifetime of the field for the purpose of impairment testing is normally determined by the point in time when the operating cash flow from the field becomes negative.

For exploration licences, impairment is based on an assessment of whether plans for further activities have been established or, if applicable, an evaluation of whether development will be decided on in the near future as described in section 1.8.

A previously recognised impairment can only be reversed if changes have occurred in the estimates used for the calculation of the recoverable amount.

Goodwill

Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired.

Impairment is recognised if the recoverable amount of the CGU (or group of CGUs) to which the technical goodwill is related is less than the book value, including associated goodwill and deferred tax as described in section 1.6, which also includes information about residual goodwill. Losses relating to impairment of goodwill cannot be reversed in future periods.

1.10 Financial instruments

The group's financial assets and liabilities comprise non-listed equity instruments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other short-term liabilities and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument's contractual cash flow characteristics and the Group's business model for managing them. The company has classified the financial instruments into the following categories of financial assets and liabilities:

• – Financial assets at fair value through profit or loss
• – Financial assets measured at amortised cost
• – Financial liabilities at fair value through profit or loss
• – Financial liabilities measured at amortised costs
• – The group's financial instruments at amortised cost includes trade receivables with the objective hold to collect and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less impairment losses.

All borrowings are initially recognised at transaction price, which equals the fair value of the amount received net of costs directly related to the establishment of the loan or issuance of debt.

Subsequently, interest-bearing borrowings are valued at amortised cost using the effective interest method; the difference between the transaction price (after transaction costs) and the face value is recognised in the Income statement in the period until the loan falls due. Amortised costs are calculated by considering all issue costs on the settlement date.

Financial liabilities that do not form part of the 'held for trading purposes' category and which have not been designated as being at fair value with changes in value through profit or loss are classified as other financial liabilities.

Further details on fair values of financial instruments are provided in note 28 'Financial instruments'.

1.11 Presentation of payroll and administration costs

The company presents its payroll and administration costs based on the functions in development, operational and exploration activities respectively, based on allocation of registered hours worked, net of amounts recharged to partners on operated licences.

1.12 Leases

The lease liability is recognised at the commencement date and measured at the present value of the remaining lease payments, discounted using the company's incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the company's existing credit facilities. Right-of-use (RoU) assets are depreciated over the lease term as this is ordinarily shorter than the useful life of the assets.

The company applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognised in the balance sheet, but expensed or capitalised in line with the accounting treatment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material class of assets (rigs), the company has excluded the non-lease components when measuring the lease liability.

Lease agreements that are planned to be applied on several operated licences, are generally recognised on a gross basis as Aker BP is deemed to be the primary obligator. The company may enter into lease contracts as an operator on behalf of a licence, and may for such leases only recognise its net share of the related lease liability. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. For lease contracts recognised on a gross basis, the partner's share of the cost recovered by the company are presented as other income.

1.13 Borrowing costs

Borrowing costs that can be directly ascribed to procurement, processing or production of a qualifying asset are capitalised as part of the asset's acquisition cost. Borrowing cost is only capitalised during the development phase. Other borrowing costs are expensed in the period in which they are incurred.

In principle, borrowing cost include interest expenses calculated using the effective interest method in accordance with IFRS 9 and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

The calculated capitalisation rate should at any time be based on the weighted average interest rate for the last twelve months. This calculated interest rate is used to the extent that capitalised interest does not exceed borrowing cost incurred within one quarter.

A qualifying asset is one that necessarily takes a substantial period of time (minimum 12 months) to be made ready for its intended use or sale. Qualifying assets are generally those that are subject to major development or construction projects.

1.14 Inventories

Inventories mainly consist of equipment for the drilling of exploration and production wells and are valued at the lower of cost price (based on weighted average cost) and net realisable value.

1.15 Cash and cash equivalents

Cash and cash equivalents include cash, bank deposits, and other short-term highly liquid investments with an original due date of three months or less. Bank overdrafts are included in the Statement of Financial Position as short-term loans.

1.16 Tax

General

Tax consists of tax payable and changes in deferred tax. Deferred tax/tax benefits are calculated on the basis of the differences between book value and tax basis values of assets and liabilities, with the exception of temporary differences on acquisition of licences that are defined as asset purchases.

Deferred tax is measured using the expected tax rate when the tax benefit is realised or the tax liability is met, based on tax rates and tax regulations that have been enacted or substantively enacted at the reporting date.

Tax payable and deferred tax is recognised directly against equity or other comprehensive income insofar as the tax items are related to equity transactions or items of other comprehensive income.

Deferred tax and tax benefits are presented net, where netting is legally permitted and the deferred tax benefit and liability are related to the same tax subject and are payable to the same tax authorities.

Functional currency

The company's functional currency is USD, while it is a statutory requirement to calculate the current tax based on NOK functional currency. This may impact the effective tax rate when the exchange rate between NOK and USD fluctuates. The revaluation of tax receivable and payable is presented as foreign exchange gain/loss, while the impact on deferred tax from revaluation of tax balances is presented as tax expense/income.

Petroleum taxation

As an oil and gas company in Norway, Aker BP is subject to the special provisions of the Petroleum Taxation Act. Taxable profits from activities on the Norwegian continental shelf are liable to ordinary company tax and special tax. The overall tax rate for activities according to the Petroleum Taxation Act is 78 percent.

The ordinary company tax is 22 percent. In addition, the company is subject to a special petroleum tax of 71.8 percent. The special petroleum tax is a cash-based tax and companies can make immediate deductions for expenses incurred. In addition, the corporate tax (22 percent) is deductible in the special tax base (71.8 percent) in order to maintain the overall tax rate of 78 percent.

Tax depreciation and uplift

Investments in pipelines and production facilities can be depreciated by up to 16 2/3 percent annually, i.e., using the straight-line method over six years. Tax depreciation commences when the expenses are incurred. When a field stops producing, any remaining tax values may be deducted in that year. Changes to the Petroleum Taxation Act were enacted in June 2022 with effect from 1 January 2022. Under the new rules, investments are immediately deducted in the special tax base, while the ordinary depreciation rules still apply to the corporate tax base.

Uplift is a special income deduction in the basis for calculation of special tax. Uplift is calculated on the basis of investments in pipelines and production facilities and can be regarded as an extra depreciation deduction in the special tax regime. The uplift rate is 12.4 percent and from 2023 uplift is only applicable for investments covered by the temporary changes enacted to the Petroleum Tax Act in 2020. The temporary changes are applicable for investments up to and including year of production start in accordance with new PDOs delivered within 31 December 2022 and approved within 31 December 2023.

Financial items

Interest on debt with associated currency losses/gains is distributed between the offshore and onshore tax regimes. Offshore interest deduction is calculated as the net financial costs of interest-bearing debt multiplied by 50 percent of the ratio between net asset value for tax purposes allocated to the offshore tax regime as of 31 December in the income year and the average interest-bearing debt through the income year.

Remaining financial expenses, currency losses and all interest income as well as currency gains are allocated to the onshore jurisdiction.

Uncovered losses in the onshore tax jurisdictions resulting from the distribution of net financial items can be allocated to the offshore tax jurisdictions and deducted from regular income.

Only 50 percent of other losses in the onshore tax jurisdictions are permitted to be reallocated to the offshore tax jurisdictions as deductions in regular income.

Tax loss

Corporate tax losses are carried forward without time limitations for companies subject to special tax. Special petroleum tax losses are reimbursed by the state in the following year as part of the ordinary tax assessment. The tax position can be transferred on realisation of the company or merger.

1.17 Provisions

Decommissioning and removal costs

In accordance with the licence terms and conditions for the licences in which the company participates, the Norwegian State can require licence owners to remove the installation in whole or in part when production ceases or the licence period expires.

In the initial recognition of the decommissioning and removal obligations, the company provides for the net present value of future costs related to decommissioning and removal based on its working interest in the respective fields. A corresponding asset is capitalised as a tangible fixed asset and depreciated using the unit-of-production method. Changes in the time value (net present value) of the obligation related to decommissioning and removal accretion are charged to the Income statement as financial expenses and increase the balance-sheet liability related to future decommissioning and removal expenses. Changes in the best estimate for expenses related to decommissioning and removal are recognised in the Statement of financial position (property, plant and equipment), except where it relates to licences with no future production or where the company will be charged a portion of the liability as a user, i.e., based on shipped volumes. The discount rate used in the calculation of the fair value of the decommissioning and removal obligation is the risk-free rate.

1.18 Segment

Since its formation, the company has conducted its entire business in one consistent segment, defined as exploration for and production of petroleum in Norway. The company conducts its activities on the Norwegian continental shelf, and management monitors the company at this level. The financial information relating to geographical distribution and large customers is presented in note 4 – 'Segment information'.

1.19 Changes to accounting standards and interpretations that:

Have entered into force:

The group has applied the following standards and amendment for the first time for their annual reporting period commencing 1 January 2024:

• – IAS 7 Supplier Finance Arrangements
• – IFRS 16 Lease Liability in a Sale and Leaseback
• – IAS 1 Classification of Liabilities as Current or Non-current
• – IAS 1 Non-current Liabilities with Covenants

The application of these amendments did not have a material impact on the financial statements in 2024.

Have been issued but have not entered into force:

Certain new accounting standards and interpretations are issued, but not yet effective as of 31 December 2024. These standards are not expected to have a material impact on the group in the current or future reporting periods.

note 2 OVERVIEW OF SUBSIDIARIES

Aker BP UK Limited (100 percent)

Aker BP UK Limited was established as a subsidiary of Det norske oljeselskap AS during 2020. The company holds two partner-operated licences on the UK continental shelf, located to the borderline of the Norwegian continental shelf. The key objective within the licences is to explore the resource potential, based on the knowledge obtained in the Alvheim area.

Aker BP ASA has three other subsidiaries which are not consolidated in the group accounts due to materiality considerations:

Det norske oljeselskap AS (100 percent)

Det norske oljeselskap AS, previously Marathon Oil Norge AS, was acquired by Aker BP in 2014 and all activity was transferred to Aker BP in the same year. During 2020, Aker BP UK Limited (see above) was established as a subsidiary of Det norske oljeselskap AS. Except for the subsidiary, the only asset in this company is cash equivalents reflecting the share capital amounting to USD 1.0 million.

Alvheim AS (80 percent)

The sole purpose of Alvheim AS is to act as legal owner of MST Alvheim, the floating production facility which is used to produce oil and gas from the Alvheim fields. The costs of and benefits from operating the MST Alvheim will be carried by the partners in the Alvheim field. Hence, Alvheim AS only has the formal ownership rather than the actual value of the production facilities. Aker BP has an 80 percent share in Alvheim AS, which corresponds to the ownership in the Alvheim field. There were no activities in 2024.

Sandvika Fjellstue AS (100 percent)

Sandvika Fjellstue AS owns a conference centre used by Aker BP, located in Sandvika in Verdal.

note 3 CLIMATE-RELATED RISK

Climate-related risk assessment is generally described in the sustainability statement in the BoD report, and may have a significant impact on financial reporting. Climate-related risks can be divided into two major categories:

• – Transitional: Risks related to the transition to a lower-carbon economy
• – Physical: Risks related to the physical impacts of climate change

Transitional risks

Material transitional climate-related risks are included in the table below.

Material risks	Description of materiality	Mitigating actions
Transition risk – Market risk and competition: Risk of lower oil and gas prices due to decreased demand for oil and gas and faster energy transition	Potential reduced revenues from lower prices of Aker BP's sold products could negatively impact value creation	– Strict financial framework for investment decisions; sanctioning projects with low break-even oil prices – Scenario analysis and stress testing on both portfolio and project levels and internal carbon price exceeding IEA's Net Zero Emissions by 2050 scenario
Transition risk – Regulatory and legal: Risk of increased production costs and reduced growth prospects due to changes to regulatory framework	Potential changes to operating frameworks could lead to reduced revenue or increased costs for Aker BP and hence negatively impact value creation	– Scenario analysis and stress testing on both portfolio and project levels and internal carbon price exceeding IEA's Net Zero Emissions by 2050 scenario – Emission reduction initiatives – Continuous monitoring of developments in the regulatory framework and engagement with relevant stakeholders
Transition risk – Reputational: Risk of increased cost of capital and reduced talent attraction due to negative perception from society and stakeholders	Ability to attract and retain talent is critical for Aker BP to become the E&P company of the future. Changes in our cost of capital and insurance premiums could lead to increased costs for Aker BP and hence negatively impact value creation	– Efforts in place to secure financial flexibility and maintain investment grade credit rating – Maintaining Aker BP brand as an attractive employer

Although the above mitigating actions may limit the exposure, the company's financial reporting is significantly impacted by the transitional risks. Lower demand for oil and gas, and increased cost for Aker BP operations may have the following consequences for certain items within the financial reporting:

• – Decreased revenue
• – Higher operational cost
• – Shortened lifetime of the producing fields which may lead to higher present value of the abandonment provision, as well as increased depreciation rates and impairment charges of fixed and intangible assets
• – Lower profitability together with investor's perception of oil and gas investments may result in higher cost of capital and lack of available capital resources. This is particularly relevant for Aker BP given the expected significant project investments over the next years
• – Increased tax burden as a result of unfavourable changes to the tax regime

To illustrate the potential impact on some of the above mentioned financial reporting elements, we have included sensitivity analysis within the following areas:

• – Impairment (note 14): Transparency on carbon pricing and impairment sensitivity to oil and gas prices in the most recent IEA scenarios
• – Capitalised exploration (note 14): The impairment in a given scenario where no new project developments would be approved
• – Abandonment provisions (note 22): The impact on book value of abandonment provisions if cease of production of fields with estimated lifetime after 2040 were accelerated by 10 years
• – Interest expenses (note 10): Estimated increased credit spread of two percent points on current loan balances. Although this is not applicable on a short-term basis given fixed rates on all current bonds, it provides visibility on potential increased interest exposure on a longer term basis

– Reserves (note 31): Impact on reserves if all production would cease from 2050 onwards

Physical risks

Although considered less likely than transitional risks, physical risks may result in severe damage to the company's installations and may lead to significant shortened lifetime of the producing fields, as well as increased cost for mitigating actions, including preventive investments made in the field developments over the next years. As the climate changes further evolve, it is also a risk for increased probability that the physical risks will materialise. The company have insurance arrangements in place for potential events caused by e.g. extreme weather, but it is uncertain to what extent such insurance will cover the full financial exposure. Material physical climate-related risks are included in the table below.

Material risks	Description of materiality	Mitigating actions
Physical risk – Acute and chronic: Risk of operational limitations and disruptions due to acute extreme weather offshore and chronic changes in weather patterns	Increased frequency of extreme weather and changes in weather patterns offshore could affect working environment offshore, increase frequency of shut-downs, as well as require modifications on our existing facilities	– Environmental monitoring, update of metocean data and evaluation of structural design limits are part of the integrity management process – Working environment risks are assessed using best industry practice and form input to infrastructure design for new facilities and typical working procedures for existing facilities	electrification

Opportunities

The assessment related to climate impacts will mainly be on the risk side. However, the situation may also give rise to some opportunities. Material opportunities are included in the table below.

Material opportunities	Description of materiality	Actions to realise opportunities
Opportunity for additional and diversified source of income and improved reputation through carbon capture and storage (CCS) investments	CCS could represent a potential new revenue stream for Aker BP, and support our customers in decarbonising	– Assess current acreage for CCS development – Further develop business model and technology related to CCS – Assess possible new acreage suitable for CCS
Opportunity for favourable financial terms through industry-leading scope 1 and 2 GHG emission intensity	In an investment environment increasingly shaped by intensifying ESG pressure, Aker BP's industry-leading scope 1 and 2 GHG emission intensity, low production costs, and high ESG performance provide a competitive advantage and better opportunities to obtain capital in the future	– Cost reduction initiatives – Energy efficiency and emission reduction initiatives – Continuous evaluation of electrification using power from shore or from offshore wind, where feasible
Opportunity for high productivity through more robust assets adapting to meet climate change	Aker BP has a portfolio of resilient assets with short payback times that will remain profitable even under low oil price scenarios	Continued investment in digitalisation and business transformation

Our approach to decarbonisation

Aker BP aims to achieve equity share scope 1 and 2 GHG emission neutrality from 2030 and the strategy for acheiving this is as follows:

• – Avoid: The company aims to avoid emissions wherever possible through electrification and transitioning from fossil fuels to primarily renewable sources (in Norway, the power mix consists mainly of hydro and wind power), portfolio management and optimisation of existing infrastructure
• – Reduce: The company aims to reduce emissions through active energy management and brownfield
• – Neutralise: From 2030, the company aims to match every tonne of remaining equity share scope 1 and 2 GHG emissions from the company's operations, with an equal amount of high-quality carbon removals

By the early 2040's, Aker BP's scope 1 and 2 GHG emissions will be significantly reduced due to decommissioning of Alvheim and Skarv, the company's two remaining non-electrified assets. The company's target is near-zero operational control and equity share scope 1 and 2 GHG emissions by 2050. Near-zero implies more than 90 percent reduction from the company's 2017 baseline.

note 4 SEGMENT INFORMATION

The group's business is entirely related to exploration for and production of petroleum on, or to the borderline of, the Norwegian continental shelf. The group's activities are considered to have a homogeneous risk and return profile before tax, and the business is located in the geographical area Norway, except for two exploration licences in the UK. The group operates within a single operating segment which matches the internal reporting to the company's executive management. In 2024 the group and parent company had sales transactions with two customers which are under common control and represented more than 10 percent of total sales, BP Oil International Limited accounted for USD 10,633 million and BP Gas Marketing Limited accounted for USD 1,287 million. In 2023 the group and parent company's sales transactions with BP Oil International Limited were USD 11,591 million, and sales transactions with BP Gas Marketing Limited were USD 1,083 million.

note 5 INCOME

	Group		Parent
(USD million)	2024	2023	2024	2023
Breakdown of petroleum revenues
Sales of liquids	10,853.2	11,849.8	10,853.2	11,849.8
Sales of gas	1,375.7	1,714.5	1,375.7	1,714.5
Tariff income	13.8	15.7	13.8	15.7
Total petroleum revenues	12,242.7	13,580.0	12,242.7	13,580.0
Sales of liquids (boe million)	135.5	145.2	135.5	145.2
Sales of gas (boe million)	21.9	23.1	21.9	23.1
Other income
Realised gain (+)/loss (-) on commodity derivatives	0.3	-0.0	0.3	-0.0
Unrealised gain (+)/loss (-) on commodity derivatives	-0.8	0.2	-0.8	0.2
Gain on licence transactions	-	0.0	-	0.0
Other income1)	137.3	89.7	137.3	89.7
Total other income	136.7	89.9	136.7	89.9

1) The figure includes partner coverage of assets recognised on gross basis in the balance sheet and used in operated activity.

note 6 PRODUCTION EXPENSES

	Group		Parent
(USD million)	2024	2023	2024	2023
Breakdown of production expenses
Cost of operations	702.1	707.6	702.1	707.6
Shipping and handling	242.4	265.7	242.4	265.7
Environmental taxes	46.2	62.9	46.2	62.9
Production expenses based on produced volumes	990.7	1,036.3	990.7	1,036.3
Adjustment for over (+)/underlift (-)	-74.3	23.8	-74.3	23.8
Production expenses based on sold volumes	916.4	1,060.1	916.4	1,060.1
Total produced volumes (boe million)	160.7	166.7	160.7	166.7
Production expenses per boe produced (USD/boe)	6.2	6.2	6.2	6.2

note 8 PAYROLL EXPENSES AND REMUNERATION

	Group		Parent
(USD million)	2024	2023	2024	2023
Breakdown of payroll expenses
Payroll expenses	425.1	431.9	425.1	431.9
Pension	45.7	41.1	45.7	41.1
Social security tax	81.7	79.5	81.7	79.5
Other personnel costs	15.0	19.7	15.0	19.7
Total payroll expenses	567.5	572.1	567.5	572.1

The payroll expenses are allocated to activities and partners based on timewriting. Aker BP's share of the total payroll expenses will depend amongst other on the ownership in the various licences. The share of total payroll expenses to Aker BP was USD 399.4 million (USD 406.1 million in 2023), equivalent to 70 percent (71 percent in 2023) of the gross expenses in the table above.

	Group		Parent
	2024	2023	2024	2023
No. of full-time equivalents employed during the year
Europe	2,818	2,562	2,818	2,562
Total	2,818	2,562	2,818	2,562

Pension schemes

The company complies with the requirement to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension ('lov om obligatorisk tjenestepensjon'). The company makes contributions to the pension plan for full-time employees equal to 7 percent for salary up to 7.1 G and 25.1 percent between 7.1 and 12 G. Pension premiums are charged to expenses as they are incurred.

An early retirement scheme (AFP) has been introduced for all employees. The scheme is a multi-employer defined benefit plan, but is accounted for as a defined contribution pension. Premiums are expensed as incurred.

note 7 EXPLORATION EXPENSES

	Group		Parent
(USD million)	2024	2023	2024	2023
Breakdown of exploration expenses
Seismic	27.8	27.2	28.1	26.7
Area fees	10.6	14.4	10.6	14.4
Field evaluation	39.0	13.5	39.0	13.5
Dry well expenses	194.1	153.9	194.1	153.9
G&G and other exploration expenses	55.0	57.5	54.2	56.0
Total exploration expenses	326.5	266.3	326.0	264.3

Employee share program

The company has an annual share purchase program for all employees, including senior executives. The shares in the program are offered at a 20 percent discount and are subject to a three-year lock-up during which employees are not allowed to sell the shares. In connection with the share purchase program, all employees are also offered an interest free loan of 60 percent of the basic amount in the National Insurance scheme ('G'), to be repaid within one year. In total, employees subscribed for USD 22.4 million in 2024, compared to USD 19.3 million in 2023.

Remuneration for BoD and the executive management team (EMT)

Information about remuneration to the BoD and EMT is provided in the Remuneration Report in the annual report.

Accounting information regarding the share-based long-term incentive program (LTIP)

The LTIP for members of the EMT is described in the Remuneration Report, while certain required accounting information is included below.

The fair value of the grants issued in the LTIP has been measured using a Monte Carlo simulation. Service conditions were not taken into account when measuring fair value. The post-vesting lock-in condition has been incorporated into the grant date fair value by applying a discount to the valuation by estimating the probability that the employee will not comply with this condition. The LTIP agreement includes a clawback clause.

The input used in the measurement of the 1 July 2024 grant date fair values were as follows:

Fair value at grant date	NOK 333.54
Aker BP share price at grant date	NOK 275.40
Expected volatility:
Aker BP	36%
Oslo Energy Index	29%
Stoxx 600 Europe Oil & Gas Index	23%
S&P Commodity Producers Oil & Gas Exploration & Production Index	30%
Expected life	3 years
Risk free interest rate (based on government bonds)	3.8%

Expected volatility has been based on an evaluation of the historical volatility of the company's share price, particularly over the historical period commensurate with the expected term. The expected term of the grants has been based on three-year vesting period.

Total number of shares owned by members of EMT

Name	Total number of shares 20241)
Karl Johnny Hersvik (chief executive officer)	12,528
David Torvik Tønne (chief financial officer)	27,041
Per Harald Kongelf (chief operating officer)	5,546
Paula Doyle (chief digital officer)	1,402
Thomas D. Hoff-Hansen (chief information officer)	5,037
Knut Sandvik (SVP projects)	7,620
Tommy Sigmundstad (SVP drilling and wells)	1,439
Per Øyvind Seljebotn (SVP exploration and reservoir development)	1,712
Marit Blaasmo (SVP people and safety)	9,046
Thomas Øvretveit (SVP operations)	2,110
Georg Vidnes (SVP Grieg Aasen)	3,925
Ine Dolve (SVP Alvheim)	9,065
Lars Høier (SVP Yggdrasil)	12,701
Ole Johan Molvig (SVP Valhall)	22,065
Talar Arif (SVP Ula)	5,883
Marte Mogstad (SVP Skarv)	3,281
Total	130,401

1) The numbers include shares held by each member's close associates, as defined by the Norwegian Accounting Act.

Remuneration and shares owned by the BoD

The table below include regular fees to the BoD and fees for participation in the BoD's subcommittees. Fees to board members are paid in NOK and converted to USD using a yearly average USD/NOK-rate of 10.7433 for 2024. Corresponding rate for 2023 was 10.5647. The total number of shares include shares held by each member's close associates, as defined by the Norwegian Accounting Act.

Name		2024		2023
	Comments	Fee (USD 1,000)	Total number of shares	Fee (USD 1,000)	Total number of shares
Øyvind Eriksen1)	Chair of the BoD and chair of the organisational development and compensation committee	95	-	92	-
Anne Marie Cannon	Deputy chair of the BoD, member of the audit and risk committee and member of the organisational development and compensation committee	62	12,078	66	12,078
Kjell Inge Røkke2)	Board member	28	1,200	34	-
Trond Brandsrud	Board member and chair of the audit and risk committee	62	-	65	-
Kate Thomson3)	Board member and member of the audit and risk committee	-	-	-	-
Valborg Lundegaard1)	Board member and member of the audit and risk committee	42	-	40	-
Charles Ashley Heppenstall	Board member	41	852,587	43	852,587
Doris Reiter3) 4)	Board member	-	-	-	-
Ingard Haugeberg	Employee-elected member	20	1,663	23	1,257
Tore Vik	Employee-elected member	20	6,954	23	5,580
Marit Hargemark	Employee-elected member and member of the organisational development and compensation committee	23	706	3	706
Ani Isabel Chiang	Employee-elected member	20	1,671	3	1,398
Thomas Husvæg	Employee-elected member	44	847	6	441
Hilde K.Brevik	Deputy employee-elected member	3	2,022	20	1,640
Sarah Alexandra Berg	Deputy employee-elected member	3	3,118	3	2,572
Rune Karstein Fauskanger	Deputy employee-elected member	3	11,571	3	9,479
Geir Smaaskjær	Deputy employee-elected member	3	2,805	1	2,399
Terje Solheim	Deputy employee-elected member	2	637	23	637
Member until 30.04.2024
Murray Auchincloss3)	Board member	-	-	-	-
Member until 31.10.2023
Ørjan Kristensen Brakstad	Deputy employee-elected member	N/A	N/A	2	374
Total		471	897,859	450	891,148

1) Fees to board members employed in Aker ASA will be paid to the company, not to the board member in person.

2) Kjell Inge Røkke owns and controls The Resource Group TRG AS, which controls 68.2 percent of Aker ASA, which through a subsidiary owns 21 percent of Aker BP.

3) Board members employed by BP p.l.c. groups have forfeited their BoD fees.

4) Board member from 30.04.2024.

note 9 AUDITORS FEE

	Group		Parent
(USD 1,000)	2024	2023	2024	2023
Fees for statutory audit services	365	341	332	310
Fees for other attestations and quarterly reviews1)	428	448	428	448
Fees for other non-audit related services	141	149	141	149
Total auditor's fees	933	939	900	907

1) Other attestations mainly relate to attestation to CSRD sustainability reporting and auditor comfort provided in relation to financing transactions.

note 10 FINANCIAL ITEMS

	Group		Parent
(USD million)	2024	2023	2024	2023
Total interest income	162.9	133.4	162.9	133.4
Realised gains on derivatives	62.8	83.4	62.8	83.4
Change in fair value of derivatives	4.8	48.6	4.8	48.6
Net currency gains	323.5	144.8	324.2	145.5
Other financial income	0.5	44.5	0.5	44.5
Total other financial income	391.7	321.2	392.4	322.0
Interest expenses	265.1	212.7	265.1	212.7
Interest on lease debt	38.1	26.9	38.1	26.9
Amortised loan costs1)	42.9	49.3	42.9	49.3
Capitalised borrowing costs, development projects	-250.6	-127.1	-250.6	-127.1
Total interest expenses	95.5	161.8	95.5	161.8
Net currency loss	-	-	-	-
Realised loss on derivatives	123.5	345.2	123.5	345.2
Change in fair value of derivatives	358.7	-	358.7	-
Accretion expenses related to abandonment provisions	184.1	166.3	184.1	166.3
Other financial expenses2)	7.7	6.7	18.0	6.7
Total other financial expenses	674.0	518.2	684.3	518.2
Net financial items	-214.9	-225.4	-224.5	-224.7

1) The figure mainly consists of the amortisation of the difference between fair value and nominal value on the bonds acquired in the Lundin transaction in 2022.

2) Aker BP ASA has a receivable towards Aker BP UK Ltd of USD 10.4 million that was fully written down in 2024 due to the lack of current revenues in Aker BP UK. Consequently, it is considered unlikely that Aker BP UK will be able to repay the loan.

The rate (weighted average interest rate) used to determine the amount of borrowing cost eligible for capitalisation in 2024 is 4.46 percent. The corresponding rate for 2023 was 4.34 percent.

Climate-related risk:

As described in note 3 on climate-related risk, a sensitivity analysis has been performed to show the estimated impact of a two percentage points increase in credit spreads on current loan balances as of 31 December 2024. This would result in an increase in interest expenses of USD 153 million.

note 11 TAXES

Tax for the period

Group		Parent
2024	2023	2024	2023
3,883.1	6,136.4	3,883.1	6,136.4
-59.9	58.8	-59.9	58.8
3,823.2	6,195.2	3,823.2	6,195.2
2,398.3	1,200.5	2,398.3	1,200.5
-0.5	32.7	-0.5	32.7
2,397.8	1,233.1	2,397.8	1,233.1
6,221.0	7,428.3	6,221.0	7,428.3
77%	85%	77%	85%

Reconciliation of tax expense

		Group		Parent
(USD million)	Tax rate	2024	2023	2024	2023
78% tax rate on profit/loss before tax	78%	6,278.3	6,836.3	6,271.2	6,838.2
Tax effect of uplift	72%	-367.8	-209.9	-367.8	-209.9
Permanent differences on impairment	78%	301.2	618.0	301.2	618.0
FX translation of monetary items other than USD	78%	-249.1	-112.0	-249.1	-112.0
FX translation of monetary items other than NOK1)	78%	-54.4	-10.1	-54.4	-10.1
Tax effect of financial and other 22% items	56%	262.8	172.6	268.6	172.6
Currency movements of tax balances	78%	109.0	29.1	109.0	29.1
Other permanent differences, prior period adjustments and change in uncertain tax positions	78%	-59.0	104.4	-57.6	102.5
Tax expense (+)/income (-)		6,221.0	7,428.3	6,221.0	7,428.3

1) Prior to 2024, the foreign currency translation of monetary items other than NOK was calculated based on 78 percent tax rate, while parts of this adjustment had a contra entry under Tax effect of financial and other 22% items due to limited tax deduction on currency items. From 2024 the applicable tax rate has been applied to avoid the grossing effect in these two lines. Prior periods have been adjusted accordingly.

The financial statements of the company are presented in USD, its functional currency. However, as per statutory regulations, current taxes are calculated as if NOK was the functional currency. Consequently, when determining taxable income, currency gains and losses from the financial statements are replaced with the translation effect of monetary items other than NOK. Tax balances are maintained in NOK and converted to USD using the period-end exchange rate. These adjustments can influence the effective tax rate, due to fluctuations in the exchange rate between NOK and USD.

Breakdown of tax effect of temporary differences

	Group		Parent
(USD million)	2024	2023	2024	2023
Tangible fixed assets		-15,329.7 -13,108.4	-15,329.7 -13,108.4
Capitalised exploration cost	-327.9	-253.8	-327.9	-253.8
Other intangible assets	-1,165.0	-1,301.8	-1,165.0	-1,301.8
Abandonment provision	3,338.1	3,552.8	3,338.1	3,552.8
Lease debt	527.0	549.3	527.0	549.3
Financial instruments	44.4	-34.7	44.4	-34.7
Other provisions	-76.9	4.3	-76.9	4.3
Net deferred tax liability (-)/deferred tax asset (+)		-12,990.0 -10,592.3	-12,990.0 -10,592.3

Calculated tax payable (-)/tax receivable (+)

	Group		Parent
(USD million)	2024	2023	2024	2023
Tax payable/receivable at beginning of period	-3,599.9	-5,084.1	-3,599.9	-5,084.1
Current year tax payable/receivable	-3,883.1	-6,136.4	-3,883.1	-6,136.4
Net tax payment/tax refund	4,727.5	7,455.2	4,727.5	7,455.2
Change prior periods and uncertain tax positions	50.4	-58.4	50.4	-58.4
Currency movements of tax payable/receivable	271.4	223.9	271.4	223.9
Net tax payable (-)/receivable (+)	-2,433.6	-3,599.9	-2,433.6	-3,599.9

Deferred tax liability (-)/asset (+)

	Group		Parent
(USD million)	2024	2023	2024	2023
Deferred tax liability/asset at beginning of period	-10,592.3	-9,359.1	-10,592.3	-9,359.1
Change in current year deferred tax	-2,398.3	-1,200.5	-2,398.3	-1,200.5
Prior period adjustments	0.5	-32.7	0.5	-32.7
Deferred tax charged to OCI and equity	0.0	-0.0	0.0	-0.0
Net deferred tax liability (-)/deferred tax asset (+)	-12,990.0 -10,592.3		-12,990.0 -10,592.3

note 12 EARNINGS PER SHARE

Earnings per share is calculated by dividing the year's profit attributable to ordinary equity holders of the parent entity, which was USD 1,828 million for the group (USD 1,336 million in 2023) and USD 1,819 million for the parent (USD 1,338 million in 2023) by the year's weighted average number of outstanding ordinary shares, which was 631.2 million (631.3 million in 2023). Weighted average number of diluted and ordinary shares is the same, as the company does not have any material dilutive instruments.

	Group		Parent
(USD million)	2024	2023	2024	2023
Profit for the year1)	1,827.7	1,335.7	1,818.6	1,338.2
The year's average number of outstanding ordinary shares (in million)	631.2	631.3	631.2	631.3
Earnings per share in USD	2.90	2.12	2.88	2.12

1) Attributable to ordinary equity holders of the parent entity.

note 13 TANGIBLE FIXED ASSETS AND INTANGIBLE ASSETS

Tangible fixed assets – Property, plant and equipment

		Group and parent
(USD million)	Assets under development	Production facilities including wells	Fixtures and fittings, office machinery	Total
Book value 31.12.2022	1,614.2	14,196.4	76.1	15,886.7
Acquisition cost 31.12.2022	1,614.2	20,754.9	267.2	22,636.3
Additions	2,671.6	990.6	10.8	3,673.0
Disposals/retirement	-	-	-	-
Reclassification1)	-728.9	820.3	3.2	94.7
Acquisition cost 31.12.2023	3,556.9	22,565.8	281.2	26,404.0
Accumulated depreciation and impairments 31.12.2022	-	6,558.5	191.1	6,749.6
Depreciation	-	2,135.0	35.6	2,170.6
Impairment/reversal (-)	34.0	-	-	34.0
Disposals/retirement depreciation	-	-	-	-
Accumulated depreciation and impairments 31.12.2023	34.0	8,693.5	226.6	8,954.2
Book value 31.12.2023	3,522.9	13,872.3	54.5	17,449.8
Acquisition cost 31.12.2023	3,556.9	22,565.8	281.2	26,404.0
Additions	4,510.6	256.0	26.7	4,793.4
Disposals/retirement	-	-	-	-
Reclassification2)	-502.9	614.7	-0.0	111.8
Acquisition cost 31.12.2024	7,564.7	23,436.6	307.9	31,309.1
Accumulated depreciation and impairments 31.12.2023	34.0	8,693.5	226.6	8,954.2
Depreciation	-	2,088.2	28.4	2,116.5
Impairment/reversal (-)	-0.0	-	-	-0.0
Disposals/retirement depreciation	-	-	-	-
Accumulated depreciation and impairments 31.12.2024	34.0	10,781.7	255.0	11,070.7
Book value 31.12.2024	7,530.7	12,654.9	52.9	- 20,238.4

1) The reclassification is mainly related to the Kobra East Gekko and Frosk development projects, which entered into production phase during 2023.

2) The reclassification is mainly related to the Tyrving and Hanz development projects, which entered into production phase during 2024.

See note 14 for information regarding impairment charges.

Capitalised exploration expenditures are reclassified to 'Assets under development' when the field enters into the development phase. If development plans are subsequently re-evaluated, the associated costs remain in assets under development and are not reclassified back to exploration assets. Assets under development are reclassified to 'Production facilities' from the start of production. Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3–5 years. Removal and decommissioning costs are included as production facilities or assets under development.

Tangible fixed assets – Right-of-use assets

(USD million)	Group and parent
	Drilling Rigs	Vessels and Boats	Office	Other	Total
Book value 31.12.2022	15.1	44.1	50.6	1.6	111.3
Acquisition cost 31.12.2022	17.9	54.7	76.2	2.3	151.1
Additions	685.3	-	19.2	-	704.5
Allocated to abandonment activity	-6.4	-1.1	-	-	-7.5
Disposals/retirement	-4.2	-	-	-	-4.2
Reclassification1)	-101.5	-2.4	-	-	-103.9
Acquisition cost 31.12.2023	591.0	51.2	95.5	2.3	740.0
Accumulated depreciation and impairments 31.12.2022	2.8	10.6	25.6	0.7	39.8
Depreciation	31.0	3.1	14.7	0.2	49.1
Impairment/reversal (-)	-	-	-	-	-
Disposals/retirement depreciation	-4.2	-	-	-	-4.2
Accumulated depreciation and impairments 31.12.2023	29.7	13.8	40.4	0.9	84.7
Book value 31.12.2023	561.4	37.4	55.1	1.4	655.3
Acquisition cost 31.12.2023	591.0	51.2	95.5	2.3	740.0
Additions	149.9	-	-	-	149.9
Allocated to abandonment activity	-24.9	-	-	-	-24.9
Disposals/retirement	-	-	-20.7	-	-20.7
Reclassification1)	-97.6	-	-	-	-97.6
Acquisition cost 31.12.2024	618.5	51.2	74.8	2.3	746.8
Accumulated depreciation and impairments 31.12.2023	29.7	13.8	40.4	0.9	84.7
Depreciation	67.8	6.7	15.0	0.2	89.6
Impairment/reversal (-)	-	-	-	-	-
Disposals/retirement depreciation	-	-	-6.3	-	-6.3
Accumulated depreciation and impairments 31.12.2024	97.5	20.4	49.0	1.1	168.0
Book value 31.12.2024	521.0	30.8	25.8	1.2	578.8

1) Reclassified to tangible and intangible fixed assets in line with the activity of the right-of-use asset.

See note 25 for information regarding leases.

Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.

Intangible assets

		Group and parent
		Capitalised exploration	Other intangible assets
(USD million)					Total
	Goodwill	expenditures	Depreciated	Not depreciated
Book value 31.12.2022	13,935.0	251.7	1,431.3	913.1	2,344.4
Acquisition cost 31.12.2022	15,014.1	450.3	2,342.5	1,036.4	3,379.0
Additions	-	238.6	-	9.1	9.1
Disposals/retirement/expensed dry wells	-	-153.9	-	-	-
Reclassification1)	-	9.2	97.9	-97.9	-
Acquisition cost 31.12.2023	15,014.1	544.3	2,440.4	947.6	3,388.1
Accumulated depreciation and impairments 31.12.2022	1,079.1	198.6	911.3	123.3	1,034.6
Depreciation	-	-	187.1	-	187.1
Impairment/reversal (-)	792.2	20.4	-	42.9	42.9
Disposals/retirement depreciation	-	-	-	-	-
Accumulated depreciation and impairments 31.12.2023	1,871.4	218.9	1,098.4	166.3	1,264.7
Book value 31.12.2023	13,142.8	325.4	1,342.0	781.4	2,123.4
Acquisition cost 31.12.2023	15,014.1	544.3	2,440.4	947.6	3,388.1
Additions	-	338.7	-	5.9	5.9
Disposals/retirement/expensed dry wells	-	-194.1	-	-	-
Reclassification2)	-	-14.2	128.1	-128.1	-
Acquisition cost 31.12.2024	15,014.1	674.7	2,568.5	825.4	3,393.9
Accumulated depreciation and impairments 31.12.2023	1,871.4	218.9	1,098.4	166.3	1,264.7
Depreciation	-	-	191.7	-	191.7
Impairment/reversal (-)	386.2	35.4	-	-	-
Disposals/retirement depreciation	-	-	30.8	-30.8	-
Accumulated depreciation and impairments 31.12.2024	2,257.5	254.4	1,320.8	135.5	1,456.3
Book value 31.12.20243)	12,756.6	420.4	1,247.7	689.9	1,937.6

1) The reclassification of other intangible assets is mainly related to the Kobra East Gekko development project, which entered into production phase during 2023.

2) The reclassification of other intangible assets is mainly related to the Tyrving development project, which entered into production phase during 2024.

3) As of 31 December 2024, goodwill consists of USD 6,863.3 million in residual goodwill and USD 5,893.2 million in technical goodwill.

Other intangible assets include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field.

(USD million)		Group		Parent
	2024	2023	2024	2023
Depreciation in the Income statement
Depreciation of tangible fixed assets	2,116.5	2,170.6	2,116.5	2,170.6
Depreciation of right-of-use assets	89.6	49.1	89.6	49.1
Depreciation of other intangible assets	191.7	187.1	191.7	187.1
Total depreciation in the Income statement	2,397.8	2,406.8	2,397.8	2,406.8
Impairment in the Income statement (USD million)
Impairment/reversal of tangible fixed assets	-0.0	34.0	-0.0	34.0
Impairment/reversal of other intangible assets	-	42.9	-	42.9
Impairment/reversal of capitalised exploration expenditures	35.4	20.4	35.4	20.4
Impairment of goodwill	386.2	792.2	386.2	792.2
Total impairments of tangible and intangible assets	421.6	889.5	421.6	889.5

See note 14 for information regarding impairment charges.

note 14 IMPAIRMENTS

Impairment testing

Impairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In 2024, two categories of impairment tests have been performed:

• – Impairment test of fixed assets and related intangible assets, including technical goodwill
• – Impairment test of residual goodwill

Impairment is recognised when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognised when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing has been performed in accordance with the fair value method (level 3 in fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may exceed periods greater than five years.

For producing licences and licences in the development phase, recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 31 December 2024.

Prices

Future price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of 2025 to the end of 2027. From 2028, the oil and gas prices are based on the company's long-term price assumptions. Long-term oil price assumption is updated from 71.4 USD/boe for the period 2028-2035 and from 66.3 USD/boe for the period from 2036 to 73.5 USD/boe for the period 2028 and thereafter. Long-term gas price assumption is updated from 0.70 GBP/therm to 0.74 GBP/therm.

The nominal oil and gas prices applied in the impairment test are as follows:

Year	Oil price USD/boe	Gas price GBP/therm
2025	73.3	1.17
2026	70.6	0.98
2027	69.2	0.82
From 2028 (in real 2024 terms)	73.5	0.74

Oil and gas reserves

Future cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. For more information about the determination of the reserves, reference is made to note 1, section 1.3 and to note 31.

Future expenditure

Future capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. The cash flows include a step up of CO2 tax/fees from current levels to approximately NOK 2,500 per tonne (2024 real) in 2030.

Discount rate

The discount rate is derived from the company's weighted average cost of capital ('WACC'). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return on investment by the company's investors. The cost of debt is based on the interest-bearing borrowings on debt specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group.

The post tax nominal discount rate used at year end is 8.8 percent. This represents a change from 8.9 percent applied at year end 2023.

Currency rates

Year	USD/NOK
2025	11.38
2026	11.35
2027	11.32
From 2028	10.00

The long-term currency rate is updated from USD/NOK 8.5 applied at year end 2023 to USD/NOK 10.0.

Inflation

The long-term inflation rate is assumed to be 2.0 percent, which is the same as applied at year end 2023. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate.

Impairment testing of assets including technical goodwill

The technical goodwill recognised in previous business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. Deferred tax is incorporated into the post-tax estimate of the fair value, ensuring comparability with the pre-tax carrying amount. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable.

Below is an overview of the impairment charge and the carrying value per cash-generating unit where impairment has been recognised in 2024:

Cash-generating unit	Group & Parent
(USD million)	Johan Sverdrup CGU	Valhall CGU	Grieg Aasen CGU
Net carrying value	10,400.7	6,554.6	3,580.1
Recoverable amount1)	10,286.3	6,501.5	3,361.4
Impairment/reversal (-)	114.4	53.1	218.7
Allocated as follows:
Technical goodwill	114.4	53.1	218.7
Other intangible assets/licence rights	-	-	-
Tangible fixed assets	-	-	-

1) The figures represents the recoverable amount at the end of Q3, as there were no impairments recorded in Q4.

The main reason for the impairment is related to decrease in short-term oil prices and decrease of deferred tax liabilities as described above. These impairment charges were recorded as part of the impairment testing in Q2 and Q3 2024. As of 31 December 2024, the recoverable amount exceeds the net carrying value mainly due to the increase in long-term oil and gas prices and USD/NOK currency rate compared to previous quarter.

Exploration assets

During 2024, an impairment charge of USD 35.4 million has been recognised. The impairment charge is mainly related to the former exploration wells Ferdinand, Hassel and Muskovitt and has been allocated to capitalised exploration expenditures.

Sensitivity analysis

The table below shows how the impairment or reversal of impairment would be affected by changes in the various assumptions, given that the remaining assumptions are constant. The figures in the table below are in all material respect related to impairment of technical goodwill, which would have no impact on deferred tax.

Assumption		Change in impairment after
(USD million)	Change	Increase in assumption	Decrease in assumption
Oil and gas price forward period	+/- 50%	-	2,366.5
Oil and gas price long-term	+/- 20%	-	1,187.9
Production profile (reserves)	+/- 5%	-	311.5
Discount rate	+/- 1% point	40.2	-
Currency rate USD/NOK	+/- 2.0 NOK	-	321.9
Inflation	+/- 1% point	-	482.9

Residual goodwill

Residual goodwill is assessed for impairment at the corporate level, and is based on a comparison between fair value and book value of equity. The fair value is calculated using the share price as of the balance sheet date, converted to USD based on the USD/NOK exchange rate at the end of the period, and adjusted for a control premium (classified as level 3 in the fair value hierarchy). As of year end 2024, the fair value exceeds the book value of equity, and no impairment is thus recognised.

Climate related risks

As mentioned in the future expenditures section, the cash flows applied in the impairment testing include a step up of CO2 tax/fees from current levels to approximately NOK 2,500 per tonne (2024 real) in 2030.

Further, as described in note 3, a sensitivity analysis has been performed towards various scenarios from International Energy Agency have been included in a separate sensitivity test as presented below. The price assumptions in those scenarios have been provided by IEA for 2030 and 2050 in 2023 real terms. For the sensitivity calculation, a linear development between the average price for 2024 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarises how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:

IEA Scenario Change in impairment
(USD million)	Stated Policies	Announced Pledges	Net Zero
Valhall CGU	-	118.2	3,491.1
Skarv CGU	-	-	-
Ula CGU	-	-	-
Alvheim CGU	-	-	306.3
Johan Sverdrup CGU	-	-	1,284.5
Grieg Aasen CGU	-	-	473.2
Yggdrasil CGU	-	-	368.1
Verdande CGU	-	-	-
Total	-	118.2	5,923.3

Scenario price ranges		Oil USD/bbl		Gas USD/mmbtu
	2030	2050	2030	2050
Stated Policies	79	75	6.5	7.7
Announced Pledges	72	58	6.0	5.2
Net Zero	42	25	4.4	4.0

In addition, capitalised exploration and other related balances have been reviewed as of year end 2024, in order to assess the exposure and dependency of future government approvals. An amount of USD 612 million would have been impaired in a situation where no new project developments would be approved.

Impairment testing in 2023

In 2023, the impairment charge was mainly related to three CGU's and allocated to technical goodwill, other intangible assets from acquisitions and tangible fixed assets, in addition to an impairment of exploration assets and other non-current assets. The methodology for impairment testing was the same as in 2024 as described in this note.

The following assumptions were applied for the impairment testing at year end 2023:

• – Discount rate of 8.9 percent nominal after tax for both value in use and fair value testing
• – Long-term inflation of 2.0 percent
• – Long-term exchange rate of NOK/USD 8.5 (forward curve first three years)
• – Long-term oil price assumption (real 2024) of 71.4 USD/boe from 2027 to 2035 and 66.3 USD/boe thereafter, using forward curve first three years

Summary of impairment/reversal of impairments

The following impairments/(reversals) have been recorded:

	Group		Parent
(USD million)	2024	2023	2024	2023
Impairment/reversal of tangible fixed assets	-0.0	34.0	-0.0	34.0
Impairment/reversal of other intangible assets	-	42.9	-	42.9
Impairment/reversal of capitalised exploration expenditures	35.4	20.4	35.4	20.4
Impairment of goodwill	386.2	792.2	386.2	792.2
Total impairments	421.6	889.5	421.6	889.5

note 15 TRADE RECEIVABLES

Trade receivables are recognised in the Statement of Financial Position at nominal value after a deduction for the provision for credit losses. Historically there have been no significant credit losses, and the company's customers are mainly large, financially sound oil companies. Trade receivables consist of receivables related to the sale of oil and gas.

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Receivables related to the sale of petroleum	914.9	875.7	914.9	875.8
Total trade receivables	914.9	875.7	914.9	875.8

Age distribution of trade receivables as of 31 December for the group and parent was as follows:

Year

(USD million)	Total	Not due	<30d	30-90d	>90d
2024	914.9	914.7	0.2	-	-
2023	875.7	875.7	0.0	-	-

note 16 OTHER SHORT-TERM RECEIVABLES

Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Prepayments	390.8	279.7	390.8	279.7
VAT receivable	45.6	18.8	45.6	18.8
Underlift of petroleum	97.9	41.7	97.9	41.7
Other receivables, mainly balances with licence partners	262.1	185.1	262.1	185.0
Total other short-term receivables	796.4	525.3	796.4	525.2

Prior to 2024, accrued income from sale of petroleum products was included in other short-term receivables. From 2024, these receivables have been presented as part of trade receivables. Prior periods have been adjusted accordingly.

note 17 INVENTORIES

The inventory mainly consists of equipment for the drilling of exploration and production wells.

Inventory value

	Group		Parent
(USD million)	2024	2023	2024	2023
Inventories - measured at cost	365.5	255.5	365.5	255.5
Provision for obsolete equipment	59.6	53.1	59.6	53.1
Book value of inventories	305.9	202.3	305.9	202.3

note 18 OTHER NON-CURRENT ASSETS

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Shares in Alvheim AS	0.0	0.0	0.0	0.0
Shares in Det norske oljeselskap AS	1.0	1.0	1.0	1.0
Shares in Aker BP UK	-	-	-	-
Shares in Sandvika Fjellstue AS	1.8	1.8	1.8	1.8
Investment in subsidiaries1)	2.8	2.8	2.8	2.8
Continuing involvement - Cognite AS2)	-	81.4	-	81.4
Unamortised fees - RCF3)	12.3	15.0	12.3	15.0
Other non-current assets	7.4	3.6	7.4	3.6
Total other non-current assets	22.6	102.9	22.6	102.9

• 1) Alvheim AS, Det norske oljeselskap AS and Sandvika Fjellstue AS have been deemed immaterial for consolidation purposes. For more information regarding shares in subsidiaries, see note 2.
• 2) In 2022 the company sold its shares in Cognite AS to Saudi Aramco Development Company for a consideration of USD 118 million. As part of the transaction, Aker BP granted the buyer an option with maturity in November 2024 which under certain conditions gave the buyer the right to sell the shares back to Aker BP for USD 81.4 million. On this basis, Aker BP was considered to have continuing involvement in Cognite AS, in accordance with guidelines in IFRS 9 and both an asset and a liability of USD 81.4 million was recognised in the statement of financial position. These have been derecognised in 2024 as the buyer has not declared the option within the mentioned maturity.
• 3) Remaining unamortised fees related to the Revolving Credit Facility (RCF). These have been reclassified from other interest-bearing debt as the RCF was undrawn as at 31 December 2024 and as at 31 December 2023.

note 19 CASH AND CASH EQUIVALENTS

The item 'Cash and cash equivalents' consists of bank accounts and time deposits that constitute parts of the group's transaction liquidity.

Breakdown of cash and cash equivalents

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Bank deposits	4,125.8	3,366.9	4,125.7	3,366.9
Restricted bank deposits1)	21.2	21.5	21.2	21.5
Cash and cash equivalents	4,146.9	3,388.4	4,146.9	3,388.4
Undrawn RCF facility	3,400.0	3,400.0	3,400.0	3,400.0

1) Tax deduction account.

The RCF is undrawn as at 31 December 2024 and the remaining unamortised fees of USD 12.3 million related to the facility are therefore included in other non-current assets.

The senior unsecured Revolving Credit Facility (RCF) of USD 3.4 billion was established in May 2019 and consist of two tranches:

• 1. Working Capital Facility with a committed amount of USD 1.4 billion until 2025 and USD 1.3 billion until 2026, and
• 1. Liquidity Facility with a committed amount of USD 2.0 billion until 2025 and USD 1.65 billion until 2026.

The interest rate for the Working Capital Facility is Term SOFR plus a margin of 1.00 percent and for the Liquidity Facility Term SOFR plus a margin of 0.75 percent.

In 2023, Aker BP signed a new USD 1.8 billion RCF. The new facility will have a forward date (availability date) at the same time as the existing RCF expires in 2026 and has a maturity in 2029. The facility includes one extension option with potential final maturity in 2030. The interest rate for the new facility is Term SOFR plus a margin of 0.85 percent.

Drawing under the Liquidity Facility and the new RCF will add a utilisation fee. A commitment fee of 35 percent of applicable margin is paid on the undrawn part of the Working Capital Facility and Liquidity Facility. For the new RCF, commitment fee will not apply until the availability date in 2026.

The financial covenants are as follows:

• – Leverage Ratio: Net interest-bearing debt divided by twelve months rolling EBITDAX (excluding any impacts from IFRS 16) shall not exceed 3.5 times
• – Interest Coverage Ratio: Twelve months rolling EBITDA divided by Interest expenses (excluding any impacts from IFRS 16) shall be a minimum of 3.5 times

The financial covenants in the group's current debt facilities exclude the effects from IFRS 16, and therefore cannot be directly derived from the group's financial statements. See reconciliations of Alternative Performance Measures for detailed information.

As at 31 December 2024 the Leverage Ratio is 0.29 and Interest Coverage Ratio is 75.9 (see APM section for further details). Based on the group's current business plans and applying oil and gas price forward curves at end of 2024, the group's estimates show that the financial covenants will continue to comply with the covenants by a substantial margin.

note 20 SHARE CAPITAL AND SHAREHOLDERS

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Share capital	84.3	84.3	84.3	84.3
Total number of shares (in 1,000)	632,022	632,022	632,022	632,022
Nominal value per share in NOK	1.0	1.0	1.0	1.0

There is only one single class of shares in the company and all shares carry a single voting right.

The company acquires own shares in connection with the annual share purchase program for all employees, and potentially for use in relation to the LTIP program for EMT members at vesting in 2025 and onwards. During 2024 the company purchased 600,000 (0.1 percent of the share capital) and sold 1,271,447 (0.2 percent of the share capital) own shares. The average price per share was NOK 253.8 and 182.9 respectively. At year end 2024 the company had 57,009 own shares, equivalent to 0.0 percent of the total number of shares. The shares have a face value of NOK 1.0 and an average cost value of NOK 257.0 per share.

Overview of the 20 largest shareholders registered as of 31 December 2024	No. of shares (in 1,000)	Owning interest
Aker Capital	133,758	21.16%
BP Exploration Operating Company Ltd	100,303	15.87%
Nemesia	90,909	14.38%
Folketrygdfondet	33,452	5.29%
BlackRock	16,962	2.68%
Vanguard	12,332	1.95%
MFS Investment Management	11,935	1.89%
Invesco	11,380	1.80%
DNB Asset Management AS	11,324	1.79%
KLP Kapitalforvaltning AS	5,876	0.93%
Avanza Bank AB	5,759	0.91%
Storebrand Asset Management	5,473	0.87%
Nordea Funds	5,097	0.81%
State Administration of Foreign Exchange (SAFE)	4,844	0.77%
Danske Invest	4,091	0.65%
Magallanes Value Investors SGIIC	4,085	0.65%
State Street Global Advisors	3,252	0.51%
TIAA - Teachers Advisors	3,175	0.50%
Thompson, Siegel & Walmsley LLC	3,149	0.50%
Dimensional Fund Advisors	2,857	0.45%
Other	162,010	25.63%
Total	632,022	100.00%

note 21 BONDS

	Outstanding	Group and parent
(USD million)	amount	31.12.2024	31.12.2023
Senior Notes 3.000% (Jan 20/Jan 25)2) 3)	USD 63.6 mill	-	94.5
Senior Notes 2.875% (Sep 20/Jan 26)2) 3)	USD 95.5 mill	95.0	128.3
Senior Notes 2.000% (Jul 21/Jul 26)2) 3) 4)	USD 104.8 mill	100.5	660.4
Senior Notes 5.600% (Jun 23/Jun 28)	USD 500 mill	497.5	496.8
Senior Notes 1.125% (May 21/May 29)	EUR 750 mill	776.0	824.8
Senior Notes 3.750% (Jan 20/Jan 30)	USD 1,000 mill	996.0	995.2
Senior Notes 4.000% (Sep 20/Jan 31)	USD 750 mill	746.5	745.9
Senior Notes 3.100% (Jul 21/Jul 31)4)	USD 1,000 mill	877.9	859.3
Senior Notes 4.000% (May 24/May 32)5)	EUR 750 mill	772.0	-
Senior Notes 6.000% (Jun 23/Jun 33)	USD 1,000 mill	993.7	993.0
Senior Notes 5.125% (Oct 24/Oct 34)1)	USD 750 mill	742.0	-
Senior Notes 5.800% (Oct 24/Oct 54)1)	USD 750 mill	739.7	-
Long-term bonds - book value		7,336.8	5,798.2
Long-term bonds - fair value		7,080.0	5,629.4
Senior Notes 3.000% (Jan 20/Jan 25)2) 3)	USD 63.6 mill	63.5	-
Short-term bonds - book value		63.5	-
Short-term bonds - fair value		63.5	-

1) In October 2024 the company issued two new US bonds:

• USD 750 million aggregate principal amount of 5.125% Senior Notes due 2034

• USD 750 million aggregate principal amount of 5.800% Senior Notes due 2054

• 2) Parts of the proceeds from the new bonds were used to repurchase the following principal amounts:

  • USD 31.9 million on USD Senior Notes 3.000% (Jan 2025) - USD 34.2 million on USD Senior Notes 2.875% (Jan 2026)
  • USD 602.3 million on USD Senior Notes 2.000% Senior Notes (Jul 2026)

The fair values of these bonds were lower than the principal value at the time of repurchase. Adjusted for expensed amortised cost, this resulted in a net loss of USD 5.6 million presented as other financial expense in 2024.

• 3) The following principal amounts were repurchased in 2023:
  • USD 404.5 million on USD Senior Notes 3.000% (Jan 2025)
  • USD 370.3 million on USD Senior Notes 2.875% (Jan 2026)
  • USD 292.9 million on USD Senior Notes 2.000% (Jul 2026)

The fair values of these bonds were lower than the principal value at the time of repurchase. This resulted in a net gain of USD 43.7 million presented as other financial income in 2023.

• 4) Prior to the repurchase mentioned above, these bonds had a nominal value of USD 1 billion and were recognised at fair value in connection with the Lundin Energy transaction in 2022. The difference between fair value and nominal value is linearly amortised over the lifetime of the bonds (see note 10).
• 5) In May 2024 the company issued a new EUR 750 million aggregate principal amount of 4.000% Senior Notes due 2032.

Interest is paid on a semi-annual basis, except for the EUR Senior Notes which are paid on an annual basis. None of the bonds have financial covenants.

The fair values of bonds are based on the listed prices in the active markets (level 1 in fair value hierarchy).

note 22 PROVISION FOR ABANDONMENT LIABILITIES

note 23 DERIVATIVES
---------------------------

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Provisions as of beginning of period	4,554.7	4,165.6	4,554.7	4,165.6
Incurred removal cost	-227.3	-160.2	-227.3	-160.2
Accretion expense	184.1	166.3	184.1	166.3
Impact of changes to discount rate	-358.0	-101.2	-358.0	-101.2
Change in estimates and new provisions	126.0	484.1	126.0	484.1
Total provision for abandonment liabilities	4,279.4	4,554.7	4,279.4	4,554.7
Breakdown of the provision
Short-term	131.7	250.6	131.7	250.6
Long-term	4,147.7	4,304.1	4,147.7	4,304.1
Total provision for abandonment liabilities	4,279.4	4,554.7	4,279.4	4,554.7

Estimates are based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. The nominal pre-tax discount rate (risk free) at end of 2024 is between 4.2 percent and 4.6 percent, depending on the timing of the expected cash flows. The corresponding range at year end 2023 was between 4.0 percent and 4.9 percent. The calculations assume an inflation rate of 2.0 percent for all applicable periods.

Climate-related risk:

As described in note 3 on climate-related risk, a sensitivity analysis has been performed to show the impact on the book value of abandonment provisions as at 31 December 2024, if cease of production of fields with estimated lifetime from 2040 were accelerated by ten years. Such acceleration would result in an increase in the book value of abandonment provision of USD 824 million.

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Unrealised gain currency contracts	5.0	38.1	5.0	38.1
Long-term derivatives included in assets	5.0	38.1	5.0	38.1
Unrealised gain commodity derivatives	-	0.2	-	0.2
Unrealised gain currency contracts	0.3	147.9	0.3	147.9
Short-term derivatives included in assets	0.3	148.1	0.3	148.1
Total derivatives included in assets	5.2	186.2	5.2	186.2
Unrealised losses interest rate swaps1)	7.1	-	7.1	-
Unrealised losses currency contracts	48.1	0.5	48.1	0.5
Long-term derivatives included in liabilities	55.3	0.5	55.3	0.5
Fair value of option related to sale of Cognite	-	4.8	-	4.8
Unrealised losses commodity derivatives	0.6	-	0.6	-
Unrealised losses currency contracts	151.1	28.0	151.1	28.0
Short-term derivatives included in liabilities	151.7	32.8	151.7	32.8
Total derivatives included in liabilities	207.0	33.3	207.0	33.3

1) USD 400 million of the Senior Notes 5.125% due 2034 has been swapped from a fixed rate to a floating rate using an interest rate swap. Starting from October 2026 until maturity in 2034, the group will pay SOFR plus a fixed spread and receive 5.125% semi-annually.

The company has various types of economic hedging instruments, but no hedge accounting is applied. Commodity derivatives may be used to hedge the risk of oil and gas price reduction. The company currently has limited exposure towards fluctuations in interest rate with all outstanding debt carrying fixed interest rate. Any conversion of fixed to floating rate is managed using interest rate derivatives. Foreign currency exchange derivatives are used to manage the company's exposure to currency risks, primarily related to costs in NOK, EUR and GBP. These derivatives are marked to market, with changes in market

value recognised in the income statement. In the income statement, impacts from commodity derivatives are presented as other income, while impacts from other derivatives are presented as financial items.

As of year end 2024 the company has used currency derivatives to secure approximately NOK 31 billion in 2025 by selling USD at an average exchange rate of USD/NOK 10.78, NOK 7 billion in 2026 at an average rate of USD/NOK 10.71, and NOK 4 billion in 2027 at an average rate of USD/NOK 11.01. In addition, NOK 2.1 billion is secured for 2025 using options, with a weighted average strike price of USD/NOK 12.00 and NOK 1.9 billion is secured for 2026 with a weighted average strike price of USD/NOK 10.61.

note 24 OTHER CURRENT LIABILITIES

Breakdown of other current liabilities

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Balances with licence partners	61.0	30.9	61.0	30.9
Share of other current liabilities in licences	771.3	692.5	771.3	692.3
Overlift of petroleum	24.7	42.8	24.7	42.8
Accrued interest	123.0	85.8	123.0	85.8
Payroll liabilities and other provisions	165.8	219.2	165.8	218.5
Total other current liabilities	1,145.8	1,071.0	1,145.7	1,070.2

note 25 LEASE AGREEMENTS

The group has entered into leases for rig contracts, other licence related commitments and office premises. The leases do not contain any restrictions on the company's dividend policy or financing. Lease agreements that are planned to be applied on several operated licences, are generally recognised on a gross basis as Aker BP is deemed to be the primary obligator.

Significant lease agreements in the statement of financial position

At year-end 2024, the group had four operated rig commitments recognised as lease debt.

Noble Invincible: The contract with Noble for the jack-up rig Noble Invincible commenced in April 2023 and is expected to expire in November 2027, and includes options to suspend the commitment for parts of the period.

Noble Integrator: The contract with Noble for the jack-up rig Noble Integrator commenced in April 2024 and is expected to expire in November 2027, and includes options to suspend the commitment for parts of the period.

Deepsea Nordkapp: The contract with Odfjell Drilling for the semi-submersible rig Deepsea Nordkapp commenced in October 2023, with a firm contract scope until end of 2026, with possible optionality to extend the contract period further. The contract is recognised as a lease liability for the firm period.

Scarabeo 8: The contract with Saipem for the semi-submersible rig Scarabeo 8 commenced in January 2023 and is expected to expire in December 2027. The contract duration is three years, with two one-year options and a mechanism for rate adjustment to market rates from the third year onwards. The contract is recognised as a lease liability for the full contract period, including the two one-year option periods, with the first option period exercised in 2024.

In addition, Aker BP had a lease liability related to the semi-submersible rig Deepsea Atlantic, operated by Equinor on Johan Sverdrup, which ended mid-2024.

The semi-submersible rig Deepsea Stavanger is expected to join the Aker BP rig fleet in the first half of 2025 for a five-year contract.

The minimum commitments from the lease contract described above that has not commenced within year end 2024, have been included as other commitments in note 26.

Other lease information

Non-lease components such as the service element of rig commitments are not included as part of the lease debt. As at 31 December 2024 this amounts to USD 319 million.

The total expenditure relating to short-term leases which are not recognised as part of lease liabilities was USD 5 million in 2024 (USD 4 million in 2023).

The group does not have any residual value guarantees or variable lease payments. Extension options are included in the lease liability when, based on management's judgement, it is reasonably certain that an extension will be exercised. No sublease of right-of-use assets has been recognised as of year-end 2024.

The incremental borrowing rate applied in discounting of the nominal lease debt is between 2.5 percent and 6.9 percent, dependent on the duration of the lease and when it was initially recognised.

	Group		Parent
(USD million)	2024	2023	2024	2023
Lease debt as of beginning of period	704.2	134.4	704.2	134.4
New leases and remeasurements	149.9	704.5	149.9	704.5
Payments of lease debt1)	-197.2	-160.4	-197.2	-160.4
Lease debt derecognised	-14.5	-	-14.5	-
Interest expense on lease debt	38.1	26.9	38.1	26.9
Currency exchange differences	-4.8	-1.2	-4.8	-1.2
Total lease debt	675.6	704.2	675.6	704.2

Breakdown of the lease debt to short-term and long-term liabilities
Short-term	217.7	148.7	217.7	148.7
Long-term	458.0	555.5	458.0	555.5
Total lease debt	675.6	704.2	675.6	704.2

	Group		Parent
(USD million)	2024	2023	2024	2023
Payments of lease debt split by activities
Investments in fixed assets	65.4	95.7	65.4	95.7
Abandonment activity	26.2	8.3	26.2	8.3
Operating expenditures	7.6	11.3	7.6	11.3
Exploration expenditures	31.6	12.0	31.6	12.0
Other income	66.5	33.1	66.5	33.1
Total	197.2	160.4	197.2	160.4

	Group		Parent
(USD million)	2024	2023	2024	2023
Nominal lease debt maturity breakdown
Within one year	247.5	220.2	247.5	220.2
Two to five years	480.7	528.4	480.7	528.4
After five years	1.9	11.8	1.9	11.8
Total	730.1	760.4	730.1	760.4

note 26 COMMITMENTS

Capital commitments and other contractual obligations

Aker BP`s net share of capital commitments and other contractual obligations in the table below are mainly related to unavoidable costs related to development projects, non-lease components of rig commitments, rig leases not yet commenced and booked future gas transportation capacity. The figures have been calculated based on the assumed net share for the company based on the planned use of the related leased assets as at 31 December 2024. The numbers below exclude any liabilities disclosed in note 25 in relation to right-of-use assets.

	Group		Parent
(USD million)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Within one year	1,190.6	1,191.9	1,190.6	1,191.9
Two to five years	573.8	753.8	573.8	753.8
After five years	43.4	76.0	43.4	76.0
Total	1,807.8	2,021.8	1,807.8	2,021.8

The main part of the commitments within one year in the table above relates to non-cancellable expenditures on contracts entered into in connection with the PDO's delivered in 2022.

Contingent liabilities

During the normal course of its business, the company will be involved in disputes, including tax disputes. Potential tax claims related to previous taxable income of acquired companies can to some extent be reimbursed from the sellers. The company has made accruals for probable liabilities related to litigation and claims based on management's best judgment and in line with IAS 37 and IAS 12.

As for other licences on the NCS, the company has unlimited liability for damage, including pollution damage. The company has insured its pro rata liability on the NCS on a par with other oil companies. Facilities and liabilities towards third parties are covered by an operational insurance policy.

note 27 TRANSACTIONS WITH RELATED PARTIES

The three main shareholders in Aker BP are Aker Capital AS, BP Exploration Operating Company and Nemesia S.a.r.l, which are all considered to have significant influence over Aker BP. Aker BP has no transactions with entities controlled by Nemesia. Entities controlled by either of the Aker Group or BP Group are considered to be related parties under IFRS and are listed in the table below. The figures listed represent net charges to Aker BP.

		Group		Parent
(USD million)	Revenues (-)/expenses (+)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Related party
Aize AS	Purchases of consultant and technology services	15.3	13.1	15.3	13.1
Aker ASA	BoD remuneration etc.	0.8	0.5	0.8	0.5
Fornebu Gateway Felleskost AS	Office cost	1.0	0.4	1.0	0.4
Cognite AS	Purchases of consultant and IT services	10.1	11.9	10.1	11.9
FP Soft Services AS	Office cost	1.8	0.7	1.8	0.7
BP Oil International Ltd	Sales of oil and NGL	-10,633.3	-11,591.4	-10,633.3	-11,591.4
BP Gas Marketing Ltd	Sales of gas	-1,287.5	-1,083.1	-1,287.5	-1,083.1

		Group			Parent
(USD million)	Receivables (+)/liabilities (-)	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Related party
Aker BP UK Ltd1)	Other receivables	-	-	10.3	8.5
BP Oil International Ltd	Trade receivables	663.8	637.7	663.8	637.7

1) Aker BP ASA has a receivable towards Aker BP UK Ltd that has been fully written down due to the lack of current revenues in Aker BP UK. As a result, it is deemed unlikely that Aker BP UK will be able to repay the loan.

note 28 FINANCIAL INSTRUMENTS

Capital structure and equity

The company's financial position is strong and has clear capital allocation principles. The company's priorities are to keep a robust balance sheet with financial flexibility and investment grade credit rating, invest in profitable growth and distribute value creation back to our shareholders.

The company has an investment grade rating by S&P Global, Fitch and Moody's.

The company continuously monitors changes in financing needs, risk, assets and cash flows. To maintain the desired capital structure, the company considers various types of capital transactions, including refinancing of its debt, purchase or issue new shares or debt instruments, sell assets or returning capital to the owners.

Unless specified otherwise, the numbers below apply both to the group and the parent.

Categories of financial assets and liabilities

The company has the following financial assets and liabilities: financial assets and liabilities recognised at fair value through profit or loss, cash and receivables and other liabilities. The latter two are recognised in the accounts at amortised cost, while the first item is recognised at fair value.

	Categories of financial assets and financial liabilities - group and parent
--	-----------------------------------------------------------------------------	--

	Financial assets at fair value through profit and loss	Financial assets measured at amortised cost	Financial liabilities at fair value through profit and loss	Financial liabilities measured at amortised cost	Total
31.12.2024
Assets
Trade receivables	-	914.9	-	-	914.9
Other short-term receivable1)	3.3	402.4	-	-	405.7
Cash and cash equivalents	-	4,146.9	-	-	4,146.9
Long-term receivables	-	69.0	-	-	69.0
Derivatives	5.2	-	-	-	5.2
Total financial assets	8.5	5,533.3	-	-	5,541.8
Liabilities
Derivatives	-	-	207.0	-	207.0
Trade creditors	-	-	-	329.1	329.1
Bonds	-	-	-	7,400.3	7,400.3
Other short-term liabilities	-	-	-	1,145.8	1,145.8
Total financial liabilities	-	-	207.0	8,875.2	9,082.2

1) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.

Categories of financial assets and financial liabilities - group and parent

	Financial assets at fair value through profit and loss	Financial assets measured at amortised cost	Financial liabilities at fair value through profit and loss	Financial liabilities measured at amortised cost	Total
31.12.2023
Assets
Trade receivables	-	875.7	-	-	875.7
Other short-term receivables1)	-	245.5	-	-	245.5
Cash and cash equivalents	-	3,388.4	-	-	3,388.4
Long-term receivables	7.0	62.2	-	-	69.1
Derivatives	186.2	-	-	-	186.2
Total financial assets	193.2	4,571.8	-	-	4,764.9
Liabilities
Derivatives	-	-	33.3	-	33.3
Trade creditors	-	-	-	291.0	291.0
Bonds	-	-	-	5,798.2	5,798.2
Other short-term liabilities	-	-	-	1,071.0	1,071.0
Total financial liabilities	-	-	33.3	7,160.2	7,193.4

1) Prepayments are not included in other short-term receivables, as they do not meet the definition of financial instruments.

Financial risk

The company has financed its activities with bonds (see note 21) and maintains an undrawn revolving credit facility with a syndication of banks (see note 19). In addition, the company has financial instruments such as trade receivable, trade creditors, cash balances etc., directly related to its day-to-day operations. For hedging purposes, the company has different types of economic hedging instruments, but no hedge accounting is applied.

Commodity derivatives may be used to mitigate the risk of lower oil and gas prices, while foreign currency exchange derivatives help reduce currency risk.

In 2024, all outstanding notes carries fixed-rate coupons. However, the group has swapped USD 400 million of the Senior Notes 5.125% 2034 bond from a fixed rate to a floating rate using an interest rate swap.

The most important financial risks which the company is exposed to relate to lower oil and gas prices, change in foreign exchange rates and access to cost efficient funding.

The company's risk management, including financial risk management, is designed to ensure identification, analysis and systematic and cost-efficient handling of risk. Established management procedures provide a sound basis for reporting and monitoring of the company's financial risk exposure.

(i) Commodity price risk

Aker BP's revenues are derived from the sale of petroleum products, and the revenue flow is therefore exposed to oil and gas price fluctuations. The company is continuously evaluating and assessing opportunities for hedging as part of a prudent financial risk management process. The company had no material commodity derivatives exposure per 31 December 2024.

(ii) Currency risk

Revenues from sale of petroleum products are mainly in USD, EUR and GBP, while expenditures are mainly in NOK, USD, EUR and GBP. Sales and expenses in the same currency contribute to mitigating some of the currency risk. Currency derivatives are used to further reduce this risk.

The table below shows the company's exposure in NOK as of 31 December:

Exposure relating to

(USD million)	31.12.2024	31.12.2023
Cash and cash equivalents and receivables	330.1	229.3
Trade creditors, tax payable, leasing liability and other short-term liabilities	-3,129.6	-4,515.7
Net exposure to NOK	-2,799.6	-4,286.4

The amounts above does not include tax balances in NOK, as they are not deemed to be financial instruments. The company's management of currency risk takes into account the USD values of non-USD assets, liabilities, opex and investments over time, including those exposures arising from the requirement to perform the tax calculation in NOK while the company's functional currency is USD.

The table below shows the impact on profit/loss from changes in NOK/USD exchange rate, including the impact from currency derivatives. For further information about currency derivatives, see note 23.

(USD million)	Change in exchange rate	31.12.2024	31.12.2023
Effect on pre-tax profit/loss:	+ 10%	-100.6	-5.6
	- 10%	108.5	30.8

In 2024 the company had EUR/USD exposure related to bond, cash and cash equivalents and receivables from gas sales. As the company have two Senior Notes bonds denominated in EUR, there is currency risk associated with the translation to the company's USD functional currency and the cash payments of interest and principle amounts, though EUR denominated gas sales and EUR Time Deposit mitigate the risks associated with payments.

The table below shows the company's exposure in EUR as of 31 December:

Exposure relating to

(USD million)	31.12.2024	31.12.2023
Cash and cash equivalents and receivables	1,186.3	750.8
Bond, trade creditors and other short-term liabilities	-1,779.0	-936.7
Net exposure to EUR	-592.7	-185.9

The table below shows the impact on profit/loss from changes in EUR/USD exchange rate for the EUR bond, cash and cash equivalents and receivables.

(USD million)	Change in exchange rate	31.12.2024	31.12.2023
Effect on pre-tax profit/loss:	+ 10%	53.6	16.9
	- 10%	-66.2	-20.7

In 2024 the company had GBP/USD exposure related cash and cash equivalents and receivables from gas sales.

The table below shows the company's exposure in GBP as of 31 December:

Exposure relating to

(USD million)	31.12.2024	31.12.2023
Cash and cash equivalents and receivables	227.2	75.1
Trade creditors and other short-term liabilities	-34.6	-52.2
Net exposure to GBP	192.5	22.9

The table below shows the impact on profit/loss from changes in GBP/USD exchange rate for cash and cash equivalents and receivables.

(USD million)	Change in exchange rate	31.12.2024	31.12.2023
Effect on pre-tax profit/loss:	+ 10%	-17.4	-2.1
	- 10%	21.6	2.6

The company is also exposed to changes in other exchange rates, but the amounts are deemed immaterial.

(iii) Interest-rate risk

In 2024, the company had no outstanding debt liabilities exposed to floating interest rate risk, which is unchanged from 2023. However, the company has swapped USD 400 million of the Senior Notes 5.125% 2034 bond from a fixed rate to a floating rate using an interest rate swap. Additionally, the company is exposed to interest-rate risk related to cash and cash equivalents.

The following table shows the company's sensitivity to potential changes in interest rates on cash balances, partly offset by interest rate swap for 2024. For further information about interest rate swap, see note 23.

Change in interest rate level in basis points

(USD million)		31.12.2024	31.12.2023
Effect on pre-tax profit/loss:	+ 100 points	18.3	33.9
	- 100 points	-14.6	-33.9

The terms of the company's debt instruments are described in notes 19 and 21.

(iv) Liquidity risk/liquidity management

The company's liquidity risk is the risk that it will not be able to meet its financial obligations as they fall due.

Short-term (12 months) and long-term (five years) forecasts are prepared on a regular basis to plan the company's liquidity requirements. These plans are updated regularly for various scenarios and form part of the decision basis for the company's management and the board of directors.

Excess liquidity is defined as the sum of bank account balances, short-term bank deposits and unused credit facilities. For excess liquidity, the requirement for low liquidity risk (i.e. the risk of realisation on short notice) is generally more important than maximising the return.

The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 15, 16 and 19.

The company's objective for the placement and management of excess capital is to maintain a low risk profile and good liquidity.

The company's liquid assets as of 31 December 2024 are deposited in bank accounts and on short term time deposits with banks. As of 31 December 2024, the group had cash reserves of USD 4,147 million (2023: USD 3,388 million). Revenues and expenses are managed on a day-to-day basis for liquidity risk management purposes.

The table below shows the payment structure for the company's financial commitments, based on undiscounted contractual payments. For corresponding information on lease debt and capital commitments and other contractual obligations, reference is made to note 25 and 26.

Book value Contract related cash flow Less than 1 year 1-2 years 2-5 years over 5 years Total 31.12.2024 Non-derivative financial liabilities: Bonds 7,400.3 336.5 512.3 2,174.3 7,749.7 10,772.7 Trade creditors and other liabilities 1,474.9 1,474.9 - - - 1,474.9 Derivative financial liabilities Derivatives 207.0 151.7 37.9 16.0 1.4 207.0 Total as of 31.12.2024 9,082.2 1,963.1 550.1 2,190.3 7,751.2 12,454.6

31.12.2023
Non-derivative financial liabilities:
Bonds	5,798.2	216.1	311.2	1,928.2	5,136.5	7,592.0
Trade creditors and other liabilities	1,362.0	1,362.0	-	-	-	1,362.0
Derivative financial liabilities
Derivatives	33.3	32.8	0.5	-	-	33.3
Total as of 31.12.2023	7,193.4	1,610.9	311.7	1,928.2	5,136.5	8,987.3

(v) Credit risk

The risk of counterparties being financially incapable of fulfilling their obligations is regarded as minor as there have not historically been any losses on trade receivable. The company's customers and licence partners are generally large and credit worthy oil companies, and it has thus not been necessary to make any provision for credit losses.

In the management of the company's liquid assets, low credit risk is prioritised. Liquid assets are generally placed in bank deposits that represent a low credit risk. All investments are subject to internal policy that requires a rating equivalent to A-2 from S&P and limits investment with a single counterparty.

The maximum credit risk exposure corresponds to the book value of financial assets. The company deems its maximum risk exposure to correspond with the book value of cash and cash equivalents, accounts receivable and other short-term receivables, see notes 15, 16 and 19.

Determination of fair value

The fair value of forward exchange contracts is determined using the forward exchange rate at the end of the reporting period. The fair value of commodity derivatives is determined using the forward Brent blend curve at the end of the reporting period. The fair value of interest rate swaps and cross currency interest rate swaps is determined by using the expected floating interest rates at the end of the period and is confirmed by external market sources. See note 23 for detailed information about the derivatives.

The carrying amount of cash and cash equivalents is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivable, other receivables, trade creditors and other short-term liabilities is materially the same as their fair value as they are entered into on ordinary terms and conditions.

The Senior Notes are all listed on The Luxembourg Stock Exchange. The fair values for disclosure purposes are determined using the quoted value as of 31 December 2024.

The following is a comparison between the book value and fair value of the company's financial instruments, except those where the carrying amount is a reasonable approximation of fair value (such as short-term trade receivables and payables in addition to instruments measured to fair value).

Fair value of financial instruments

	31.12.2024		31.12.2023
(USD million)	Book value	Fair value	Book value	Fair value
Financial liabilities measured at amortised cost:
Bonds	7,400.3	7,143.5	5,798.2	5,629.4
Total financial liabilities	7,400.3	7,143.5	5,798.2	5,629.4

Fair value hierarchy

The company classifies fair value measurements by employing a value hierarchy that reflects the significance of the input used in preparing the measurements. The fair value hierarchy consists of the following levels:

Level 1 - input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities

Level 2 - input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - input for assets or liabilities for which there is no observable market data (non-observable input)

Financial instruments recognised at fair value

(USD million)	Level 1	Level 2	Level 3
31.12.2024
Financial assets or liabilities measured at fair value with changes in value recognised through profit or loss:
Other short-term receivable1)	-	-	3.3
Long-term receivables	-	-	-
Derivatives	-	-201.7	-
31.12.2023
Financial assets or liabilities measured at fair value with changes in value recognised through profit or loss:

Other short-term receivable	-	-	-
Long-term receivables1)	-	-	7.0
Derivatives	-	157.7	-4.8

1) The sale of 2.6 percent of Johan Sverdrup during 2019 (made by Lundin) included a contingent consideration based on future reserve reclassifications and is due in 2026, The valuation is considered level 3 in the fair value hierarchy.

In the course of the reporting period, there were no changes in the fair value measurements that involved any transfers between levels.

Reconciliation of cash flows from financing activities

The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.

			Non-cash changes
(USD million)	31.12.2023	Cash flows	Amortisation and interest expense	Currency	Other1)	31.12.2024
Bonds	5,798.2	1,642.2	38.6	-86.6	7.9	7,400.3
Other interest-bearing debt (RCF)	-	-1.5	-	-	1.5	-
Accrued interest, classified under other current liabilities	85.8	-266.0	303.2	-	-	123.0
Lease debt	704.2	-159.1	-	-4.8	135.4	675.6
Paid dividends	-	-1,516.9	-	-	-	-
Treasury shares	-18.4	17.0	-	-	-	-1.4
Totals	6,569.8	-284.2	341.8	-91.4	144.7	8,197.5

			Non-cash changes
(USD million)	31.12.2022	Cash flows	Amortisation and interest expense	Currency	Other1)	31.12.2023
Bonds	5,279.2	486.1	45.0	28.8	-40.9	5,798.2
Other interest-bearing debt (RCF)	-	-8.3	-	-	8.3	-
Accrued interest, classified under other current liabilities	98.1	-251.8	239.5	-	-	85.8
Lease debt	134.4	-133.5	-	-1.2	704.5	704.2
Paid dividends	-	-1,390.4	-	-	-	-
Treasury shares	-7.9	-10.5	-	-	-	-18.4
Totals	5,503.8	-1,308.5	284.5	27.6	671.9	6,569.8

1) Other includes gain related to repurchase of bonds, as described in note 21 and new leases and remeasurements/lease debt derecognised, as described in note 25.

note 29 INVESTMENTS IN JOINT OPERATIONS

Fields operated:	31.12.2024	31.12.2023
Alvheim	80.000%	80.000%
Bøyla	80.000%	80.000%
Edvard Grieg	65.000%	65.000%
Hod	90.000%	90.000%
Ivar Aasen Unit	36.171%	36.171%
Skogul	65.000%	65.000%
Skarv	23.835%	23.835%
Solveig	65.000%	65.000%
Tambar	55.000%	55.000%
Tambar Øst	46.200%	46.200%
Ula	80.000%	80.000%
Valhall	90.000%	90.000%
Vilje	46.904%	46.904%
Volund	100.000%	100.000%
Volve	50.000%	50.000%
Ærfugl Nord	30.000%	30.000%

Production licences in which Aker BP is the operator:

Licence:			PL 261D	70.000%
	31.12.2024	31.12.2023	PL 262	30.000%
PL 001B	35.000%	35.000%	PL 272	50.000%
PL 006B	90.000%	90.000%	PL 272B	50.000%
PL 019	80.000%	80.000%	PL 272C	50.000%
PL 019E	80.000%	80.000%	PL 272D	50.000%
PL 019F	55.000%	55.000%	PL 272E	50.000%
PL 026	87.700%	87.700%	PL 300	55.000%
PL 026B	87.700%	87.700%	PL 333	77.800%
PL 028B	35.000%	35.000%	PL 338	65.000%
PL 033	90.000%	90.000%
PL 033B	90.000%	90.000%	PL 338BS	50.000%
PL 035	50.000%	50.000%	PL 338C	80.000%
PL 035C	50.000%	50.000%	PL 338DS	65.000%
PL 035D	50.000%	50.000%	PL 338E	80.000%
PL 036C	80.000%	80.000%	PL 338F	65.000%
PL 036D	46.904%	46.904%	PL 340	80.000%
PL 036E	64.000%	64.000%	PL 340BS	80.000%
PL 036F	64.000%	64.000%	PL 359	65.000%
PL 036G	80.000%	80.000%	PL 364	87.700%
PL 065	55.000%	55.000%	PL 442	87.700%
PL 065B	55.000%	55.000%	PL 442B	87.700%
			PL 442C	87.700%

Production licences in which Aker BP is the operator: Licence: 31.12.2024 31.12.2023 PL 088BS 80.000% 80.000% PL 102D 50.000% 50.000% PL 102F 60.000% 60.000% PL 102G 60.000% 60.000% PL 102H 50.000% 50.000% PL 127C 68.083% 68.083% PL 127DS 88.083% 88.083% PL 146 77.800% 77.800% PL 146B 77.800% 77.800% PL 150 100.000% 100.000% PL 159D 23.835% 23.835% PL 159H 23.835% 23.835% PL 167 50.000% 50.000% PL 167B 50.000% 50.000% PL 167C 50.000% 50.000% PL 203 80.000% 80.000% PL 212 30.000% 30.000% PL 212B 30.000% 30.000% PL 212E 30.000% 30.000% PL 242 35.000% 35.000% PL 261 70.000% 70.000% PL 261C 23.835% 23.835% PL 261D 70.000% 0.000% PL 262 30.000% 30.000% PL 272 50.000% 50.000% PL 272B 50.000% 50.000% PL 272C 50.000% 50.000% PL 272D 50.000% 50.000% PL 272E 50.000% 0.000% PL 300 55.000% 55.000% PL 333 77.800% 77.800% PL 338 65.000% 65.000% PL 338BS 50.000% 50.000% PL 338C 80.000% 80.000% PL 338DS 65.000% 65.000% PL 338E 80.000% 80.000% PL 338F 65.000% 0.000% PL 340 80.000% 80.000% PL 340BS 80.000% 80.000% PL 359 65.000% 65.000% PL 364 87.700% 87.700% PL 442 87.700% 87.700%

Production licences in which Aker BP is the operator:			Production licences in which Aker BP is the operator:
Licence:	31.12.2024	31.12.2023	Licence:	31.12.2024	31.12.2023
PL 457BS	40.000%	40.000%	PL 1084	60.000%	60.000%
PL 460	65.000%	65.000%	PL 1085	55.000%	55.000%
PL 492	100.000%	100.000%	PL 1088	77.800%	77.800%
PL 501	37.384%	37.384%	PL 1088B	77.800%	0.000%
PL 501B	37.384%	37.384%	PL 1089	0.000%	50.000%
PL 609	55.000%	55.000%	PL 1091	0.000%	40.000%
PL 609B	55.000%	55.000%	PL 1092	50.000%	50.000%
PL 609D	55.000%	55.000%	PL 1097	70.000%	70.000%
PL 782SB	60.000%	60.000%	PL 1102	55.000%	55.000%
PL 782SC	60.000%	60.000%	PL 1102B	55.000%	0.000%
PL 784	0.000%	40.000%	PL 1110	55.000%	55.000%
PL 815	0.000%	60.000%	PL 1133	35.000%	35.000%
PL 822S	87.700%	87.700%	PL 1134	35.000%	35.000%
PL 838	35.000%	35.000%	PL 1139	60.000%	40.000%
PL 867	0.000%	80.000%	PL 1141	0.000%	70.000%
PL 867B	0.000%	80.000%	PL 1141B	0.000%	70.000%
PL 869	80.000%	80.000%	PL 1142	82.060%	82.060%
PL 869B	80.000%	0.000%	PL 1143	82.060%	82.060%
PL 873	47.700%	47.700%	PL 1144	40.000%	40.000%
PL 873B	47.700%	0.000%	PL 1147	60.000%	0.000%
PL 873C	47.700%	0.000%	PL 1153	40.000%	40.000%
PL 874	87.700%	87.700%	PL 1158	40.000%	40.000%
PL 886	60.000%	60.000%	PL 1162	50.000%	50.000%
PL 886B	60.000%	60.000%	PL 1164	0.000%	40.000%
PL 919	80.000%	80.000%	PL 1170	35.000%	35.000%
PL 932	40.000%	40.000%	PL 1171	50.000%	50.000%
PL 932B	40.000%	0.000%	PL 1172	40.000%	40.000%
PL 941	70.000%	70.000%	PL 1175	50.000%	50.000%
PL 941B	0.000%	70.000%	PL 1176	60.000%	60.000%
PL 942	30.000%	30.000%	PL 1193	0.000%	80.000%
PL 976	0.000%	70.000%	PL 1198	40.000%	0.000%
PL 979	60.000%	60.000%	PL 1199	50.000%	0.000%
PL 979B	60.000%	0.000%	PL 1206S	87.700%	0.000%
PL 1005	40.000%	40.000%	PL 1207	80.000%	0.000%
PL 1008	71.918%	80.000%	PL 1215	40.000%	0.000%
PL 1032	0.000%	40.000%	PL 1218	40.000%	0.000%
PL 1041	80.000%	80.000%	PL 1230	40.000%	0.000%
PL 1042	40.000%	40.000%	PL 1242	40.000%	0.000%
PL 1045	80.000%	80.000%	PL 1243	40.000%	0.000%
PL 1045B	80.000%	80.000%	EXL005	50.000%	50.000%
PL 1066	0.000%	50.000%	EXL011	100.000%	0.000%
PL 1066B	0.000%	50.000%	Number of licences in which Aker BP is the operator	132	127
PL 1083	0.000%	40.000%

Fields non-operated:	31.12.2024	31.12.2023
Atla	10.000%	10.000%
Enoch	2.000%	2.000%
Johan Sverdrup	31.573%	31.573%
Oda	15.000%	15.000%

Production licences in which Aker BP is a partner:
Licence:	31.12.2024	31.12.2023
PL 006C	35.000%	35.000%
PL 048D	10.000%	10.000%
PL 102C	0.000%	10.000%
PL 127	50.000%	50.000%
PL 211CS	15.000%	15.000%
PL 211DS	15.000%	0.000%
PL 220	15.000%	15.000%
PL 229E	50.000%	50.000%
PL 229G	50.000%	50.000%
PL 265	27.384%	27.384%
PL 405	15.000%	15.000%
PL 502	22.222%	22.222%
PL 537	35.000%	35.000%
PL 537B	35.000%	35.000%
PL 554	30.000%	30.000%
PL 554B	30.000%	30.000%
PL 554C	30.000%	30.000%
PL 554D	30.000%	30.000%
PL 554E	30.000%	30.000%
PL 782S	40.000%	20.000%
PL 820S	26.000%	26.000%
PL 820SB	26.000%	26.000%
PL 838B	0.000%	30.000%
PL 894	10.000%	10.000%
PL 917	40.000%	40.000%
PL 929	10.000%	10.000%
PL 935	20.000%	20.000%
PL 956	20.000%	20.000%
PL 984	10.000%	10.000%
PL 984BS	10.000%	0.000%

PL 985 30.000% 30.000%

Licence:	31.12.2024	31.12.2023
PL 1014	10.000%	0.000%
PL 1014B	10.000%	0.000%
PL 1040	30.000%	30.000%
PL 1086	20.000%	0.000%
PL 1087	0.000%	50.000%
PL 1090	20.000%	30.000%
PL 1104	0.000%	40.000%
PL 1106	0.000%	20.000%
PL 1109	20.000%	0.000%
PL 1123	20.000%	30.000%
PL 1126	30.000%	30.000%
PL 1126B	30.000%	0.000%
PL 1129	0.000%	30.000%
PL 1131	20.000%	20.000%
PL 1138	30.000%	30.000%
PL 1140	40.000%	40.000%
PL 1145	40.000%	40.000%
PL 1147	0.000%	20.000%
PL 1148	10.000%	0.000%
PL 1148B	10.000%	10.000%
PL 1148CS	10.000%	0.000%
PL 1149	30.000%	30.000%
PL 1149B	30.000%	30.000%
PL 1151	20.000%	20.000%
PL 1152	50.000%	50.000%
PL 1154	30.000%	30.000%
PL 1163	20.000%	20.000%
PL 1165	40.000%	40.000%
PL 1182S	30.000%	30.000%
PL 1185	20.000%	20.000%
PL 1191	30.000%	30.000%
PL 1202S	30.000%	0.000%
PL 1208	40.000%	0.000%
PL 1217	20.000%	0.000%
PL 1222	30.000%	0.000%
PL 1237	20.000%	0.000%
PL 1238	20.000%	0.000%
PL 1240	30.000%	0.000%
P.2511	50.000%	50.000%
P.2543	50.000%	50.000%
Number of licences in which Aker BP is a partner	64	55

Production licences in which Aker BP is a partner:

note 30 EVENTS AFTER THE BALANCE SHEET DATE

The company has not identified any event with significant accounting impacts that have occurred between the end of the reporting period and the date of this report, that require accounting recognition or disclosure in the financial statements.

note 31 CLASSIFICATION OF RESERVES AND CONTINGENT RESOURCES (UNAUDITED)

Classification of reserves and contingent resources

Aker BP ASA's reserve and contingent resource volumes have been classified in accordance with the Society of Petroleum Engineer's (SPE's) 'Petroleum Resources Management System'. This classification system is consistent with Oslo Børs requirements for the disclosure of hydrocarbon reserves and contingent resources. The framework of the classification system is illustrated in the figure below.

Project maturity sub-classes

Reserves, developed and non-developed

All reserve estimates are based on all available data including seismic, well logs, core data, drill stem tests and production history. Industry standards are used to establish 1P and 2P. This includes decline analysis for mature fields in which reliable trends are established. For undeveloped fields and less mature producing fields reservoir simulation models or simulations models in combination with decline analysis have been used for profiles generation.

Note that an independent third party, AGR Petroleum Services AS, has certified 1P and 2P reserves for all Aker BP assets except for the minor asset Enoch, representing 0.0004 percent of total 2P reserves.

Changes from the 2023 reserve report are summarised in the table on the next page. During 2024, Aker BP 2P reserves were decreased by 147 mmboe from 1,716 to 1,568 mmboe. The production was 160 mmboe, thus net reserves increases were 13 mmboe. The main reasons for increased net reserve estimate (i.e. disregarding the produced volumes) are enhanced oil recovery (IOR) activities across most fields and minor revisions to previous estimates for Alvheim and Yggdrasil. On the downside, reserves were reduced for Valhall, mainly due to producing well failures, and for Edvard Grieg, owing to a steeper-than-expected production decline following produced water breakthrough.

An oil price of USD 77 per boe for 2025, USD 71 per boe for 2026-2035, and USD 66 per boe for subsequent years has been used to estimate reserves. Sensitivity analysis with low and high case oil prices of USD 41 per boe and USD 92 per boe, respectively, have been conducted by AGR. The low-price scenario led to a reduction of approximately 50 percent in total net proven (1P/P90) reserves and 27 percent in net proven plus probable (2P/P50) reserves. In contrast, the high oil price scenario resulted in a marginal increase in reserves of less than one percent both for the proven (1P/P90) and proven plus probable (2P/ P50) estimates.

Range of uncertainty

Aggregated reserves, production, developments and adjustments

Net attributed million barrels of oil equivalent (mmboe)	On production		Approved for devlop.		Justified for devlop.		Total
	1P/P90	2P/P50	1P/P90	2P/P50	1P/P90	2P/P50	1P/P90	2P/P50
Balance as of 31.12.2023	710	985	398	709	19	22	1,127	1,716
Production	-160	-160	-	-	-	-	-160	-160
Transfer	18	30	0	-8	-19	-22	-	-
Revisions	106	0	-13	-5	-	-	93	-5
IOR	-	-	7	12	3	6	10	17
Discovery and extensions	-	-	-	-	-	-	-	-
Acquisition and sale	-	-	-	-	-	-	-	-
Balance as of 31.12.2024	675	855	392	708	3	6	1,071	1,568
Delta	-35	-130	-6	-1	-15	-16	-56	-147

Please note that these production numbers are approximate, based on actual production data for the first nine months of the year and a forecast for the final three months of 2024. The final figures may vary slightly.

Climate-related risk:

As described in note 3 on climate-related risk, a sensitivity analysis has been performed to show the impact on reserves as at 31 December 2024, if all production would cease from 2050 onwards. Such acceleration of cease of production would result in a decrease in the reserves of approximately 19 million boe.

For further information see the Annual Statement of Reserves published on www.akerbp.com.

END OF FINANCIAL STATEMENT

STATEMENT BY THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

Pursuant to the Norwegian Securities Trading Act section § 5-5 with pertaining regulations, we hereby confirm that, to the best of our knowledge, the company's and the group's financial statements for 2024 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, and requirements in accordance with the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair view of the company's liabilities, financial position and results overall.

To the best of our knowledge, the board of directors' report gives a true and fair view of the development, performance and financial position of the company, and includes a description of the principal risk and uncertainty factors facing the company and the group. We further confirm, to the best of our knowledge, that the board of director's report have been prepared in accordance with sustainability reporting standards established pursuant to the Norwegian Accounting Act section 2-6, and in accordance with rules laid down pursuant to Article 8 of the Taxonomy Regulation. Additionally, we confirm to the best of our knowledge that the Reporting of payments to governments as provided in a separate section in this annual report has been prepared in accordance with the requirements in the Norwegian Securities Trading Act Section 5-5a with pertaining regulations.

The board of directors and the CEO of Aker BP ASA Fornebu, 1 April 2025

ØYVIND ERIKSEN Chairman of the board

ANNE MARIE CANNON Deputy chair

TROND BRANDSRUD Board member

KATE THOMSON Board member

CHARLES ASHLEY HEPPENSTALL

Board member

DORIS REITER Board member

ANI ISABEL CHIANG Board member

INGARD HAUGEBERG

Board member

MARIT HARGEMARK Board member

TORE VIK Board member

THOMAS HUSVÆG

Board member

VALBORG LUNDEGAARD Board member

KARL JOHNNY HERSVIK Chief executive officer

ALTERNATIVE PERFORMANCE MEASURES

Aker BP may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Aker BP believes that the alternative performance measures provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Aker BP's business operations and to improve comparability between periods.

Abandonment spend (abex) is payment for removal and decommissioning of oil fields1)

Capex is disbursements on investments in fixed assets1)

Depreciation per boe is depreciation divided by number of barrels of oil equivalents produced in the corresponding period

Dividend per share (DPS) is dividend paid during the year divided by number of shares outstanding

EBITDA is short for earnings before interest and other financial items, taxes, depreciation and amortisation and impairments

EBITDAX is short for earnings before interest and other financial items, taxes, depreciation and amortisation, impairments and exploration expenses

Equity ratio is total equity divided by total assets

Exploration spend (expex) is exploration expenses plus additions to capitalised exploration wells less dry well expenses1)

Free cash flow (FCF) is net cash flow from operating activities less net cash flow from investment activities

Interest coverage ratio is calculated as twelve months rolling EBITDA, divided by interest expenses, excluding any impacts from IFRS 16

Leverage ratio is calculated as Net interest-bearing debt divided by twelve months rolling EBITDAX, excluding any impacts from IFRS 16

Net interest-bearing debt is book value of current and non-current interest-bearing debt less cash and cash equivalents

Operating profit/loss is short for earnings/loss before interest and other financial items and taxes

Production cost per boe is production cost based on produced volumes, divided by number of barrels of oil equivalents produced in the corresponding period (see note 6)

1) Includes payments of lease debt as disclosed in note 25.

	Group			Parent
(USD million)	Note	2024	2023	2024	2023
Abandonment spend
Payment for removal and decommissioning of oil fields		202.5	152.7	202.5	152.7
Payments of lease debt (abandonment activity)	25	26.2	8.3	26.2	8.3
Abandonment spend		228.7	161.0	228.7	161.0
Depreciation per boe
Depreciation	13	2,397.8	2,406.8	2,397.8	2,406.8
Total produced volumes (boe million)	6	160.7	166.7	160.7	166.7
Depreciation per boe		14.9	14.4	14.9	14.4
Dividend per share
Paid dividend		1,516.9	1,390.4	1,516.9	1,390.4
Number of shares outstanding (million)		631.2	631.3	631.2	631.3
Dividend per share		2.40	2.20	2.40	2.20
Capex
Disbursements on investments in fixed assets (excluding capitalised interest)		4,773.7	3,171.6	4,773.7	3,171.6
Payments of lease debt (investments in fixed assets)	25	65.4	95.7	65.4	95.7
CAPEX		4,839.1	3,267.3	4,839.1	3,267.3
EBITDA
Total income	5	12,379.4	13,669.9	12,379.4	13,669.9
Production costs	6	-916.4	-1,060.1	-916.4	-1,060.1
Exploration expenses	7	-326.5	-266.3	-326.0	-264.3
Other operating expenses		-53.5	-57.8	-53.5	-58.0
EBITDA		11,083.0	12,285.7	11,083.5	12,287.5
EBITDAX
Total income	5	12,379.4	13,669.9	12,379.4	13,669.9
Production costs	6	-916.4	-1,060.1	-916.4	-1,060.1
Other operating expenses		-53.5	-57.8	-53.5	-58.0
EBITDAX		11,409.5	12,552.0	11,409.5	12,551.8
Equity ratio
Total equity		12,691.1	12,362.2	12,691.2	12,371.3
Total assets		42,192.9	39,046.5	42,192.8	39,055.0
Equity ratio		30%	32%	30%	32%
Exploration spend
Disbursements on investments in capitalised exploration expenditures		338.7	238.6	338.7	238.6
Exploration expenses	7	326.5	266.3	326.0	264.3
Dry well	7	-194.1	-153.9	-194.1	-153.9
Payments of lease debt (exploration expenditures)	25	31.6	12.0	31.6	12.0
Exploration spend		502.7	363.0	502.2	361.1

		Group		Parent
(USD million)	Note	2024	2023	2024	2023
Interest coverage ratio
Twelve months rolling EBITDA		11,083.0	12,285.7	11,083.5	12,287.5
Twelve months rolling EBITDA, impacts from IFRS 16	25	-74.8	-45.2	-74.8	-45.2
Twelve months rolling EBITDA, excluding impacts from IFRS 16		11,008.2	12,240.5	11,008.7	12,242.2
Twelve months rolling interest expenses	10	265.1	212.7	265.1	212.7
Twelve months rolling amortised loan cost	10	42.9	49.3	42.9	49.3
Twelve months rolling interest income	10	162.9	133.4	162.9	133.4
Net interest expenses		145.1	128.5	145.1	128.5
Interest coverage ratio		75.9	95.2	75.9	95.2
Leverage ratio
Long-term bonds	21	7,336.8	5,798.2	7,336.8	5,798.2
Short-term bonds	21	63.5	-	63.5	-
Cash and cash equivalents	19	4,146.9	3,388.4	4,146.9	3,388.4
Net interest-bearing debt excluding lease debt		3,253.4	2,409.8	3,253.4	2,409.8
Twelve months rolling EBITDAX		11,409.5	12,552.0	11,409.5	12,551.8
Twelve months rolling EBITDAX, impacts from IFRS 16	25	-74.8	-44.4	-74.8	-44.4
Twelve months rolling EBITDAX, excluding impacts from IFRS 16		11,334.7	12,507.6	11,334.7	12,507.4
Leverage ratio		0.29	0.19	0.29	0.19
Net interest-bearing debt
Long-term bonds	21	7,336.8	5,798.2	7,336.8	5,798.2
Long-term lease debt	25	458.0	555.5	458.0	555.5
Short-term bonds	21	63.5	-	63.5	-
Short-term lease debt	25	217.7	148.7	217.7	148.7
Cash and cash equivalents	19	4,146.9	3,388.4	4,146.9	3,388.4
Net interest-bearing debt		3,929.0	3,114.0	3,929.0	3,114.0
Free cash flow
Net cash flow from operating activities		6,422.6	5,407.1	6,422.5	5,407.1
Net cash flow from investment activities		-5,315.0	-3,467.9	-5,315.0	-3,467.9
Free cash flow		1,107.6	1,939.2	1,107.6	1,939.2

Operating profit/loss: see Income Statement

Production cost per boe: see note 6

To the General Meeting of Aker BP ASA

Independent Auditor's Report

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Aker BP ASA, which comprise:

• the financial statements of the parent company Aker BP ASA (the Company), which comprise the statement of financial position as at 31 December 2024, the income statements, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, and
• the consolidated financial statements of Aker BP ASA and its subsidiaries (the Group), which comprise the statement of financial position as at 31 December 2024, the income statements, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.

In our opinion

• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU, and
• the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.

We have been the auditor of Aker BP ASA for 3 years from the election by the general meeting of the shareholders on 5 April 2022 for the accounting year 2022.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

PricewaterhouseCoopers AS, Kanalsletta 8, Postboks 8017, NO-4068 Stavanger T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

The Group's business activities are largely unchanged compared to last year. We have not identified regulatory changes, transactions or other events that qualified as new key audit matters this year. Impairment of Goodwill, Property, Plant and Equipment and Other Intangible assets and Estimation of abandonment provision carries the same risks and characteristics as last year, and continued to be areas of focus for this year's audit.

Key Audit Matters How our audit addressed the Key Audit Matter

Impairment of Goodwill, Property, Plant and Equipment and Other Intangible Assets

On 31 December 2024 Aker BP ASA had Property, plant and equipment with a carrying value of USD 20 238.4 million, and Other intangible assets with a carrying value of USD 1 937.6 million. The carrying value of goodwill (including technical goodwill) was USD 12 756.6 million.

In line with Aker BP's accounting policies for impairment of non-financial assets, management assessed the presence of impairment- or reversal indicators. Based on identified impairment indicators, an impairment calculation was performed by comparing the assets' net book values to the respective recoverable amounts. Consequently, a total net impairment charge of USD 386.2 million related to goodwill was recognised in 2024.

Management's assessment of recoverable amounts of goodwill, property, plant and equipment and other intangible assets requires estimates and application of assumptions related to operational and market factors and involves judgment. In addition, the calculation of recoverable amounts requires financial modelling of cash flows related to cash generating units, which can be inherently complex and require use of additional judgement.

We focused on this area because Goodwill, Property plant and equipment and Other intangible assets constitute a significant share of total assets in the balance sheet, and because the assessment of recoverable amounts is complex and involves management judgement which may have a direct impact on net profit. In addition, management's long term price assumptions differ from long-term price assumptions required to achieve the goals of the Paris Agreement as described in the International Energy Agency (IEA) World Energy Outlook's scenario - Net Zero Emissions by 2050.

Refer to note 1.3 and note 14 for a description of management's assessment of impairment.

We assessed management's identification of impairment- and reversal indicators and agreed that indicators of impairment were present.

We obtained management's calculation of recoverable amounts on 31 December 2024. We assessed management's identification of cash generating units and found it to be in line with our expectations. For relevant cash generating unit, including allocated technical goodwill, we assessed the key inputs to the calculation of the recoverable amounts by:

• comparing management´s short-term price assumptions against external forward prices;
• comparing applied long-term oil price assumptions with long-term price assumptions communicated by peers and other publicly available sources;
• comparing asset specific assumptions underlying the impairment test model (e.g. production profiles, capital expenditures, operating costs) to Aker BP's Business Plan for Q4 2024;
• assessing the calculation from post- to pretax impairment charge; and
• benchmarking the applied inflation, exchange rates and discount rates against external market data.

We also assessed the methodology and tested the mathematical accuracy of management's impairment models.

Management determined that residual goodwill at the balance sheet date was not impaired. Consequently, we obtained and considered management's assessment supporting their determination. Residual goodwill was assessed for impairment based on a comparison of fair value and book value of equity on a corporate level. We assessed the estimated fair value at 31 December 2024 based on the Company's quoted share price

at year-end, adjusted for a control premium. We found support for the carrying values of Goodwill, Property, Plant and Equipment and Other Intangible Assets as of 31 December 2024.

We also assessed management's sensitivity analysis and the underlying calculations showing how the recoverable amounts of tangible assets and technical goodwill would be impacted by changes to underlying assumptions, such as change in hydrocarbon prices and discounts rates. In addition, we also considered consistency between the climate risk related disclosures in note 3 and the sensitivity analysis relating to the various scenarios from the IEA to the impairment testing in note 14.

We evaluated the appropriateness of the related note disclosures and found that they satisfied IFRS requirements.

Estimation of abandonment provision

Management estimated abandonment provisions for operated and non-operated assets. On 31 December 2024 abandonment provisions represent a non-current provision of USD 4 147.7 million and a current provision of USD 131.7 million.

Estimation of abandonment provisions requires use of a number of judgemental assumptions. Important assumptions include timing of actual cash flows, amount of abandonment costs and discount rate. The timing of removal is also dependent on the reserves estimation and is impacted by the commodity price outlook. Calculation of abandonment provisions require financial modelling of cash flows related to the removal and decommissioning cost. Such modelling can be complex and may require use of additional judgement.

The abandonment cost estimates for the nonoperated assets are based on the respective operators' cost estimates. For the operated assets, the cost estimate is based on Aker BP's internal calculation and assessment, where Aker BP has involved a multidisciplinary project team with professionals from various technical areas. The calculation of cost estimates for the Aker BP operated fields are based on several cost inputs, such as number of wells plugged, rig rates per day, and number of days per well.

We held meetings with management to understand the process for identifying and measuring the abandonment provision including relevant internal controls implemented by management.

We obtained management's assessment and model for calculation of abandonment provisions and considered the nature and details of the model. We found the methodology to be in line with requirements in IFRS.

We tested the operating effectiveness of internal controls relevant to management's estimation of abandonment provisions.

For non-operated assets, we obtained the cost estimates prepared by the external operators of the non-operated fields from management. We checked if the external cost estimates were included as input in the calculation of the abandonment provision for the non-operated fields and challenged assumptions applied.

For operated assets, we assessed the cost estimate assumptions applied for reasonableness. This included, but was not limited to, the number of wells to be plugged, rig rates per day, and number of days per well. We also tested the model used for calculating the abandonment provision and found that the model made calculations as expected. We received management's assessment of the timing of decommissioning and removal activities for selected fields. In addition, we benchmarked the

We focused on this area due to the significant value the abandonment provision represents in the balance sheet, and the level of management judgement used in determining the abandonment provisions.

Refer to note 1.3 and 22 for a description of how management has estimated and accounted for the abandonment provision.

inflation- and discount rate applied in calculating the abandonment provision. Our testing substantiated that management assumptions were fair.

We evaluated the appropriateness of the related note disclosures and found that they satisfied IFRS requirements.

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors' report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors' report nor the other information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors' report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors' report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors' report and the other information accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors' report or the other information accompanying the financial statements. We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors' report

• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance, and to the report on payments to governments.

Our opinion on whether the Board of Directors' report contains the information required by applicable statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report is issued.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they

could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of Aker BP ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name AKERBPASA20241231EN.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.

Management's Responsibilities

Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary.

Auditor's Responsibilities

For a description of the auditor's responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger

Stavanger, 1 April 2025 PricewaterhouseCoopers AS

Gunnar Slettebø

State Authorised Public Accountant

Remuneration report

Context for the remuneration report
Remuneration of the BoD
Remuneration of the EMT
Total remuneration
Governance

CONTEXT FOR THE REMUNERATION REPORT

This remuneration report outlines the principles governing the remuneration of the board of directors (BoD), the chief executive officer (CEO) and members of the executive management team (EMT) at Aker BP ASA and describes how these principles have translated into actual remuneration.

The remuneration policy is designed to attract, retain and motivate the members of the BoD, the CEO and the EMT at a competitive level. The remuneration structure is designed to align the interests of the executives with those of the shareholders.

The remuneration report complies with the requirements stipulated in the Norwegian Public Limited Companies Act § 6-16a and 6-16b.

Organisational development and compensation committee

The BoD has established an organisational development and compensation committee (ODCC), comprising the following three board members:

• – Øyvind Eriksen, chair
• – Anne Marie Cannon
• – Marit Hargemark

This committee is tasked with ensuring that remuneration arrangements support the business strategy and facilitate the recruitment, succession planning, leadership development, motivation and retention of senior executives. It is mandated to adhere to the requirements of regulatory and governance bodies, meet shareholder expectations and align with the expectations of the broader employee population. Additionally, the committee is responsible for ensuring that the overall organisational structure is configured to advance the company's strategy. In 2024, the committee held four meetings.

REMUNERATION OF THE BoD

The remuneration of the board members is determined by a fixed annual fee rather than being tied to performance metrics. None of the shareholder-elected board members have pension schemes or termination payment agreements with the company. The company does not grant share options to members of the BoD.

The general meeting decides the remuneration for the BoD and its subcommittees. The nomination committee proposes the BoD's remuneration to the general meeting and ensures that it reflects the responsibilities of its members and the time devoted to BoD work. The BoD must approve any consultancy work for the company by a board member and the remuneration associated with such work.

Information about all remuneration paid to individual board members is provided in note 8 to the 2024 financial statements.

REMUNERATION OF THE EMT

The total remuneration comprises a base salary, a pension contribution, an annual bonus based on company performance and a long-term sharebased incentive plan (LTIP). Members of the EMT are covered under the same budget, guidelines and limitations as other onshore personnel in the company and receive non-monetary benefits such as electronic equipment, yearly health checks and other company-specific general benefits and welfare programmes. Additionally, the EMT may participate in customary employee benefits

programmes, e.g. employee share programmes. In special cases, the company may offer other benefits to recruit personnel, including compensating for bonus rights earned in previous employment.

Fixed pay – Salary

Base salary levels are determined considering the nature of the individual role, individual considerations, market positioning and remuneration conditions at Aker BP. The base salary is reviewed annually to ensure that it is set at the right level, and potential annual percentage increases are aligned with those of employees in general, except in specific circumstances. The CEO's base salary is determined by the BoD. Adjustment of the base salaries for other senior executives is decided by the CEO within the wage settlement framework adopted by the BoD.

Fixed pay – Pension

Pension is based on a defined contribution plan and is capped at twelve times the National Insurance Scheme basic amount (12G) for all employees, including the executive management.

Variable pay – Bonus

The company's bonus system is designed to promote performance in line with the company's strategy. For 2024, the bonus for all employees, including the CEO and EMT, was determined by the company's performance on a predefined set of key performance indicators (KPIs), company priorities and project execution targets agreed upon with the BoD, with each component accounting for 30 percent of the overall bonus outcome. The combined score for these three components was scaled to arrive at the mathematical bonus score, which, in turn, could be adjusted at ODCC discretion (the remaining 10 percent) in collaboration with the CEO.

The maximum bonus potential for the CEO and EMT is 60 percent of base salary, while the maximum bonus for employees outside the EMT varies from 10 percent to 30 percent, depending on position level.

Company priorities

Company priorities consist of important improvement initiatives and activities with clear deliverables that are vital for the company's future success. Below is a list of the priorities for 2024:

Operations and decarbonisation

• – Deliver three HSSE key actions to facilitate safe operations and a stronger safety culture
• – Deliver sanctioned aviation sourcing plan and initiate execution by 15 August 2024
• – Deliver valuable energy efficiency projects to reduce environment footprint by four percent in 2024

Growth initiatives

• – Deliver 2024 annual report in line with the Corporate Sustainability Reporting Directive (CSRD)
• – Deliver IOR strategy with back-fill of future projects through opportunity identification and asset development plans, and secure full alignment with infrastructure led exploration, business transformation and concept development tie-back initiative
• – Enable deep insight to hopper opportunities via strong cross-functional portfolio analysis – unlock stranded resources

Business transformation

• – Underground data ecosystem: Deliver the business value potential from data across exploration and reservoir, drilling and wells and projects by re-factoring workflows to accelerate iterations, reduce recycling and improve quality
• – Ready for 2027: Walk to work procurement of gangways to Yggdrasil and Fenris
• – Ready for 2027: Develop a new transformational operating model
• – Ready for 2027: Operations digital twin ecosystem

Create the most attractive place to work

– Strengthen Aker BP's company culture and increase employee engagement by launching four targeted employer initiatives

Project execution

The project execution KPI comprises three equally weighted metrics that track progress on Yggdrasil, Valhall PWP-Fenris, Utsira High, Skarv Satellite Project (SSP) and Tyrving. The assessment of project execution is based on the following three metrics:

• – Achievement of key milestones
• – Development of capex level
• – Value development (NPV)

Overall result 2024 bonus

The bonus for the first half of 2024 was paid in September, while the bonus for the second half was paid in February 2025. The bonus for all employees (including EMT) was set at 67 percent of the maximum potential.

Table 41: Key performance indicators for Aker BP 2024

Key performance indicator	Actual
Safety (serious incidents/1 mill. work hours)	0.4
Net production from operated assets (mboepd)	199
Adjusted production cost (USD/boe)1)	7.1
Net reserve additions (mmboe)	12.5
Value creation (change in risked NPV)	-3.7%
Relative shareholder return	-20.5%
Equity share scope 1 GHG intensity (kg CO2e/boe)	2.6

1) Adjusted to reflect planning assumptions for FX and power prices

Variable pay - Long-term share-based incentive plan (LTIP)

The long-term incentive plan is strategically designed to incentivise executive directors toward achieving the company's long-term business objectives and maximising alignment with shareholder value creation. This plan functions as an equity-settled share-based payment scheme with a three-year vesting period.

Grants are made under the programme on an annual basis for all members of the EMT, normally on 1 July each year. In 2024, 45,245 grants were awarded with vesting in July 2027 (representing the base number of awards before any performance adjustments, as described below). The number of awards made corresponds to 20 percent of the employee's base salary, divided by the Aker BP share price on the award date. In addition, 10,733 grants were awarded with vesting in 2025 and 2026 as they represent an adjustment to the awards made in 2022 and 2023 to reflect subsequent dividend.

The award includes a three-year performance condition, at the end of which there will be an assessment of the company's total shareholder return measured against the Oslo Energy Index, Stoxx 600 Europe Oil & Gas Index, and the S&P Commodity Producers Oil & Gas Exploration & Production Index (each weighted at 33.3 percent), to reflect the company's business strategy and key ambitions. Based on performance, the number of shares awarded will be adjusted as detailed in table 42.

The shares convert to ordinary shares upon vesting, followed by a subsequent one-year lock-in period for the employee. The LTIP agreements also include a clawback clause to address instances of serious misconduct by an individual.

As of 31 December 2024, none of the grants had been forfeited.

Other terms and benefits

The CEO and members of the EMT adhere to a six-month mutual notice period, while all other

employees have a three-month notice period. In cases where the company requests the resignation of the CEO or the CFO, they are entitled to a severance payment equivalent to six months' salary, which commences after the completion of the six-month notice period.

TOTAL REMUNERATION

This section provides information regarding the remuneration of senior executives at Aker BP. As outlined in Remuneration of the BoD, the BoD exclusively receives a fixed annual fee, and for a comprehensive overview of the BoD's remuneration, reference is made to note 8 to the 2024 financial statements.

See table 43 for details.

Comparative overview of remuneration changes and company performance

table 44 provides a comparative overview of the annualised remuneration changes for each individual executive director over the five most recent financial years, along with selected company performance measures and the average remuneration for all employees.

GOVERNANCE

Review of Remuneration Report

The BoD has the overarching responsibility for reviewing the remuneration report. The ODCC is responsible for reviewing and proposing changes to the remuneration report.

The ODCC conducts a thorough review of the remuneration policy and suggests any amendments for the BoD's consideration and subsequent proposal to the annual general meeting. The remuneration report, reflecting these considerations, will be presented for an advisory vote at the annual general meeting. The general meeting endorsed the remuneration report for 2023 in the annual general meeting held in April 2024.

Authorisation for the BoD

In accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act, the BoD holds the authority to approve temporary deviations from the policy on any element of remuneration outlined in this policy. Such deviations undergo evaluation by the ODCC and are presented to the BoD for approval. Deviations may only be permitted in specific cases where special circumstances, outside the realm of normal business, necessitate an increase in reward to secure the company's long-term interests, financial viability and/or sustainability by acknowledging exceptional contributions.

In 2024, the company's remuneration practices aligned with the policies and guidelines outlined above.

Table 42: Adjustment of shares

Outperformance of the market indexes	Pay-out
30% or above	200%
15%	150%
0%	100%
-15%	50%
Less than -15%	0%

Table 43: Remuneration of senior executives in 2024 and 2023 1)

USD (1,000)			Fixed remuneration			Variable remuneration			muneration
			Salary	ments in kind Pay	Other	Bonus2)	Share based ment3) pay	Pension expense	Total re	Proportion of fixed muneration re	muneration Proportion of variable re	mber of grants warded3) Nu a	outstanding grants mber of Total nu	mber of Total nu shares4)
Chief executive officer	Karl Johnny Hersvik	2024	920	33	0	357	164	23	1,498	65%	35%	8,867	21,985	12,528
		2023	899	32	-	358	93	22	1,404	68%	32%	8,193	13,118	12,528
Chief financial officer	David Torvik Tønne	2024	436	9	8	167	72	22	713	67%	33%	4,091	9,788	27,041
		2023	404	6	7	167	39	21	644	68%	32%	3,776	5,697	24,034
Chief operating officer	Per Harald Kongelf	2024	423	3	0	163	73	22	686	66%	34%	4,033	9,870	5,546
		2023	400	2	-	163	41	22	627	68%	32%	3,712	5,837	5,546
Chief digital officer	Paula Doyle	2024	375	10	7	146	67	24	628	66%	34%	3,620	8,995	1,402
		2023	312	2	7	146	38	22	528	65%	35%	3,347	5,375	309
Chief information officer	Thomas D. Hoff-Hansen5)	2024	302	3	3	120	49	23	500	66%	34%	2,913	6,687	5,037
		2023	254	2	3	105	26	22	412	68%	32%	2,388	3,774	4,631
SVP projects	Knut Sandvik	2024	349	8	6	134	62	23	583	66%	34%	3,332	8,276	7,620
		2023	337	5	-	135	35	23	534	68%	32%	3,081	4,944	5,980
SVP drilling and wells	Tommy Sigmundstad	2024	358	6	1	139	64	23	591	66%	34%	3,451	8,552	1,439
		2023	341	4	0	139	36	22	542	68%	32%	3,179	5,101	10,451
SVP exploration and	Per Øyvind Seljebotn	2024	337	9	1	128	54	23	552	67%	33%	3,132	7,393	1,712
reservoir development		2023	309	3	-	130	28	22	491	68%	32%	2,914	4,261	619

1) All remuneration to senior executives is paid in NOK and converted to USD using a yearly average USD/NOK rate of 10.7433 and 10.5647, for 2024 and 2023 respectively. For executives who have been in the EMT only for parts of the year in 2024, the figures include payroll for the full year.

2) Numbers represent actual ordinary bonus earned in 2024 and 2023.

3) The numbers of grants and related amounts awarded to each EMT member/individual as part of the LTIP described above.

4) These shares have been purchased by the individuals and are not part of the remuneration. The numbers include shares held by each member's close associates, as defined in the Norwegian Accounting Act.

5) SVP Ula until 31.01.2024. Chief information officer from 01.02.2024.

USD (1,000)			Fixed remuneration			Variable remuneration			muneration
			Salary	ments in kind Pay	Other	Bonus2)	Share based ment3) pay	Pension expense	Total re	Proportion of fixed muneration re	muneration Proportion of variable re	mber of grants warded3) Nu a	outstanding grants mber of Total nu	mber of Total nu shares4)
SVP people and safety	Marit Blaasmo	2024	305	7	4	119	52	24	511	66%	34%	2,925	7,075	9,046
		2023	286	2	-	118	29	23	458	68%	32%	2,682	4,150	7,406
SVP operations	Thomas Øvretveit6)	2024	278	48	8	109	47	22	511	70%	30%	2,734	6,384	2,110
		2023	241	43	7	105	25	21	442	71%	29%	2,374	3,650	743
SVP Grieg Aasen	Georg Vidnes7)	2024	310	29	2	120	52	23	536	68%	32%	2,955	7,116	3,925
		2023	289	5	2	119	28	22	466	68%	32%	2,763	4,161	2,857
SVP Grieg Aasen	Kari Nielsen8)	2024	285	3	5	69	38	22	422	75%	25%	409	4,330	959
		2023	264	2	-	109	27	22	424	68%	32%	2,482	3,921	413
SVP Alvheim	Ine Dolve	2024	302	9	2	110	58	24	505	67%	33%	2,809	7,552	9,065
		2023	318	6	7	118	34	23	505	70%	30%	2,903	4,743	7,425
SVP Yggdrasil	Lars Høier	2024	346	33	0	134	62	23	598	67%	33%	3,326	8,262	12,701
		2023	330	31	-	135	35	22	554	69%	31%	3,086	4,936	10,719
SVP Valhall	Ole Johan Molvig	2024	346	3	1	134	62	23	569	65%	35%	3,340	8,339	22,065
		2023	327	2	1	136	35	22	523	67%	33%	3,113	4,999	18,140
SVP Ula	Talar Arif9)	2024	186	5	5	74	8	22	301	73%	27%	1,636	1,636	5,883
SVP Skarv	Marte Mogstad10)	2024	199	2	-	90	12	19	322	68%	32%	2,405	2,405	3,281

6) SVP Skarv until 30.04.2024. SVP Operations from 01.05.2024

7) SVP Operations until 30.04.2024. SVP Grieg Aasen from 01.05.2024

8) SVP Grieg Aasen until 30.04.2024

9) SVP Ula from 01.02.2024

10) SVP Skarv from 01.05.2024

Table 44: Comparative table over the remuneration and company performance over the last five reported financial years

Annual change (USD 1000)1)		2020 vs 2019		2021 vs 2020		2022 vs 2021		2023 vs 2022		2024 vs 2023
		∆	∆ %	∆	∆ %	∆	∆ %	∆	∆ %	∆	∆ %
Director`s remuneration
Chief executive officer	Karl Johnny Hersvik	360	26%	12	1%	2,635	151%	-2,975	-68%	94	7%
Special advisor	Øyvind Bratsberg	-19	-3%	817	139%	-	-	-	-	-	-
Chief operating officer	Per Harald Kongelf	-13	-2%	43	7%	690	111%	-685	-52%	58	9%
Chief operating officer	Kjetel Rokseth Digre	-714	-49%	-	-	-	-	-	-	-	-
Chief financial officer	David Torvik Tønne	-18	-3%	62	12%	649	114%	-576	-47%	70	11%
Chief digital officer	Paula Doyle	-	-	-	-	-	-	-256	-33%	100	19%
Chief information officer	Thomas D. Hoff-Hansen2)	-	-	-	-	-	-	32	8%	88	21%
SVP people and safety	Marit Blaasmo	16	4%	46	12%	500	118%	-467	-50%	53	12%
SVP strategy and business development	Lene Landøy	-13	-3%	470	98%	-	-	-	-	-	-
SVP strategy and business development	Jan Rosnes	-	-	-	-	90	29%	-	-	-	-
SVP exploration	Evy Glørstad-Clark	21	4%	67	13%	-51	-9%	-	-	-	-
SVP exploration and reservoir development	Per Øyvind Seljebotn	-	-	-	-	-	-	-18	-3%	61	12%
SVP drilling and wells	Tommy Sigmundstad	7	1%	39	7%	596	103%	-632	-54%	49	9%
SVP projects	Knut Sandvik	-29	-5%	68	12%	552	87%	-653	-55%	48	9%
SVP Alvheim	Ine Dolve	-	-	101	23%	621	116%	-651	-56%	-0	0%
SVP Valhall	Ole Johan Molvig	-13	-2%	-	-	-	-	-575	-52%	46	9%
SVP Yggdrasil	Lars Høier	-	-	84	19%	628	119%	-601	-52%	45	8%

1) All remuneration to Aker BP employees is paid in NOK and converted to USD using a yearly average USD/NOK - rate of 8.8037, 9.4004, 8.5991, 9.6245, 10.5647 and 10.7433, for 2019, 2020, 2021, 2022, 2023 and 2024 respectively.

2) SVP Ula until 31.01.2024. Chief information officer from 01.02.2024.

Annual change (USD 1000)1)		2020 vs 2019		2021 vs 2020		2022 vs 2021		2023 vs 2022		2024 vs 2023
		∆	∆ %	∆	∆ %	∆	∆ %	∆	∆ %	∆	∆ %
SVP Skarv	Thomas Øvretveit3)	-	-	-	-	-	-	-16	-3%	69	16%
SVP Grieg Aasen	Georg Vidnes4)	-	-	-	-	-	-	0	0%	71	15%
SVP Grieg Aasen	Kari Nielsen5)	-	-	-	-	-	-	-9	-2%	-2	0%
Company performance
Total revenues (USD million)		-368	-11%	2,689	90%	7,341	130%	660	5%	-1,290	-9%
Net profit/loss (USD million)		-96	-68%	783	1,752%	775	94%	-267	-17%	492	37%
Average production per day (mboepd)		55	35%	-1	-1%	100	48%	148	48%	-18	-4%
	Average remuneration of a full-time equivalent basis of employees (USD 1000)
Aker BP		-20	-10%	36	21%	-53	-26%	35	24%	-15	-8%

3) SVP Skarv until 30.04.2024. SVP operations from 01.05.2024.

5) SVP Grieg Aasen until 30.04.2024.

⁴⁾ SVP operations until 30.04.2024. SVP Grieg Aasen from 01.05.2024.

SIGNATURES – BOARD OF DIRECTORS

The board of directors and the CEO of Aker BP ASA Fornebu, 1 April 2025

ØYVIND ERIKSEN Chairman of the board

ANNE MARIE CANNON

Deputy chair

KJELL INGE RØKKE Board member

TROND BRANDSRUD Board member

KATE THOMSON Board member

CHARLES ASHLEY HEPPENSTALL

Board member

DORIS REITER Board member

ANI ISABEL CHIANG

Board member

INGARD HAUGEBERG

Board member

MARIT HARGEMARK Board member

TORE VIK Board member

THOMAS HUSVÆG Board member

VALBORG LUNDEGAARD Board member

KARL JOHNNY HERSVIK

Chief executive officer

Independent auditor's statement

To the General Meeting of Aker BP ASA

Independent auditor's assurance report on report on salary and other remuneration to directors

Opinion

We have performed an assurance engagement to obtain reasonable assurance that Aker BP ASA report on salary and other remuneration to directors (the remuneration report) for the financial year ended 31 December 2024 has been prepared in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

Board of directors' responsibilities

The board of directors is responsible for the preparation of the remuneration report and that it contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free from material misstatements, whether due to fraud or error.

Our Independence and Quality Management

We are independent of the company as required by laws and regulations and the International Ethics Standards Board for Accountants' Code of International Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We apply the International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, and accordingly, maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Auditor's responsibilities

Our responsibility is to express an opinion on whether the remuneration report contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information in the remuneration report is free from material misstatements. We conducted our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 – "Assurance engagements other than audits or reviews of historical financial information".

We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Further we performed procedures to ensure completeness and accuracy of the information provided in the remuneration report, including whether it contains the information required by the law and accompanying regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Stavanger, 1 April 2025 PricewaterhouseCoopers AS

Gunnar Slettebø

State Authorised Public Accountant

PricewaterhouseCoopers AS, Kanalsletta 8, Postboks 8017, NO-4068 Stavanger T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

Board of directors' report on corporate governance

Implementation and reporting on corporate governance
Business
Equity and dividends
Equal treatment of shareholders and transactions with close associates
Shares and negotiability
General meetings
Nomination committee
Board of directors: Composition and independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of the executive management team
Information and communications
Take-overs
Auditor

Aker BP ASA (Aker BP) aims to ensure the greatest possible value creation to shareholders and society over time in a safe and prudent manner. An effective governance framework with a clear division of responsibility and roles between the owners, represented by the shareholders in the general meeting, the board of directors (BoD) and the executive management team (EMT) is crucial to achieve this.

1. IMPLEMENTATION AND REPORTING ON CORPORATE GOVERNANCE

The BoD of Aker BP is responsible for actively adhering to sound corporate governance standards.

Aker BP is a Norwegian public limited liability company (ASA), listed on Oslo Børs and established under Norwegian laws. In accordance with the Norwegian Accounting Act, section 3-3b, Aker BP includes a description of principles for corporate governance as part of the BoD's report in the annual report or alternatively makes a reference to where this information can be found.

The Norwegian Corporate Governance Board (NCGB) has issued the Norwegian Code of Practice for Corporate Governance (the Code of Practice). The Code of Practice can be found on www.nues.no. Adherence to the Code of Practice is based on the 'comply or explain' principle, which means that a company must comply with all the recommendations of the Code of Practice or explain why it has chosen an alternative approach to specific recommendations.

Oslo Børs requires listed companies to publish an annual statement of their policy on corporate governance in accordance with the Code of Practice in force at the time. Issuer Rules for companies listed on Oslo Børs is available at .

Aker BP complies with the current edition of the Code of Practice, issued on 14 October 2021, unless otherwise specifically stated. The following statement on corporate governance is structured in the same way as the Code of Practice, thus following the 15 chapters included in the Code of Practice.

More detailed reporting on corporate governance issues can be found on our website and in this integrated annual report.

Deviations to the code: None

2. BUSINESS

According to Aker BP's Articles of Association article 3, its objective is "to carry out exploration for, and recovery of, petroleum and activities related thereto, and, by subscribing for shares or by other means, to participate in corresponding businesses or other business, alone or in cooperation with other enterprises and interests". The complete Articles of Association is available on the company's website.

Through an annual strategy process, the BoD defines and evaluates the company's purpose and objectives, values and main strategies, and risk profiles for the company's business activities such that the company maximises long term value creation for its shareholders. Environmental, social and governance issues are an important part of the BoD's annual strategy process. Together with the company's financial status, the objectives of the company are communicated to the market.

Aker BP's vision is to be the exploration and production (E&P) company of the future, with safe and efficient operations, low cost, low emissions and a leading role in the transformation of the industry. To achieve this, the company will carry out exploration, development and production activities and be opportunistic in its approach to buying and selling interests in companies, fields, and discoveries.

The company maintains a code of conduct to ensure that employees, hired personnel, consultants, and others acting on behalf of Aker BP, operate in a consistent manner with respect to ethics and good business practice. Aker BP also maintains a human rights policy to clarify its human rights commitments and describe how the company manages human rights impacts in the supply chain and across its operations. The company also has a diversity, equity and inclusion policy, ensuring equal opportunities for all. These mentioned policies and procedures are further described in the sustainability statement in the BoD's report.

The company demonstrates responsibility through actions, the quality of its work, the projects, products and all its activities. The company's ambition is that business activities shall integrate social, ethical, and environmental goals and measures.

As a minimum, Aker BP will comply with laws and regulations in the areas where the company operates, but the established set of ethical guidelines extends beyond such compliance. Established procurement procedures secure non-discrimination and transparency in the procurement processes, which also include environmental decision criteria. Aker BP has established an anti-corruption compliance program, and it is also stated in the code of conduct that no form of corruption is tolerated. Aker BP's anti-corruption policy sets out in more detail the company's expectations regarding the actions of Aker BP representatives and business partners and is available on the company's website.

In addition, the company has a sponsorship policy and program to promote the company and its activities. Guidelines for the use of sponsorships are included in the sponsorship policy and in the code of conduct. Aker BP supports measures that improve the company's brand and profile, and measures that can be for the benefit of the employees. Information about ongoing sponsorships is available on the company's website.

The company routinely conducts impact assessments as an integrated part of the sanctioning process of projects, for the purpose of evaluating the effects that a development or a facility and its operation could have on the environment, including cultural monuments and the cultural environment, natural resources, and society.

The company integrates considerations related to its stakeholders into its value creation and shall achieve its objectives in accordance with the code of conduct. In Aker BP's annual sustainability statement, the company describes its business activities in terms of sustainability performance and development, its approach to environmental, social and governance (ESG) issues and presents a balanced picture of the opportunities and challenges it encounters in this area and how it works to address them. The report is available in a dedicated section in the annual integrated report.

Deviations to the code: None

3. EQUITY AND DIVIDENDS

The BoD seeks to optimise the company's capital structure by balancing risk and return on equity against lenders' security and liquidity requirements. The company aims to have a good reputation in all debt and equity markets. The BoD continuously evaluates the company's capital structure to ensure a capital and debt structure that is appropriate to the company's objectives, strategy, and risk profile. This involves monitoring available funding sources and related cost of capital. It is the company's goal that over time, Aker BP's shareholders shall receive a competitive return on their investment through a combination of increased share price and cash dividends.

The company's dividend policy is an integrated part of its overall capital allocation framework,

together with and dependent on its financing and investment policies. The ambition is to provide a reliable dividend which grows in line with Aker BP's long-term value creation. Aker BP pays dividends in cash on a quarterly basis.

The annual general meeting (AGM) in April 2024 authorised the BoD to approve the distribution of dividends based on the approved annual accounts for 2023, to facilitate quarterly dividend payments.

In 2024, the company paid USD 2.4 per share in dividends. For 2025, the BoD has resolved to increase the dividend level to USD 2.52 per share.

The company's financial liquidity is strong with cash and cash equivalents of USD 4,147 million and undrawn amounts on committed credit facilities of USD 3.4 billion as of 31 December 2024.

Aker BP is currently rated by three rating agencies, S&P, Fitch, and Moody's, all of which have assigned Investment Grade (IG) credit ratings to the company. S&P Global Ratings and Fitch have both assigned a BBB long-term corporate credit rating with stable outlook, and Moody's has assigned a Baa2 rating with stable outlook.

In the company's capital allocation framework, maintaining financial flexibility and protecting the IG credit profile has the highest priority. This means that, if necessary, the company will adjust its plans for investments and dividends to protect its balance sheet. This was last demonstrated in 2020 at the onset of the Covid-19 pandemic.

At the end of 2024, the company's book equity was USD 12.7 billion, which represents 30 percent of the balance sheet total of USD 42.2 billion. The company's share capital is NOK 632,022,210, divided into 632,022,210 shares, each with a nominal value of NOK 1.00.

In April 2024, the AGM authorised the BoD to increase the share capital by a maximum of NOK 31,601,110, representing up to five percent of the total share capital at the time of such meeting. The authorisation can be utilised for share capital increases to strengthen the company's equity, convert debt into equity and fund business opportunities. At the time of this report, this mandate has not been used.

The AGM in April 2024 also provided the BoD with a mandate to acquire treasury shares representing up to five percent of the total share capital at the time of such meeting. The mandate is valid until the AGM in 2025. As per 31 December 2024, the mandate had only been used in part and in connection with the share savings plan for employees. The company's employees subscribed for a total of 1,271,447 shares (approximately 0.2 percent of total shares outstanding). After delivery of these shares, Aker BP held 57,009 treasury shares at the end of 2024.

Deviations to the code: None

4. EQUAL TREATMENT OF SHAREHOLDERS AND TRANSACTIONS WITH CLOSE ASSOCIATES

The company has one class of shares and all shares carry the same rights.

When the company considers it to be in the best interests of shareholders to issue new equity there is a clear objective to limit the level of dilution. Aker BP will carefully consider alternative financing options, its overall capital structure, the purpose and need for new equity, the timing of such an offering, the offer share price, the financial market conditions, and the need for compensating existing shareholders if pre-emption rights are waived. Arguments for waiving pre-emption rights will be clearly stated.

If the BoD decides to use its current authorisation to re-purchase company shares, the transactions will be carried out through the stock exchange or at prevailing stock exchange prices if carried out in any other way.

As per 31 December 2024, Aker ASA (Aker) owned 21.16 percent and bp p.l.c. (bp) owned 15.87 percent of Aker BP. Both Aker and bp account for Aker BP in accordance with the equity method.

Aker BP is committed to equal treatment of all shareholders. The BoD is of the view that it is positive for Aker BP that Aker and bp assume the role of active owners and are actively involved in matters of major importance to Aker BP and to all shareholders. The cooperation with Aker and bp offers Aker BP access to expertise and resources within upstream business activities, HSSEQ, technology, strategy, transactions, and funding. It may be necessary to offer Aker and bp special access to commercial information in connection with such cooperation. Any information disclosed to Aker's and bp's representatives in such a context will be disclosed in compliance with the laws and regulations governing the stock exchange and the securities market.

Applicable accounting standards and regulations require Aker and bp to prepare their consolidated financial statements to include accounting information of Aker BP. Aker BP is considered an associate of Aker and bp under the applicable accounting standard. To comply with these accounting standards, Aker and BP have in the past received, and will going forward receive, unpublished accounting information from Aker BP. Such distribution of unpublished accounting information from Aker BP to Aker and bp is executed under strict confidentiality and in accordance with applicable regulations for handling of inside information.

Through active investor communication, the company seeks to ensure that any shareholders can contribute, and management will actively meet with and seek the views of shareholders.

Aker BP has no related parties, as defined in the Public Limited Liability Company Act (Allmennaksjeloven). However, according to IFRS, entities controlled by owners with significant influence over Aker BP are deemed related parties from an accounting perspective. The company has established a policy for transactions with such parties, which mandates that any material business acquisitions or agreements with related parties not part of Aker BP's ordinary course of business undergo independent valuation. The BoD and the EMT are highly conscious that all relations with Aker and bp, their subsidiaries, and other companies in which Aker or bp have ownership interests or entities they have significant control over, should be premised on commercial terms and entered into on an arm's length basis. Transactions with Aker and bp-controlled companies are detailed in the financial statements' disclosure regarding transactions with related parties.

Deviations to the code: None

5. SHARES AND NEGOTIABILITY

Aker BP's shares are freely negotiable securities and the company's Articles of Association do not impose any form of restriction on their negotiability.

The company's shares are listed on Oslo Børs and the company works actively to attract the interest of new Norwegian and foreign shareholders. Strong liquidity in the company's shares is essential for the company to be viewed as an attractive investment and thus achieve a competitive cost of capital.

Deviations to the code: None

6. GENERAL MEETINGS

The general meeting of shareholders is the company's highest authority and elects the BoD as the highest governing body. The BoD strives to ensure that the general meeting is an effective forum for communication between the shareholders and the BoD and encourages shareholders to participate in the meetings.

The BoD can convene an extraordinary general meeting at any time. A shareholder or a group holding at least five percent of the company's shares can request an extraordinary general meeting. The BoD is then obliged to hold the meeting within one month of receiving the request.

Preparation for general meetings

The AGM is normally held before the end of April each year, and no later than the end of June, which is the latest date permitted by the Public Limited Liability Companies Act. The date of the next AGM is normally included in the company's financial calendar, which is available on the company's website.

The notice of a general meeting is sent to shareholders and published on the company's website and the stock exchange, no later than 21 days prior to the meeting.

Article 7 of the company's Articles of Association, about the general meeting, stipulates that documents concerning matters to be considered by the general meeting will be made available to the shareholders on the company's website. This also applies to documents that are required by law to be included in or enclosed with the notice of the general meeting.

The supporting documentation provides the necessary information for shareholders to form a view on the matters to be considered.

Participation in a general meeting

All shareholders are entitled to participate in the general meeting.

Shareholders who are unable to attend a general meeting are encouraged to vote by proxy or in writing, and instructions for how to do this are included with the notice. Voting and appointment of proxy can also be done electronically through the VPS web portal. Separate voting instructions can be given for each matter to be considered by the meeting. The deadline for registration is set as close as possible to the date of the meeting.

Conduct of a general meeting and agenda for AGM

The BoD proposes the agenda for the AGM. The main agenda items are determined by the requirements of the Public Limited Liability Companies Act.

Before the AGM, the BoD will nominate a person who can vote on behalf of shareholders as their authorised representative. Shareholders may cast their votes in writing, including by means of electronic communication, in a period prior to the general meeting. Appropriate arrangements are made for shareholders to be able to vote on each individual matter.

The chair of Aker BP's general meetings is elected by the general meeting itself.

The Code of Practice states that it is appropriate that all members of the BoD should attend general meetings. Representatives from the BoD and the EMT will attend the AGM.

Minutes of general meetings are published on the company's website and through a stock exchange announcement.

Deviations from the code: The Code of Practice recommends that all members of the BoD are present at the general meeting and that the chairman of the nomination committee should attend the AGM. Due to the nature of discussions at general meetings, Aker BP has not deemed it necessary to require all board members and the chairman of the nomination committee to be present.

7. NOMINATION COMMITTEE

Article 8 in the company's Articles of Association stipulates the composition of and states the main duties of the nomination committee.

The company's nomination committee shall consist of up to four members elected by the general meeting. The nomination committee should be composed in such a way that it represents a wide range of shareholders' interests, and if possible, both genders should be represented. More than half of the members shall be independent of the

BoD and the executive management, and the members shall be elected for a period of two years at a time.

The nomination committee shall propose candidates for, and remuneration to, the BoD and the nomination committee and justify its recommendation for each candidate separately. The nomination committee's recommendations shall be well-grounded. When reporting its recommendations to the general meeting, the nomination committee provides an account of how it has carried out its work.

The nomination committee ensures that the shareholder's views are taken into consideration when candidates are proposed. The committee also ensures that the proposed composition of the BoD covers all relevant fields of competence, and that the requirement of at least 40 percent of each gender on the BoD is met.

Shareholders have an opportunity to submit proposals to the committee. The electronic mailbox for submitting proposals to the committee, with deadlines for submitting proposals where such apply, is accessible through the company's website at https://www.akerbp. com/proposecandidate/.

The nomination committee currently consists of Svein Oskar Stoknes (Chair, re-elected 2024), Ingebret Hisdal (re-elected 2024), Donna Riley

(re-elected 2024) and Ian Lundin (elected in 2023). No members of the committee are members of the EMT or the BoD of Aker BP.

Deviations from the code: None

8. BOARD OF DIRECTORS: COMPOSITION AND INDEPENDENCE

The BoD of Aker BP consisted of 13 members as of 31 December 2024. The company's Articles of Association were changed in connection with the Lundin transaction to allow for additional board members and employee representatives. Article 5 stipulates that the BoD shall consist of up to 14 members. As required for all Norwegian public limited liability companies, each gender shall be represented by at least 40 percent of the board members (not applicable to employee representatives).

Five members are elected by the employees. The general meeting elects the other board members and chairman of the BoD. The term of office for members of the BoD is two years at a time.

Among the shareholder-elected board members, two (Kjell Inge Røkke and Øyvind Eriksen) are affiliated with the company's largest shareholder Aker, and two (Kate Thomson and Doris Reiter) are affiliated with the company's second largest

shareholder, bp. All other board members are considered independent, defined as individuals who don't have a material or pecuniary relationship with the company either directly or through one of the company's partners, main shareholders or management members. All board members are considered independent of the company's executive management team.

In 2024, the BoD conducted a total of 10 BoD meetings. Participation was 87 percent.

The BoD composition ensures alignment of interests with all shareholders and members of the BoD are encouraged to own shares in the company. It is the BoD's view that the BoD collectively meets the need for expertise, capacity, and diversity. Aker BP's board members have extensive industrial and managerial experience from the oil and energy sector as well as from the finance industry.

The average tenure of the current shareholder-elected board members is 6.9 years.

An overview of the expertise of the board members is available on the website: https://akerbp.com/en/board-of-directors/.

Deviations from the code: None

9. THE WORK OF THE BOARD OF DIRECTORS

The BoD has authority over and is responsible for decision-making on, and supervision of, the company's business operations and management, including strategies and targets related to sustainable development, and has adopted a yearly plan for its activities. The BoD handles matters of major importance, or of an extraordinary nature and may in addition require management to refer any matter to it. The objectives of the BoD's work are to create value for the company's shareholders in both the short and long term and to ensure that Aker BP fulfils its obligations. An important task for the BoD is to appoint the CEO and while the CEO is responsible for the day-to-day management of the company's business activities, carried out by the EMT, the BoD acknowledges its responsibility for the overall management of the company. The BoD is responsible for:

• 1. Reviewing strategic plans and supervising these through regular reporting and feedback
• 1. Reviewing significant risks to Aker BP's activities and overseeing the establishment of appropriate systems to monitor and manage such risks
• 1. Ensuring that shareholders have access to timely and correct information about financial circumstances and important business-related events in accordance with relevant legislation
• 1. Ensuring the establishment and securing the integrity of the company's internal control and management systems

The BoD recognises the significant risks associated with operations. Consequently, the BoD has dedicated significant resources and time to understand and discuss not only general risks facing an E&P company, but also inherent risks connected to organisation, culture, and leadership. For a company like Aker BP, the BoD views the risks in taking on an operated development project and meeting the required financing for its entire portfolio as well as taking on operated assets, to be among the most significant risks. Accordingly, this is where the mitigating efforts are concentrated.

In addition to the above-mentioned responsibilities, the BoD also develops, approves, monitors, and updates the company's sustainability strategies, policies and goals. The BoD's work in this regard includes, but is not limited to, approval of business plans in which emissions are an important decision criterion, and of initiatives to lower emissions from own operations as well as in the supply chain.

The work of the BoD is based on the rules of procedure describing the BoD's responsibility including the division of roles between the BoD and the CEO. There are specific instructions to guide the work of the CEO. The CEO, CFO and the company secretary attend all BoD meetings. Other members of the company's executive management attend the BoD meetings by invitation and as necessary due to specific matters. If the chair of the BoD has been personally involved in matters of a material character, the deputy chair takes over the tasks of the chair directing the BoD's work in the specific matter.

Considering the size of the company and the scope of its activities, the BoD finds it appropriate to keep all board members informed about all BoD matters, except for cases where board members may have conflicting interests with the company.

The BoD regularly carries out self-evaluations of its own performance, including evaluations of the BoD's competence and potential areas for strengthening this competence. The latest self-evaluation prior to year end 2024 was carried out by the BoD towards the end of 2023, and the next self-evaluation has been performed in the first quarter of 2025. The results of the self-evaluations are communicated to and used by the nomination committee in its work.

The board members and executive management team are responsible for making the company aware of any material interests that they may have in items to be considered by the BoD. The company's code of conduct requires all Aker BP representatives to act impartially in all business matters and provides clear guidelines on how to act in situations where there is a risk of conflicts of interest and partiality.

The BoD has three subcommittees: The audit and risk committee (ARC), the organisational development and compensation committee (ODCC) and the safety and environmental assurance committee (SEAC).

Audit and risk committee

The BoD has established an audit and risk committee (ARC) consisting of the following board members:

• – Trond Brandsrud, chair
• – Anne Marie Cannon
• – Kate Thomson
• – Valborg Lundegaard

All members are independent of the company's EMT.

The chair of the ARC, Trond Brandsrud, is considered to possess the experience and formal background that qualifies him as a 'financial expert', as required by the Public Limited Liability Company Act. From 2016 to 2019, he held various CEO and CFO roles in the financial services companies Lindorff, Intrum and Lowell. Additionally, from 2010 to 2015, he served as the Group Chief Financial Officer of Aker ASA. Mr. Brandsrud has also served as Chief Financial Officer at Seadrill and held several key financial positions at Shell for 20 years, both in Norway and globally. Furthermore, he brings extensive experience as a non-executive director, having served as both a member and chair in other companies' BoDs and ARCs.

Anne Marie Cannon has more than 40 years' experience in the oil and gas industry and investment banking and is an experienced director, holding executive and non-executive roles. Kate Thomson is employed by bp, where she has had several senior executive positions and is currently serving as the group chief financial officer. Valborg Lundegaard is CEO of Aker Carbon Capture and has more than 30 years' experience from the energy industry, including key management positions in Aker Solutions.

The ARC supports the BoD's responsibilities in ensuring the integrity of financial reporting and the financial reporting process. In recent years, the committee has intensified its focus on monitoring non-financial reporting to adequately address its formal responsibilities related to the Corporate Sustainability Reporting Directive, which was incorporated in Norwegian Law with effect for the 2024 reporting year. The committee conducts regular meetings to review the quality of all interim and annual reports before they undergo the BoD's scrutiny and subsequent publication. Additionally, the ARC reviews the sustainability statement included in the BoD's report, which is an integral part of the committee's responsibility for sustainability reporting as mentioned above. In 2024, the committee held seven meetings.

The company's auditor PwC, works closely with the ARC and attended all meetings during the year. The committee informs the BoD of the result of the audit, including how the audit contributed to the integrity of the financial reporting. The committee also oversees the company's financial risk management, internal audit, and monitors and reviews the company's business risks. The ARC oversees Aker BP's anti-corruption compliance program and handling of reports submitted via the company's whistleblowing channel.

The management and the ARC evaluate the risk management on financial reporting and the effectiveness of established internal controls. Identified risks and effects of financial reporting are discussed on a quarterly basis.

It is the view of the committee that cooperation between the auditor and executive management is good. The ARC works together with EMT and the auditor to improve the internal control environment according to the principles of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.

The ARC has oversight over the assurance activity in the company, and the head of internal audit is reporting to the ARC. This is securing that internal audit has independence from the management of Aker BP.

Organisational development and compensation committee

The BoD has an organisation development and compensation committee (ODCC) consisting of the following three board members:

• – Øyvind Eriksen, chair
• – Anne Marie Cannon
• – Marit Hargemark

The ODCC is established to ensure that remuneration arrangements support the strategy of the business and enable the recruitment, succession planning and leadership development, and motivation and retention of senior executives. It needs to comply with the requirements of regulatory and governance bodies, satisfy the expectations of shareholders and remain consistent with the expectations of the wider employee population. Further, the committee shall ensure that the overall organisational structure is set up to deliver on the company's strategy going forward. In 2024, the committee held six meetings.

Safety and environmental assurance committee

The oversight of health, safety, security, and environmental matters (HSSE) is retained directly by the BoD. HSSE issues, including cyber security, are at the top of the agenda in every single BoD meeting.

In addition, the BoD has established a Safety and Environmental Assurance Committee (SEAC) to strengthen the administration work on health, safety, cyber security, and environmental matters. The committee reports to the BoD on a quarterly basis and has in 2024 consisted of the following members:

• – Fawaz Bitar, SVP HSE & Carbon, bp chair of the committee
• – Karl Johnny Hersvik, CEO, Aker BP
• – Marit Blaasmo, SVP HSSEQ, Aker BP
• – Knut Sandvik, SVP Projects, Aker BP
• – Mike Zanghi, VP Safety and operational risk assurance, Wells, bp (replaced in Q4 2024 by Anchala Klein, VP Safety & operational risk, Wells, bp)
• – Doris Reiter, SVP North Sea, bp
• – Tommy Sigmundstad, SVP Drilling and well, Aker BP
• – Kelli Gustaf, Business Advisor, HSE & carbon, bp
• – Henry Barda, VP Shareholder team, bp
• – Georg Vidnes, SVP Grieg/Aasen, Aker BP
• – John Nugent, Strategy & risk Senior Manager, bp

SEAC assures that the HSSE work is adequately and properly organised and addressed throughout the entire company and that the HSSE policy and governing processes are embedded in all operations. In addition, SEAC shall:

• – Review all risks related to operating activities, including operational integrity and technical and mechanical integrity of wells
• – Review all risks related to cyber security
• – Share learnings from incidents by in-depth analysis in the relevant areas of mutual interest or incident follow-up
• – Align leadership experiences on common areas of focus in relation to management of safety and operational risk
• – Share experiences and practices in the HSSE area
• – Review and give advice to management regarding the company's HSSE work
• – The committee may conduct visits to all relevant sites, including offshore installations, to ensure that the company's governing processes and proper practices are adhered to

In 2024, the committee held four meetings.

In addition to the above-mentioned committees, the BoD may appoint various ad hoc subcommittees when required, with a limited timeframe and scope. The authority of a subcommittee is limited to preparing items and making recommendations to the BoD.

Deviations from the code: None

10. RISK MANAGEMENT AND INTERNAL CONTROL

Risk Management

Appropriate internal control and risk management contributes to transparency and quality reporting for the benefit of the company, stakeholders, shareholders' long-term interests and operational excellence as an operator on the NCS.

The company continuously and systematically operates a robust and transparent risk management process throughout the organisation. The purpose of the process is to enable the company to maximise opportunities, minimise threats and optimise achievements of business objectives.

Except for two exploration licences on the UK shelf, the company's operational activities are limited to Norway and are subject to Norwegian regulations. All activities taking place in a production licence are subject to supervision and audits from governmental bodies like the Petroleum Safety Authority Norway, the Norwegian Environment Agency, and from licence partners.

The BoD considers risk in the context of growing a sustainable business while meeting governance, safety and accountability expected by stakeholders. The BoD and the ARC regularly review major risks identified and communicated through the company's enterprise risk management process.

The business management system (BMS) is the company's framework for creating and sustaining value, trust, and predictability. BMS describes how Aker BP works, controls risk and improves. The BMS describes approximately 300 business processes supplemented by governing documents, requirements, and descriptions.

Risk-based assurance of conformity to the business management system requirements is governed by the company's 'three lines of assurance' model. An improved framework for Aker BP's 'three lines of assurance' was introduced in 2020 and is continually under improvement with regards to processes and tools to enhance execution. First and second line roles are responsible for delivery and assurance of core activities, by establishing and maintaining appropriate structures and processes for the management of operations and risk, including internal controls to ensure conformity with regulatory and ethical requirements and expectations.

Internal audit is established as the third line of assurance, providing independent and objective assurance and advice on the adequacy and effectiveness of governance and risk management. This is achieved through the application of systematic and risk-based audits. To ensure the independence of the internal audit function, the head of internal audit reports administratively to CEO, and functionally to the BoD via the ARC.

Internal control for financial reporting

Aker BP has established a framework for internal control for financial reporting based on the principles of the COSO and is operationalised as follows:

• – Internal control environment
• – Risk assessment
• – Risk response and control activities
• – Information and communication
• – Monitoring

The established framework is an integrated part of the company's management system. The company's internal control environment is characterised by clearly defined responsibilities and roles between the BoD, ARC and management. The implemented procedure for financial reporting is integrated with the company's management system, including ethical guidelines that describe how the representatives of the company must act. Aker BP's anti-corruption policy and speaking up policy provide additional control mechanisms to address and detect deviations.

The company has established processes, procedures, and controls for financial reporting, which are appropriate for an exploration and production company. The company's documented procedures are designed to provide:

• – Effective and appropriate identification and mitigation of financial reporting risks
• – Measurement of compliance against procedures
• – Appropriate segregation of duties
• – Provision of relevant, timely and reliable financial reporting that provides a fair view of Aker BP's business
• – Safeguard against fraudulent manipulation of reported figures
• – Compliance with all relevant requirements of IFRS

A risk assessment related to financial reporting is performed and documented by management and reviewed by the ARC, which also performs a quarterly risk review of business risks. The committee reports any findings or deviations to the BoD. In 2024, the following main risk areas were identified related to financial reporting:

• – Impairment of goodwill, tangible and intangible assets – There is a risk that reductions in recoverable values below book values are not identified and recorded in an appropriate manner
• – Tax Complexity in tax regulations and calculation entail risk of error in financial reporting
• – Asset retirement obligation (ARO) There is a risk of errors in the input and calculations during the ARO estimation process

The company seeks to communicate transparently on its activities and its financial reporting based on significant interaction between financial reporting management and management responsible for exploration, development, production, and decommissioning activities in the business.

Key events that may affect the financial reporting are identified and monitored continuously. Judgmental items regarding the financial reporting and tax consideration are presented to the ARC at least on a quarterly basis.

The Finance Department monitors the compliance with established procedures and reports any material deviations to the ARC. It also identifies actions to improve procedures and conducts a self-assessment of its performance against objectives, which are then presented and discussed with the ARC.

Deviations from the code: None

11. REMUNERATION OF THE BOARD OF DIRECTORS

The remuneration of the board members is not performance-based but based on a fixed annual fee. None of the shareholder-elected board members have pension schemes or termination payment agreements with the company. The company does not grant share options to members of the BoD. Information about all remuneration paid to individual board members is provided in note 8 to the annual accounts.

The general meeting decides the remuneration of the BoD and the subcommittees. The nomination committee proposes the remuneration of the BoD to the general meeting and ensures that it reflects the responsibility of its members and the time spent on BoD work. The BoD must approve any board member's consultancy work for the company and remuneration for such work. No such work was carried out during 2024.

Deviations from the code: None

12. REMUNERATION OF THE EXECUTIVE MANAGEMENT TEAM

The BoD is responsible for the company's guidelines for executive remuneration, including the CEO's remuneration and other terms and conditions of employment. These guidelines set out the main principles applied in determining the salary and other remuneration of executive management team and are described in the company's remuneration policy which is subject to approval by the general meeting.

The total remuneration consists of a base salary, a pension contribution, an annual bonus based on company performance, and a long-term share-based incentive (LTIP). Members of EMT are covered under the same budget, guidelines, and limitations as other onshore personnel in the company.

Information about all remuneration paid to the CEO and the EMT members is provided in the Remuneration report included in another section of this annual report.

Deviations from the code: None

13. INFORMATION AND COMMUNICATIONS

Aker BP maintains a proactive dialogue with analysts, investors, and other stakeholders of the company. The company strives to continuously publish relevant information to the market in a

timely, effective, and non-discriminatory manner, and has a clear goal to attract both Norwegian and foreign investors and to promote higher stock liquidity. The company complies with the Oslo Børs Code of Practice for IR of 1 March 2021.

All stock exchange announcements are made available on the Oslo Børs' website, http://www.newsweb.no, as well as the company's website at the same time. The announcements are also distributed to news agencies and other online services.

Aker BP publishes its preliminary annual accounts by the end of February, as part of its fourth quarter report. The complete annual report, including approved and audited accounts and the BoD's Report, is available no later than three weeks before the AGM. Information sent to shareholders is published on the website simultaneously.

The company's financial calendar for the coming year is published as a stock exchange announcement and made available on the company's website no later than 31 December each year, in accordance with the continuing obligations for companies listed on Oslo Børs.

Aker BP's presentations of quarterly results are webcasted live through the company's web page and are also made available for replay. At the presentations, executive management review and comment on the published results, market conditions and the company's future activities, and answer questions from the audience.

The company's management gives high priority to communication with the capital markets. Individual meetings are organised for a wide range of existing and potential new investors and analysts. The company also attends relevant industry and investor conferences.

Aker BP will reduce its contacts with analysts, investors, and journalists in the final two weeks before publication of its results. During this period, the company will give no comments to the media or other parties about the company's results and outlook. This is to ensure that all interested parties in the market are treated equally.

With respect to communicating critical concerns to the BoD, the company has multiple reporting channels through which concerns may be raised, all of which are highlighted in employees' annual refresher code of conduct course. Regardless of the channel used to raise concerns, they are normally first lifted to the ARC for initial assessment, following which they are lifted to the BoD if necessary. The compliance department reports regularly to the ARC and informs the committee about cases received through the company's integrity channel which is also available for external stakeholders. If the ARC considers it critical, the concern would be then lifted to the BoD. The number of cases received through the whistleblowing channel is available in the sustainability statement included in the BoD report, under the Governance chapter.

Deviations from the code: None

14. TAKE-OVERS

15. AUDITOR

The BoD has established a separate set of guidelines for how it will act in the event of a takeover bid, as recommended by the Code of Practice. The overriding principle for review of a takeover bid is equal treatment of shareholders. The principles are based on the BoD and management having an independent responsibility for fair and equal treatment of shareholders in a takeover process, and that the day-to-day operations of the company are not unnecessarily disturbed. It is management's responsibility to ensure that the BoDis made aware of any potential takeover bid, while the BoD is responsible for ensuring that shareholders are kept informed and are given reasonable time to consider the offer.

Unless the BoD has a particular reason, it will not take steps to prevent or obstruct a takeover bid for the company's shares, nor hinder the progress of the bid without approval from shareholders.

If an offer is made for Aker BP's shares, the BoD shall make a statement to the shareholders that contains an assessment of the bid, the BoD's recommendations and the reason for the recommendation. If the BoD is unable to make a recommendation to shareholders, the BoD shall explain its reasoning for this.

Transactions that have the effect of a sale of the company or a major part of it must be decided on by a general meeting.

Deviations from the code: None

The AGM elects the auditor and approves the auditor's fee. The BoD will meet with the auditor annually without representatives of company management being present, to review internal control procedures and discuss any weaknesses and proposals for improvement. The auditor is invited to and participates in the BoD meetings to discuss the annual accounts. In these meetings, the auditor reports on any material changes in the company's accounting principles and key aspects of the audit, including matters on which there has been disagreement between the auditor and the executive management of the company.

The auditor participates in all meetings with the ARC and meets the ARC without the company's management being present. The BoD ensures that the auditor submits the main features of the plan for the annual audit of the company to the ARC annually. The auditor's independence in relation to the company is evaluated annually. The auditor may carry out certain audit related or non-audit services for the company, providing these are not in conflict with its duties as auditor. The company has established an audit and non-audit service policy.

In the annual financial statements, the auditor's remuneration is split between the audit fee and fees for other services. In the presentation to the AGM, the chair presents a breakdown between the audit fee and fees for other services.

Deviations from the code: None

Reporting of payments to governments

This report is prepared in accordance with the Norwegian Accounting Act Section § 2-10) and Securities Trading Act § 5-5 a). It states that companies engaged in activities within the extractive industries shall annually prepare and publish a report containing information about their payments to governments at country and project level. The Ministry of Finance has issued a regulation (F20.12.2013 nr 1682 – 'the regulation') stipulating that the reporting obligation only applies to reporting entities above a certain size and to payments above certain threshold amounts. In addition, the regulation stipulates that the report shall include other information than payments to governments, and it provides more detailed rules applicable to definitions, publication and group reporting.

The management of Aker BP has applied judgment in the interpretation of the wording in the regulation with regard to the specific type of payment to be included in this report, and on what level it should be reported. When payments are required to be reported on a project-by-project basis, they are reported on a field and/or licence basis. Only gross amounts on operated licences are reported, as all payments within the licence performed by non-operators will normally be cash calls transferred to the operator and will as such not represent payments to the government.

At year end 2024, Aker BP ASA had one subsidiary within the extractive industry. Reference is made to note 2 to the financial statements for a description the UK subsidiary Aker BP UK limited. The company's activity is limited to two exploration licences on the UK continental shelf. There are no employees or revenue in the company. The financial statements for 2024 have not yet been finalized.

1. REPORTING OF PAYMENTS

The regulation's Section 3 no. 5 defines the different types of payments subject to reporting. In the following sections, only those applicable to Aker BP will be described.

Income tax

The income tax is calculated and paid on corporate level and is therefore reported for the whole company rather than licence-by-licence. In 2024 the Aker BP group paid NOK 50,373.1 million (including interest) in income tax to Norway and received EUR 5.5 million (including interest) in income tax from the Netherlands. The payments are mainly related to income tax for income year 2023 and 2024.

CO2 tax

CO2 tax is to some extent included in the fuel price/rig rental paid to external rig companies. The CO2 tax paid on the Alvheim field includes the fields tied in to the Alvheim FPSO (Vilje, Volund, Bøyla, Skogul and Tyrving) as Alvheim performs the payment and charges the other fields via opex share.

Table 45: CO2 tax paid per field/licence

Name of field/licence	CO2 tax paid in 2024 (NOK)
Alvheim	142,045,136
Edvard Grieg	18,984,510
Hod	8,442,432
Ivar Aasen	5,467,424
PL 212E	8,973,848
Skarv	285,977,918
Ula	109,601,080
Valhall	16,518,699
Total	596,011,047

NOX

The company is a member of the NOX fund and all NOX payments are made to this fund rather than to the government.

Area fee

table 46 specifies the area fee paid by Aker BP on behalf of the various licences in 2024. Licences of which the company has received net refund of area fee are not included in the figures.

2. OTHER INFORMATION REQUIRED TO BE REPORTED

When companies are required to report payments as the above, it is also mandatory to report on investments, sales income, production volumes and purchases of goods and services in the country in which companies have activities within the extractive industries. As mentioned above, Aker BP operates on the Norwegian continental shelf only. This reporting requirement is therefore deemed to be met by the financial statements as specified below:

Net cash flow from investment activities for 2024 amounted to USD 5,315.0 million, as specified in the cash flow analysis in the financial statements

Sales income (Petroleum revenues) in 2024 amounted to USD 12,242.7 million, as specified in note 5 to the financial statements

Total production in 2024 was 160.7 million barrels of oil equivalents, see note 6 to the financial statements

For information about purchases of goods and services, reference is made to the Income Statement and the related notes

3. COUNTRY-BY-COUNTRY REPORT

In accordance with OECD requirements and the Norwegian Tax Administration Act § 8-12, multinational groups with total income above NOK 6.5 billion shall report key financial data and economic activity in the countries where the groups operate. Aker BP has provided a Countryby-Country Report (CbCR) to The Norwegian Tax Administration with 2023 data for the group companies, distributed into the following tax jurisdictions: Norway, UK, Netherland and Switzerland. The CbCR provides information per tax jurisdiction of revenue split between third-party and related-party revenues, profit before tax, accrued and paid corporate taxes, capital and earnings, number of employees and tangible assets.

Table 46: Area fee paid per field/licence

Name of field/licence	Area fee paid in 2024 (NOK)
Alvheim	12,373,362
Bøyla	32,017,848
Edvard Grieg	3,439,000
Gotha	10,860,000
Hod	2,450,000
Hugin	2,303,000
Skarv	24,344,000
Skogul	362,000
Solveig	2,896,000
Symra	1,991,000
Tambar	362,000
Troldhaugen	17,613,426
Valhall	8,624,000
Vilje	1,234,485
Volund	905,000
PL 102D/H	5,973,000
PL 127C	6,803,907
PL 127DS	171,024
PL 212E	2,534,000
PL 261	6,507,000
PL 501	5,249,000
PL 609	20,815,000
PL 782SBSC	19,067,063
PL 838	13,280,111
PL 886	33,274,356
PL 919	1,124,384
PL 932	16,528,438
PL 941	4,385,096
PL 942	10,720,332
PL 1008	12,390,411
PL 1041	5,799,452
Total	286,397,695

Appendix

Cautionary statement
Lists of figures and tables
Definitions and abbreviations

Cautionary statement

FORWARD-LOOKING STATEMENTS

This report (including all appendices) contains forward-looking statements that includes uncertainties and risks. Forward-looking statements may be identified in the report (including all appendices) by the use of words such as 'aim', 'aligned', 'ambition', 'anticipate', 'believe', 'commit', 'could', 'estimate', 'expect', 'goal', 'intend', 'may', 'milestone', 'objective', 'outlook', 'plan', 'projected', 'risks', 'seek', 'should', 'target', 'will', and other similar words or expressions. All statements other than those containing historical information are regarded as forward-looking and should as such be interpreted with caution. Such statements are, among others, related to Aker BP's strategies, ambitions and targets, including those referring to achieving 50 percent reduction in operational control scope 1 and 2 GHG emissions by 2030 compared with our 2017 baseline, net zero for our equity share scope 1 and 2 GHG emissions from 2030, and carbon removal offsets, among others included in this report (including all appendices).

Forward-looking statements reflect our current view about future events, derived from management's assumptions, estimates, expectations and forecasts. These are by nature subject to significant uncertainties and risks that could affect their outcome. Factors that may alter forward-looking statements in this report (including all appendices) to materially deviate from actual future results, include the demand for oil and gas, price fluctuations in oil and gas, estimates of remaining reserves and results of drilling and production, both national and international regulatory and legal changes, such as those related to climate change, technological advances, including those related to renewable energy, physical risks on assets and environmental compliance, operational delays or halts due to issues in the value chain or infrastructure, unforeseen macroeconomic and geopolitical events, such as the war in Ukraine and the Covid-19 (coronavirus) pandemic, timing on, inability or will to exploit growth or investment opportunities, competitive landscape, attraction and retainment of skilled labour, as well as other

unpredictable or unknown factors mentioned or not in the report (including all appendices). Hence, forward-looking statements contained in this report (including all appendices) should be used with caution in any form of decision-making, including but not limited to, those related to investment decisions. Forward-looking statements have not been assured by a third-party and Aker BP takes no responsibility for the accuracy and completeness of these statements.

Historical information is limited to facts Aker BP is aware of at the time this report (including all appendices) was issued. Unless legally required, Aker BP does not undertake the obligation to provide updates or additional information which may impact the statements made in this report (including all appendices), whether as a result of new information, future events or otherwise.

ADDITIONAL INFORMATION

In this report (including all appendices), Aker BP reports on emissions related to use of products sold in accordance with the GHG protocol (Scope 3 category 11). These emissions are estimates to provide transparency for the reader to better understand the lifecycle of our products. Our reporting on use of products sold should in no way be regarded as an admission of responsibility of the emissions caused by the use of our products.

Lists of figures and tables

LIST OF FIGURES

• Figure 1: Our assets and offices
• Figure 2: Key figures 2024
• Figure 3: Our activities
• Figure 4: Our strategic priorities
• Figure 5: Sustainability framework
• Figure 6: Organisational chart
• Figure 7: Our material topics
• Figure 8: Key stakeholders
• Figure 9: Double materiality assessment
• Figure 10: Our due diligence process
• Figure 11: Operational control GHG emissions across the value chain (in 1000 t CO2e)
• Figure 12: Pathway to near-zero operational control scope 1 and 2 GHG emissions by 2050
• Figure 13: Our approach to decarbonisation
• Figure 14: Our pathway to equity share scope 1 and 2 GHG emission neutrality from 2030
• Figure 15: Projections for equity share scope 1 and 2 GHG emission intensity
• Figure 16: Projections for operational control scope 1 methane intensity
• Figure 17: Operational control scope 1 GHG emissions
• Figure 18: Breakdown of gas streams (operational control)
• Figure 19: Operational control scope 2 emissions, location-based
• Figure 20: Material scope 3 emissions (equity share)
• Figure 21: GHG emission intensities
• Figure 22: Energy intensity per net revenue
• Figure 23: Cancellation of CDR credits
• Figure 24: Carbon dioxide removals projection towards
• Figure 25: Portfolio robustness under the IEA scenarios
• Figure 26: Carbon price assumptions in the IEA relative to Aker BP's base case
• Figure 27: NPV10 of CO2 costs as a percentage of Aker BP's valuation
• Figure 28: NOX emissions (operational control)
• Figure 29: SOX emissions (operational control)
• Figure 30: Non-methane VOC emissions (operational control)
• Figure 31: Volumetric balance of produced water (operational control)
• Figure 32: The mitigation hierarchy
• Figure 33: Circular economy hierarchy
• Figure 34: Resource inflows
• Figure 35: Waste handling fate
• Figure 36: The people of Aker BP
• Figure 37: Pulse survey results
• Figure 38: Parental leave
• Figure 39: Collective bargaining coverage and social dialogue
• Figure 40: Ratio of payment of women to men for each employee category
• Figure 41: Pulse survey results
• Figure 42: Employee participation in development dialogues
• Figure 43: Internal training
• Figure 44: Safety performance vs targets
• Figure 45: Selected examples of international suppliers we remain dependent on
• Figure 46: Our human rights due diligence process
• Figure 47: Countries in which supplier on-site human rights audits have been undertaken
• Figure 48: Categorisation of findings from on-site audits
• Figure 49: Severity of the findings from on-site audits
• Figure 50: Training requirements framework
• Figure 51: Integrity reports

LIST OF TABLES

• Table 1: Production per asset in 2024 and 2023
• Table 2: Composition and diversity of the administrative management and supervisory bodies
• Table 3: Material topics and related impacts, risks and opportunities
• Table 4: Sustainability due diligence
• Table 5: Material impacts, risks and opportunities: Climate change
• Table 6: Actions undertaken in 2024
• Table 7: Actions planned to be undertaken before 2030
• Table 8: Actions planned to be undertaken between 2030 and 2050
• Table 9: Data sources, calculation methodologies and emission factors used for material scope 3 categories
• Table 10: Energy consumption and mix (equity share)
• Table 11: Total GHG emissions by source
• Table 12: Other consolidation methods for scope 1 and 2 GHG emissions
• Table 13: Capex KPI
• Table 14: Note on exposures to nuclear and fossil gas related activities
• Table 15: EU taxonomy Turnover
• Table 16: EU taxonomy Capex
• Table 17: EU taxonomy Opex
• Table 18: Material impacts, risks and opportunities: Pollution
• Table 19: Overview of actions taken in 2024
• Table 20: Emissions of NOX, SOX and nm-VOC
• Table 21: Overview of pollutants to sea
• Table 22: Substances of very high concern in chemicals used and discharged
• Table 23: Substances of concern in chemicals used
• Table 24: Substances of concern in chemicals discharged
• Table 25: Material impacts, risks and opportunities: Water and marine resources
• Table 26: Material impacts, risks and opportunities: Biodiversity and ecosystems
• Table 27: Aker BP's biodiversity-related transition, physical and systemic risks
• Table 28: Breakdown of Aker BP's sites according to biodiversity impacts
• Table 29: Non-operated exploration drilling in biodiversity sensitive areas in 2024
• Table 30: Material impacts, risks and opportunities: Resource use and circular economy
• Table 31: Generation and handling of waste
• Table 32: Waste diverted from/directed to disposal
• Table 33: Material impacts, risks and opportunities: Own workforce
• Table 34: Safety performance last two years
• Table 35: Material impacts, risks and opportunities: Workers in the value chain
• Table 36: Material impacts, risks and opportunities: Affected communities
• Table 37: Material impacts, risks and opportunities: Business conduct
• Table 38: Assurance activities
• Table 39: HSSEQ audits conducted in 2024
• Table 40: Overview of findings from on-site audits in
• Table 41: Key performance indicators for Aker BP 2024
• Table 42: Adjustment of shares
• Table 43: Remuneration of senior executives in 2024 and 2023
• Table 44: Comparative table over the remuneration and company performance over the last five reported financial years

Table 45: CO2 tax paid per field/licence Table 46: Area fee paid per field/licence

Definitions and abbreviations

Term	Definition
ARC	Audit and risk committee, a subcommittee of the BoD
BAT	Best available technique
BoD	Board of directors
Carbon dioxide removals/offsets	Voluntary carbon offsetting. Payment to receive credit for a certified unit of emission reduction or removal carried out by another actor
CCS	Carbon capture and storage
CDP	CDP is a non-profit organisation that helps companies disclose their climate and environmental impact
CH4	Methane
CO2	Carbon dioxide
CO2 emission intensity	Emissions of CO2 per barrel of oil equivalent produced, unless otherwise specified
CO2e	CO2 equivalents
Contractor	Any person employed by a contractor company or employed by a contractor company's subcontractor who is directly involved in execution of prescribed work under a contract with Aker BP
CSRD	Corporate Sustainability Reporting Directive
Downstream value chain	Entities downstream from Aker BP that receive our products
DSHA	Defined situations of hazard and accident. These are predefined situations which contribute to the dimensioning of our emergency preparedness
EMT	Executive management team
Energy intensity	Energy consumed per produced barrel of oil equivalent
Equity share	Accounts for emissions from operated and non-operated activities, according to our share of equity in the activity
ESG	Refers to reporting topics environmental, social and governance
ESRS	European Sustainability Reporting Standards
ESRS 1	General requirements

Term	Definition
ESRS 2	General disclosures
ESRS E1	Climate change
ESRS E2	Pollution
ESRS E3	Water and marine resources
ESRS E4	Biodiversity and ecosystems
ESRS E5	Resource use and circular economy
ESRS S1	Own workforce
ESRS S2	Workers in the value chain
ESRS S3	Affected communities
ESRS S4	Consumers and end-users
ESRS G1	Business conduct
ETI Base Code	The ETI Base Code is founded on the conventions of the International Labour Organisation (ILO) and is an internationally recognised code of labour practice
EU ETS	European Union Emissions Trading System. The ETS is a market mechanism that gives CO2 a price and creates incentives to reduce emissions in the most cost-effective manner
FMC	First Movers Coalition. A global initiative to harness the purchasing power of companies to decarbonise hard-to abate industrial sectors
FPSO	Floating production, storage and offloading vessel
Freshwater	Freshwater is either withdrawn or produced. Withdrawn freshwater is third party water from onshore public water supply. Produced freshwater is made from seawater at the individual assets
GHG	Greenhouse gases. Reported GHGs are CO2, CH4 and N2O
GHG emission intensity	Emissions of greenhouse gases per barrel of oil equivalent produced, unless otherwise specified
Hazardous waste	Waste that possesses any of the characteristics contained in Annex II to the Basel Convention, or that is considered to be hazardous by national legislation

Term	Definition
HSSEQ	Health, safety, security, environment and quality
Human rights due diligence	Due diligence with respect to fundamental human rights and decent working conditions, as required by the Transparency Act with reference to the OECD Guidelines
IEA	International Energy Agency
IEA APS	IEA Announced Pledges Scenario
IEA NZE	IEA Net Zero by 2050 Scenario
IEA STEPS	IEA Stated Policies Scenario
ILX	Infrastructure-led exploration
IPCC	Intergovernmental Panel on Climate Change
KPI	Key performance indicator
Location-based (scope 2 emissions)	Location-based scope 2 emissions are emissions calculated based on the average emissions intensity of a local power grid
Lost time incident (LTI)	An incident which results in a lost time injury
Lost time incident rate (LTIR)	Number of lost time incidents per million working hours
Lost time injury	A personal injury which results in the person being unfit for work the day after the injury
M&A	Mergers and acquisitions
Methane intensity	Volume scope 1 methane emissions from operated assets as share of saleable gas production from operated assets (volume-based)
Market-based (scope 2 emissions)	Market-based scope 2 emissions are emissions calculated based on a specific purchase contract or agreement for energy
Medical treatment injury	A personal injury that is not severe enough to be reported as a lost time injury but is more severe than requiring a simple first aid treatment, for example if prescription medicine is given, sutures are needed, etc.
Methane emission Intensity	Percentage of volume methane per saleable gas
NCS	Norwegian continental shelf
NDC	Nationally determined contributions
Near miss with high potential	A safety event which has a severity level potential ≥8, where Aker BP's severity level ranges from 1 to 12, excluding safety events which have resulted in actual serious consequences

Term	Definition
Near-zero	Near-zero implies more than 90 percent reduction in scope 1 and 2 GHG emissions from our 2017 baseline
NGO	Non-governmental organisation
nmVOC	Non-methane volatile organic compounds
NORSOK	The NORSOK standards are developed by the Norwegian petroleum industry to ensure adequate safety, value adding and cost effectiveness for petroleum industry developments and operations
NOX	Collective term for nitrogen monoxide (NO) and nitrogen dioxide (NO2)
N2O	Dinitrogen oxide
NPV	Net present value
OECD	The Organisation for Economic Co-operation and Development
OECD Guidelines	The OECD Guidelines for Multinational Enterprises, available at: http://mneguidelines.oecd.org/guidelines/
Operational control	Aker BP has the ability to direct the operational activities and relationship of the entity, site, operation or asset. In practice, this means accounting for 100 percent of the emissions from our operated activities
Own operations	Aker BP's working interest in both operated and non-operated assets
PDO	Plan for development and operation
Produced water	Produced water is a by-product in the oil and gas well-stream, containing oil residues and other organic compounds
Protected areas	Protected areas are defined where no industrial activity, or only limited activity, is permitted
PSV	Platform supply vessels
ROV	Remotely operated underwater vehicle
Scope 1	Direct emissions from owned or controlled sources
Scope 2	Indirect emissions from the generation of purchased energy. It can be measured as location-based or market-based
Scope 3	Indirect emissions (not included in scope 2) that occur in the value chain of the company, including both upstream and downstream emissions

Term	Definition
SDG	Sustainable Development Goals, as described by the United Nations
SEAC	Safety and environmental assurance committee. An initiative from the board of directors, whose purpose is to support and strengthen management's work on issues related to security, cyber security and the environment
Sensitive areas (SVO)	Particularly vulnerable and sensitive areas (særlig verdifulle og sårbare områder)
Serious injury	A personal injury which is categorized as serious in accordance with the management regulations, Section 31, as enforced by the Petroleum Safety Authority Norway
Serious injury frequency (SIF)	Number of serious injuries per million working hours
SOX	Sulphur oxides
TCFD	Task Force on Climate-related Financial Disclosures
The Norwegian Transparency Act	Norwegian Act relating to enterprises' transparency and work on fundamental human rights and decent working conditions (Lov om virksomheters åpenhet og arbeid med grunnleggende menneskerettigheter og anstendige arbeidsforhold - Åpenhetsloven (LOV-2021-06-18-99))
Tier 1 and 2 process safety events	A tier 1 process safety event may involve significant actual or potential impacts. A tier 2 process safety event is an event with consequence. It is an unplanned or uncontrolled release of any material, including non-toxic and non-flammable materials, from a process that results in consequences
Tier 1 supplier	Direct supplier to Aker BP
Total recordable injury frequency (TRIF)	Number of work-related injuries per million working hours
UN Global Compact	The United Nations Global Compact is a non-binding United Nations pact to get businesses and firms worldwide to adopt sustainable and socially responsible policies, and to report on their implementation
Upstream value chain	Actors upstream in Aker BP's value chain that provide products or services that are used in the development of our products or services
Work-related fatalities	Fatalities taking place while working for Aker BP
Work-related illness	Illnesses related to work performed for Aker BP

Term	Definition

Work-related injuries Injuries such as medical treatments and above (excluding first aid injuries) taking place while working for Aker BP