Aker BP

Aker BP strengthens its position in the Skarv area

Aker BP has entered into an agreement with PGNiG Upstream Norway AS to swap its

3.3 percent interest in the non-operated Gina Krog field and an 11.9175 percent

interest in licence 127C, in exchange for a 5 percent interest and operatorship

in licence 838 and a cash consideration.

Licence 838 contains the recent Shrek discovery near the Aker BP operated Skarv

field. The transaction and the transfer of operatorship to Aker BP will enable

an efficient development of this discovery as a tie-back to the Skarv FPSO. The

licence also holds further exploration potential.

Licence 127C contains the Alve Nord discovery and the Alve NE prospect, which is

also located in the Skarv area. Aker BP plans to drill an exploration well in

the licence in 2020.

The transaction will provide Aker BP with a total cash consideration of up to

USD 62 million, consisting of a firm payment of USD 51 million upon closing and

an additional payment of USD 11 million contingent on a development of the Alve

Nord discovery.

After this transaction, Aker BP will hold 35 percent interest in licence 838 and

88.0825 percent interest in licence 127C, while it will have fully divested its

interest in the Gina Krog field. The effective date for the transaction is 1

January 2020.

The transaction is subject to approval by the Norwegian authorities.

Contact:

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

About Aker BP:

Aker BP is a fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The

company is also a partner in the Johan Sverdrup field. Aker BP is headquartered

at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker

'AKERBP'. More about Aker BP at www.akerbp.com.

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