Aker BP

Regulatory Filings • Jul 1, 2025

Johan Sverdrup Phase 3 investment decision

Johan Sverdrup Phase 3 investment decision

Aker BP announces that the Johan Sverdrup partnership has made a final

investment decision for Phase 3 of the field development. The project includes

new subsea infrastructure that will increase recoverable volumes by 40-50

million barrels of oil equivalent.

Johan Sverdrup is the largest oil-producing field in Norway and ranks among the

world's most carbon-efficient oil fields. The field is operated by Equinor, with

Aker BP holding a 31.6 percent working interest.

Phase 3 involves the installation of two new subsea templates, tied back to

existing infrastructure via new pipelines, and represents an important step

toward the partnership's ambition of reaching 75 percent recovery. Total

investments are estimated at NOK 13 billion, with production expected to

commence in the fourth quarter of 2027.

The partnership has submitted a notification to the authorities in accordance

with the existing plan for development and operation (PDO). The notification is

subject to regulatory approval.

This investment decision is in line with previous communication and is already

reflected in Aker BP's guidance for investments and production outlook.

Contacts:

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

About Aker BP:

Aker BP is a leading exploration and production company focused on oil and gas

operations on the Norwegian continental shelf. The company operates the Alvheim,

Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key

partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP

is listed on the Oslo Børs under the ticker AKRBP. For more information, visit

www.akerbp.com/en.