Aker BP — M&A Activity 2026

May 21, 2026

Aker BP and Equinor to unlock additional value on the Norwegian Continental Shelf

Aker BP and Equinor to unlock additional value on the Norwegian Continental Shelf

Aker BP and Equinor have entered into a strategic collaboration aimed at

increasing production and value creation across selected parts of their

portfolios on the Norwegian Continental Shelf (NCS).

As a first step, the companies have agreed on a set of transactions in the

Ringvei Vest, Yggdrasil and Wisting areas. The transactions are intended to

better align ownership interests, support coordinated development and enhance

overall resource recovery.

"This collaboration improves ownership alignment in areas where we see

significant potential, while coordination with Equinor will further strengthen

project outcomes.

Omega Alfa has materially increased the prospectivity of the Frigg structure,

including on the UK side of the border. With a more balanced ownership position,

we can now advance exploration drilling to test that potential, which could add

meaningfully to the Yggdrasil resource base and support our ambition of

producing more than one billion barrels from the area.

Ringvei Vest is an area we have followed closely over time. The Kveikje

discovery marked our entry, and we have now established a significant position

in this prospective area," says Karl Johnny Hersvik, CEO of Aker BP.

Ringvei Vest

Aker BP will acquire a 19 percent interest from Equinor in a portfolio of

licences in the Ringvei Vest area, including PL 090JS, PL 248I and PL 925

(Grosbeak), PL 248C (Swisher), PL 630 (Toppand) and PL 923 (Røver Nord and Røver

Sør).

The transaction improves alignment of ownership interests across the licence

portfolio, supporting a coordinated approach to development planning and project

execution. It also strengthens Aker BP's position in this prospective area.

Ringvei Vest is expected to be a cluster development operated by Equinor in the

Troll-Fram area of the North Sea. The project targets multiple discoveries

across the area. Aker BP already holds a 19 percent interest in licence PL 293B

(Kveikje), which is expected to be included in the development.

Yggdrasil area

Aker BP will acquire a 38.16 percent interest from Equinor in UK licence P2343,

adjacent to Norwegian licence PL1249, which contains parts of the 2025 Omega

Alfa discovery. This discovery confirmed oil volumes in parts of the legacy

Frigg area and increased the prospectivity of the broader Frigg structure, which

extends across the Norwegian and UK continental shelves.

Development of these resources is expected to require a coordinated cross-border

development approach. Through this transaction, Aker BP establishes a more

balanced ownership position across the licence boundary, strengthening the basis

for joint evaluation and aligned development of the wider Frigg area. The

licence position also provides exposure to additional exploration potential on

the UK side.

In the event of further discoveries, potential developments are expected to be

tied back to the Yggdrasil area, leveraging existing infrastructure and

supporting improved resource recovery.

Wisting and cash consideration

As part of the transactions, Aker BP will transfer a 7.5 percent interest in the

Wisting discovery (PL 537 and PL 537B) to Equinor, together with a cash

consideration of USD 23 million.

Wisting in the Barents Sea is the largest undeveloped oil discovery on the NCS

and is currently in the planning phase. A final investment decision is expected

in 2027. Following the transaction, Aker BP will hold a 27.5 percent interest in

the field, operated by Equinor.

Conditions and timing

The agreements have an effective date of 1 January 2026. Completion of the

transactions is subject to customary conditions, including relevant regulatory

and governmental approvals.

Contacts

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

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

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,

Eiga (Edvard Grieg and 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 (https://www.akerbp.com/en).

This information is considered to be inside information pursuant to the

EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant to Section 5-12 of the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, Head of Investor

Relations, Aker BP ASA, on 21 May 2026 at 07:00 CEST.