Aker BP

Regulatory Filings • Nov 28, 2025

Ten years of Edvard Grieg - Value creation, technological innovation, and a new identity

Ten years of Edvard Grieg - Value creation, technological innovation, and a new identity

The Edvard Grieg field celebrates ten years of production and introduces a new

area name: Eiga.

On 28 November 2025, it will be ten years since Edvard Grieg began production on

the Utsira High in the North Sea. The field has been a pioneer on the Norwegian

continental shelf, with a platform built in Norway and a vision to serve as a

hub for future developments.

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Since 2022, Edvard Grieg has been part of the combined Grieg Aasen asset. The

fields are now taking a new step into the future with a new area name: Eiga.

"Ten years of Edvard Grieg marks a milestone for the Norwegian shelf. The field

has delivered far beyond expectations, and with Eiga we are taking a bold step

toward a more integrated and future-oriented operation. This gives us a solid

foundation to unlock value creation on the Utsira High and generate even greater

returns for our partners and society," says Karl Johnny Hersvik, CEO of Aker BP.

Massive value creation - from 186 to nearly 500 million barrels

When the Plan for Development and Operation (PDO) was submitted in 2011,

recoverable resources were estimated at 186 million barrels of oil equivalent.

Through technological innovation, improved reservoir understanding, and subsea

tie-backs, the resource base has grown significantly. The area is now

approaching 500 million barrels produced and remaining resources - a remarkable

value creation for society and partners.

Edvard Grieg has delivered high operational reliability with production

efficiency above 95 percent for years, and maintained plateau production four

years longer than planned.

World-class technology and operations

Aker BP took over operatorship of Edvard Grieg from Lundin Energy in 2022.

Today, Edvard Grieg hosts the Solveig field and a Troldhaugen test producer.

The merger with Ivar Aasen has created an integrated and future-oriented area

with associated satellite fields: Solveig, Hanz, and Symra - previously referred

to as Grieg Aasen. The new name Eiga replaces the former area name, with no

changes to license names.

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Oil and gas from Ivar Aasen are transported to Edvard Grieg for processing and

export, and power from shore ensures extremely low emissions per produced

barrel.

Investments in 4D seismic and digital solutions have improved reservoir

understanding and operational efficiency. The HSE culture at Grieg is exemplary,

with zero lost-time injuries over the past six years. Edvard Grieg has also been

innovative in maintenance, being among the first to adopt condition-based

maintenance at scale.

Eiga - A new name for the Grieg Aasen area

The name Eiga combines Edvard Grieg and Ivar Aasen, with roots in Old Norse:

"eiga" means "to own" or "to have." Eiga signals community, value creation, and

ambition, uniting past and future for an integrated area.

"As Eiga, we enter a new phase where we combine strong results with a clear

strategy for further growth and innovation. We have a unique starting point to

strengthen collaboration between fields, adopt new technology and digital

solutions, and continue to ensure high uptime and low-emission deliveries," says

Georg Vidnes, Director of the Eiga area.

"With targeted exploration near existing infrastructure, Eiga aims to discover

and develop additional resources and contribute to the company's growth in the

decades ahead. This is made possible by dedicated efforts, innovation, and

strong partnerships that give us a solid foundation for future success," Vidnes

adds.

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 field

centres Valhall, Ula, Alvheim, Eiga (Edvard Grieg and Ivar Aasen) and Skarv, 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.