Aker BP

Investor Presentation • Jul 17, 2014

Q2 Presentation

Oslo, 17 July 2014 CEO Karl Johnny Hersvik CFO Alexander Krane

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

IMPORTANT INFORMATION

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or to any persons other than "qualified institutional buyers" (as defined in Rule 144A under the US Securities Act) pursuant to an exemption from registration under the U.S. Securities Act. Det norske oljeselskap ASA (the "Company") does not intend to register any portion of the offering of securities described herein in the United States or to conduct a public offering of the securities in the United States.

Any offering of securities will be made by means of a prospectus that may be obtained from the Company when the subscription period for the offering commences and that will contain detailed information about the Company and management, as well as financial statements and risk factors. Copies of this presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

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Certain statements included within this presentation contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for the Company, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in the Company's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g)growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause the Company's actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. No assurance can be given that such expectations will prove to have been correct. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary material from those described in this presentation.

No representation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein, and it should not be relied upon as such. Neither the Company nor any of its parent or subsidiary undertakings or any such person's board members, officers or employees shall have any liability whatsoever arising directly or indirectly from the use of this presentation. By reviewing this presentation you acknowledge that you will be solely responsible for your own assessment of the market outlook and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company and its subsidiaries' business and prospects. The information contained herein is provided as at the date hereof and is subject to change, completion or amendment without notice. There may have been changes affecting the Company subsequent to the date of this presentation.

The contents of this presentation shall not be construed as legal, business or tax advice. Each reader of this presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the content of this presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

This presentation is governed by and shall be construed solely in accordance with Norwegian law, and disputes shall be subject to the exclusive jurisdiction of the Norwegian courts.

Highlights

Acquisition of Marathon Norge AS

• Cash consideration of ~USD 2.1 billion
• Closing of the transaction is expected in fourth quarter 2014
• 136 mmboe¹ of proven and probable reserves, 24 mmboe in contingent resources² and approximately 80 mmboe of upside² in discoveries

Long-term financing secured

• Seven year long-term reserve-based lending (RBL) facility of USD 3.0 billion signed
• Rights issue of NOK 3.0 billion ongoing

Ivar Aasen unitisation and reserves upgrade

• Det norske will have 34.7862% in the unit
• Gross P50 reserves up 35% to 210 mmboe

Signing of the SPA on 1 June

¹ Year-end 2013 reserves. Source: NPD, ²Det norske best estimate, ³Marathon Oil Norge Annual Report

Creation of a strong Norwegian E&P company

Strategic fit	 Complementary production profiles  Diversified asset base across the full E&P life cycle  Organisations with supplementary skills  Unique opportunity, at the right timing
Risk reduction	 Provides the foundation for long-term financing  Transaction brings strong current cash flow  Significantly increases operational and financial strength  Optimized tax structure, reducing risk related to timing and cost of development project
Growth platform	 Strong platform for future growth  Strong operational team on Alvheim can be leveraged onto Ivar Aasen  Increased size broadens set of opportunities and ability to manage portfolio  Scale creates diversification to support future growth

Complementary production and cash flow profiles

Strategic rationale

• Alvheim fields' high near term production and cash flows reduce funding need significantly
• Strengthens operational and financial capabilities ahead of development projects
• Reduces the risk associated with timing and cost of development projects as the combined company will be in a tax-paying position

Acquiring a high quality North Sea portfolio

Key Alvheim area facts Greater Alvheim fields

• Alvheim is a mid-life operated FPSO producing > 100 mboepd¹ (gross) with ongoing development activity and significant upside potential
• Located about 220 km north-west of Stavanger in 120 m water depth
• High quality operations, 98 percent (avg.) FPSO uptime
• Increasing 2P reserves over time
• Low cost of operations
• 2014 production from the Alvheim fields estimated ~60 mboepd (90% oil) net to Det norske

¹ Marathon Oil

Increased organic growth potential

• Creates a robust and modern E&P company, that will build on the combined capabilities of the two teams
• Marathon's organization brings significant operational experience from the Alvheim fields, adding to Det norske's exploration and development capabilities
• Increased organizational capabilities across the E&P value chain
• Synergies expected to be achieved without redundancies
• High potential for organic growth in the combined portfolio

A transformed company

Norge fields. Contingent resources estimated by Det norske

Note: Selected companies ranked by reported WI production; OECD vs. non OECD indicates bias of company's asset base Source: Company information

Diversified asset base on the NCS

Diversification of reserves (mmboe)

• Over 200 mmboe¹ in combined reserves with approximately 60% in production
• Portfolio balanced across all stages of the E&P lifecycle
• Significant production
• Large scale development projects
• Exploration upsides

Proven and probable reserves end 2013 (mmboe) 1

Integration process on track

• Management and organisation
• Governing systems
• Emergency preparedness
• IT systems
• Closing planned in Q4-2014

Integration topics New Executive Management team appointed

Karl Johnny Hersvik, Chief Executive Officer

Technology & Field Dev. Kjetil Kristiansen, EVP Human Resources

Kjetil Ween, EVP Drilling and Wells

Gro G. Haatvedt EVP Exploration

Leif Gunnar Hestholm, EVP Projects (vacant), Acting: Karl Johnny Hersvik

Acting: Elke Njå

Elke Njå, EVP Special Projects

Alexander Krane,

EVP Corporate Dev. (vacant) EVP Communication (vacant)

Geir Solli, EVP Operations

Statement of income

Income statement (NOK mill)	Q2 2014	Q2 2013	Q1 2014
Revenues	454	286	158
Production costs	45	57	43
Payroll and payroll-related expenses	5	29	5
Other operating expenses	79	57	13
EBITDAX	325	143	98
Exploration expenses	123	271	110
EBITDA	202	(128)	(12)
Depreciation	82	148	89
Impairment losses	-	2	167
Operating profit/loss (EBIT)	119	(277)	(268)
Net financial items	(146)	(49)	(60)
Profit/loss before taxes	(27)	(326)	(329)
Tax income	193	284	313
Net profit/loss	167	(41)	(16)

Statement of financial position

Assets

(NOK mill)	30.06.14	30.06.13	31.03.14	Equity and Liabilities (NOK mill)	30.06.14	30.06.13	31.03.14
Intangible assets	2 949	3 446	2 520	Equity	3 339	3 674	3 173
Property, plant and equipment	4 105	2 651	3 536	Other provisions for liabilities incl. P&A (long)	928	1 122	915
Calculated tax receivables (long)	415	576	148	Bonds	2 477	591	2 476
Deferred tax asset	820	-	665
Receivables and other assets	1 221	951	1 230	Revolving credit facility	2 470	2 147	2 150
Calculated tax receivables (short)	1 421	1 283	1 417	Exploration facility	1 184	1 273	681
Cash and cash equivalents	966	836	821	Creditors, other current liabilities incl. P&A (short)	1 499	935	1 072
Total Assets	11 898	9 741	10 467	Total Equity and Liabilities	11 898	9 741	10 467

Q1 Pro forma financials*

Pro forma Income Statement as of 31.03.14 (MNOK) Pro forma Balance Sheet as of 31.03.14 (MNOK)

Income statement	DETNOR	MONAS	Adjust.	Pro forma
Revenues	158	4 130	-75	4 214
Production costs	43	533	-10	565
Payroll and payroll-related expenses	5			5
Other operating expenses	13	18	52	84
EBITDAX	98	3 580	-117	3 560
Exploration expenses	110	15		125
EBITDA	-12	3 564	-117	3 435
Depreciation	89	243	401	733
Impairment losses	167			167
Operating profit/loss (EBIT)	-268	3 321	-518	2 535
Net financial items	-60	-91	-287	-438
Profit/loss before taxes	-329	3 147	-721	2 097
Tax loss/income	-313	2 419	-354	1 752
Net profit/loss	-16	728	-366	346

Assets	DETNOR	MONAS	Adjust.	Pro forma
Intangible assets	2 520	251	16 509	19 280
Property, plant and equipment	3 536	5 064	1 166	9 766
Calculated tax receivables (long)	148			148
Deferred tax asset	795	588	-588	795
Receivables and other assets	1 230	10 769	-4 603	7 396
Calculated tax receivables (short)	1 417			1 417
Cash and cash equivalents	821	648		1 469
Total Assets	10 467	17 319	12 484	40 270

Equity and Liabilities	DETNOR	MONAS	Adjust.	Pro forma
Equity	3 173	999	1 836	6 008
Other provisions for liabilities	915	2 179	5 908	9 002
Bonds	2 476	0	-593	1 882
Long-term debt	2 150	3 374	8 744	14 269
Short term loan	681	0	-681	0
Creditors, other current liabilities	1 072	10 767	-2 730	9 109
Total Equity and Liabilities	10 467	17 319	12 484	40 270

*Source: From the prospectus for the ongoing rights issue Pro forma consolidated financials as if the Transaction was accounted for at 01.01.14

Long-term financing secured

* Assuming USDNOK of 6.0

Funding secured for current programme

USD 3.0 bn reserve based lending (RBL) facility

• Facility has been fully underwritten by BNP Paribas, DNB, Nordea and SEB
• Senior seven-year facility to replace the USD 2.2 billion acquisition bridge facility and refinance the existing RCF upon closing
• Improved terms compared to the current credit facility:
• LIBOR plus a margin of 2.75%, plus a utilisation fee of 0.25%/0.5% based on the amount drawn under the facility
• The facility includes an additional USD 1.0 billion uncommitted accordion option

Rights issue as an integral part of the long-term financing plan

Rights issue is currently ongoing

15

Rights issue currently ongoing

• Proposed rights issue of approximately NOK 3.0 billion (USD 500 million)
• 61,911,239 new shares to be issued at NOK 48.50 per share
• Shareholders registered in the VPS per the cut-off date 14 July were alotted tradable and preferential subscription rights
• Aker has pre-committed to subscribe for its share (49.99%), remaining 50.01% is fully underwritten by a consortium of banks (subject to customary conditions)
• Together with the reserve-based lending facility of USD 3.0 billion and the uncommitted accordion option of USD 1.0 billion, the rights issue is part of the overall refinancing to fund ongoing development projects, the acquisition of Marathon Oil Norge AS and general corporate purposes.

	Extraordinary General Meeting	July 3, 2014
	Subscription price set / Cut-off date for subscription rights	July 9, 2014
	Subscription period start	July 15, 2014
	Subscription period end	July 29, 2014
	Payment of shares	Aug 4, 2014
	Delivery and listing of shares	On or about Aug 6, 2014

Production

Q2 2014

Oil and gas production last 12 months

Oil and gas production (including Marathon*)

Through April 2014 (latest available NPD date*)

* Marathon figures from NPD through April, the latest available NPD data

Ivar Aasen

Q2 2014

Increasing the stake in Ivar Aasen

Two swap agreements

• Spike Exploration swap agreement
• Swapped a 10% interest in PL 554/B/C (containing Garantiana) for a 20% interest in PL 457
• PL 457 is located adjacent and to the east of licence 001B (Ivar Aasen) on the Utsira High

E.ON swap agreement

• Swap two exploration licenses 15% in PL 613 in the Barents Sea and 10% in PL 676S the North Sea – plus a cash consideration for a 20% share in PL 457
• Det norske now holds 40% in PL 457
• Subject to approval from the relevant authorities

Ivar Aasen

Ivar Aasen grows bigger

Unitisation completed Ivar Aasen map

Unit agreement

Agreement signed between licencees in PL001B, PL242, PL457 and PL338

Det norske will have 34.7862% in the unit

• Unit comprises the Ivar Aasen and West Cable deposits
• Hanz (DETNOR 35%) remains in PL028B: to be developed in phase 2
• Gross P50 reserves up 35% to 210 mmboe at no extra well cost
• 74 mmboe net to DETNOR
• Resulting from inclusion of PL457 volumes, postive well results from well 16/1-16 and oceanbed seismic
• Total investments to remain at NOK 27.4 bn (nom.), unchanged from PDO
• CAPEX per barrel down 25%

Ivar Aasen project update

Ivar Aasen project status

Project is on schedule and on cost for first oil in the Q4 2016, but the project is in an early phase

Construction is ongoing

Construction of both jacket, topsides and living quarters have commenced and is currently ongoing

Project timeline

1H 2013	Approval of development
	Detailed design of jacket and topside
2H 2013	Start-up of construction jacket
1H 2014	Start-up of construction topside
	Conclusion of unit agreement
2H 2014	Start-up of construction living quarters
1H 2015	Jacket lifted into place
2H 2015	Mærsk starts drilling of production wells
	Installation of pipelines
1H 2016	Topside to leave SMOE yard
	Installation of topside
	Installation of living quarters
2H 2016	Hook-up and commissioning
	Production start-up

Construction ongoing

Singapore: Follow-up of topside and drilling rig construction

Sardinia: Jacket roll-up on July 15

Johan Sverdrup Q2 2014

Johan Sverdrup project status

Phase 1 DG3/PDO work ongoing

• The front-end engineering and design ("FEED") scheduled to be completed by November
• Aker Solutions is the main FEED contractor (platform facilities)

Letter of intent signed with Kværner

• Kværner set to deliver two of the planned steel jackets to the Johan Sverdrup development
• Riser platform jacket scheduled for summer 2017, drilling platform jacket scheduled for spring 2018

Full Utsira High electrification within 2022

• Phase 1 to supply Johan Sverdrup only
• Norwegian Parliament has decided that full Utsira High electrification shall be implemented by 2022
• Appraisal programme completed
• Geitungen sidetrack was completed in April

Milestones

FEED contract for phase 1 awarded to Aker Solutions December 2013

Decision Gate 2 passed February 2014

Q1 2015 Phase 1 PDO submittal to the authorities and unitisation process finalised

Phase 1 PDO approval Q2 2015

Construction & Installation 2015-2019

First oil production Q4 2019

Exploration

Q2 2014

Second quarter exploration results

Dry well at Terne

• The 6507/5-7 exploration well on the Terne prospect in PL558 in the Norwegian Sea did not encounter hydrocarbons
• Det norske is partner in the license with 10 percent interest, pending government approval
• The well was drilled by the Borgland Dolphin rig

Dry well at Gotama

• The 31/2-21 S exploration well in PL 550 did not encounter reservoir quality sandstones in the Upper Jurassic main target
• Det norske is partner in the license with a 10 percent interest
• The well was drilled by the Borgland Dolphin rig

2014 drilling plan

Prospect	Share	mmboe	Operator	Rig	Q1 2014	Q2 2014	Q3 2014	Q4 2014
PL 102F Trell	10%	15-121	Total	Leiv Eriksson
PL 659 Langlitinden	20%	154-374	Det norske	Trans. Barents
PL 265 JS Geitungen	20%	Appr.	Statoil	Ocean Vanguard
PL 550 Gotama	10%	10-150	Tullow Oil	Borgland Dolphin
PL 558 Terne	10%*	15-145	E.ON	Borgland Dolphin
PL 554 Garantiana 2	10%**	Appr.	Total	Leiv Eriksson
PL 492 Gohta 2	40%	Appr.	Lundin	Island Innovator
PL 494 Heimdalshøe	30%	30-230	Det norske	Maersk Giant
PL 553 Kvitvola	40%	13-115	Det norske	Borgland Dolphin

* After completion of sale of 10% pending government approval

** After asset swap of 10% in PL554 for 20% in PL457, pending government approval Please note that the drilling plan is often subject to changes due to rig planning etc.

PL 494 Heimdalshøe

• License located east of the Ekofisk field
• Potential gross resources:
• 30-230 mmboe
• Prospect information:
• Main target: Upper Jurassic Volgian & Kimmeridge
• Source: Upper Jurassic shales
• Trap: Structural, fault dependent
• Main risk: Reservoir presence and quality
• Water depth
• 65 meters

Ownership

	Det norske (o)	30%
	Spike	15%
	Dana	24%
	Fortis	16%
	Tullow	15%

PL 553 Kvitvola

• License located west of the Visund Field
• Potential gross resources:
• 13-115 mmboe
• Prospect information:
• Main target: Upper Jurassic sandstones
• Source: Upper Jurassic shales
• Trap: Stratigraphic with fault-dependent spillpoint
• Main risk is the reservoir presence and seal
• Water depth
• 260 meters
• Ownership
• Det norske 40% (operator)
• Svenska 35%
• Bayerngas 25%

Outlook

Q2 2014

Summary and outlook

Business development

• Completion of the Marathon acquisition
• Integration work has commenced
• Maintain aggressive portfolio optimisation through business development

Financial

• Rights issue of USD 500m to be concluded prior to closing
• Seven year RBL facility of USD 3.0 billion signed

Field developments

• Revisit Alvheim area investment program to realise upsides
• Finalise the Bøyla development
• Ivar Aasen progressing according to plan
• Johan Sverdrup concept selected, unitisation negotiations

Exploration

Revisit exploration strategy in light of Marathon acquisition

DETNORSKE