Aker BP

Earnings Release • Nov 5, 2014

Third quarter 2014 results

Third quarter 2014 results

On October 15, 2014, Det norske oljeselskap ASA finalised the

acquisition of Marathon Oil Norge AS, and is now among the largest

listed independent European E&P companies.

Ivar Aasen

Key engineering and construction activities for the Ivar Aasen project

are progressing according to plan with first oil estimated for Q4 2016.

The drilling rig Maersk Interceptor has arrived Norway. Det norske will

take over the rig and will have the rig on contract to late 2019. Ivar

Aasen is being developed with a steel jacket platform. The topside will

include living quarters and a processing facility for first stage

separation. Construction of the topside is progressing at the SMOE yard

in Singapore. During the quarter, construction of the steel jacket

continued in Arbatax in Sardinia.

Johan Sverdrup

Statoil, as the pre-unit operator on the Johan Sverdrup field, announced

on November 3, 2014 the Impact Assessment for the first phase of the

development. The Impact Assessment confirms that the project is

progressing according to plan. Phase 1 will contain a field centre

consisting of a riser/utilities platform, a drilling platform, a process

platform and living quarter's platform. The plan is to submit a Johan

Sverdrup phase 1 PDO to the authorities by the first quarter of 2015,

with first oil expected in the fourth quarter of 2019.

A unitization negotiation process has commenced between the Johan

Sverdrup licensees. Approval of the Plan for Development and Operation

(PDO) is expected in Norwegian Parliament's (Stortinget) spring session

in 2015. Total investments for phase I of the development continue to be

estimated to be between NOK 100 - 120 billion. During the third quarter,

the extensive phase 1 DG3/PDO work continued largely according to plan,

both within Statoil and within the external contractors performing front

-end engineering and design.

Exploration

During this quarter, the company's cash spending on exploration was NOK

554 million, of which NOK 426 million was recognised as exploration

expenses. Det norske participated in the drilling of two wildcat

exploration wells and two appraisal wells in the quarter. Both the

Heimdalshø and the Kvitvola prospects were dry. Drilling of the Gohta

appraisal well was completed in July, while the Garantiana appraisal

well was completed in November. Both wells were successful and data

acquisition and sampling were carried out.

Financing

During the third quarter, the company strengthened its equity base by

issuing NOK 3 billion in new equity through a rights issue. 61,911,239

new shares were issued at NOK 48.50 and following the rights issue, the

company's new share capital is NOK 202,618,602 divided into 202,618,602

shares, each with a nominal value of NOK 1. The rights issue was heavy

over-subscribed.  During the third quarter, the company signed a reserve

-based lending facility ("RBL Facility"), fully underwritten by BNP

PARIBAS, DNB, Nordea and SEB. The RBL Facility is a senior secured seven

-year USD 3 billion facility and includes an additional uncommitted

accordion option of USD 1 billion. At closing in October, this long-term

facility replaced the USD 2.2 billion acquisition loan. Det norske drew

USD 2.65 billion on the RBL facility on closing of the transaction and

paid USD 2.1 billion for the shares in Marathon Oil Norge AS. Moreover,

Det norske repaid in full the amount drawn on the company's USD 1

billion revolving credit facility.

With the RBL and the equity issue completed in the quarter, the company

secured the financing of its current work program until first production

from the Johan Sverdrup field.

Financials

Det norske reported revenues of NOK 112 (324) million in the third

quarter.

Exploration expenses amounted to NOK 426 (588) million, contributing to

an operating loss of NOK 552 (518) million. Net financial expenses were

NOK 184 (131) million. Net result for the third quarter was NOK -104 (

-158) million, following a tax income of NOK 633 (491) million.

Det norske's four producing assets - Jette, Atla, Varg and Jotun -

produced 2,335 boepd during the quarter, realising an average oil price

of USD 104 per barrel.

Contacts:

Rolf Jarle Brøske, SVP Communication, tlf.: +47 911 12 475

Jonas Gamre, Investor Relations Manager, tel.: +47 971 18 292

See a live webcast from the presentation from 08:30 a.m. at the company

website - www.detnor.no/en. Find the report and presentation attached.

About Det norske:

Det norske is a fully-fledged E&P company with exploration, development

and production activities on the Norwegian Continental Shelf (NCS). We

are building one of Europe's largest independent E&P companies.

Det norske is the operator of the producing Alvheim field and for the

Ivar Aasen field development. In addition, the company is partner in the

Johan Sverdrup field. Det norske has an active exploration programme on

the Norwegian shelf and an ambitious strategy for growth.

Det norske's headquarters are located in Trondheim, with branch offices

in Stavanger, Oslo and Harstad. Det norske is listed on Oslo Børs with

ticker 'DETNOR'. More about Det norske at www.detnor.no/en/.

This information is subject to disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.