Aker BP (AKRBP)

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Endringer i Aker BPs hovedledelse

Aker BP gjør endringer i den øverste ledelsen i selskapet. Endringen kommer som
følge av redusert aktivitetsnivå og påfølgende behov for å justere
organisasjonsstrukturen i selskapet.
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Evy Glørstad blir direktør for det nye forretningsområdet Leting og Reservoar
fra oktober 2020. Ole-Johan Molvig, som har vært direktør for Reservoar går da
ut av hovedledelsen.

-Ole-Johan Molvig har vært i Aker BP siden 2009 og har bidratt til at selskapet
har blitt ledende ved å bygge en solid ressursbase og ta i bruk ny teknologi som
muliggjør økt utvinning. Jeg ønsker å rette en stor takk til Ole-Johan for alt
det han har levert for selskapet, sier administrerende direktør Karl Johnny
Hersvik.

Molvig fortsetter i en annen rolle i selskapet.

-Vi ser at oljeprisen trolig kan forbli lav over tid. Aker BP er proaktive i
forhold til dette, reduserer aktivitetsnivået og omorganiserer nå disse to
områdene for å best mulig utnytte den totale kompetansen i selskapet, uttaler
Hersvik.

Evy Glørstad har doktorgrad i petroleumsgeologi/sedimentologi. Hun har bred
erfaring som geolog fra BP i Norge og USA. Hun har hatt en rekke lederstillinger
i Aker BP siden hun begynte i selskapet, og har siden juli 2018 ledet selskapets
letevirksomhet, og vært en del av selskapets Hovedledelse.

Kontakt:
Investorkontakt: Kjetil Bakken, VP Investor Relations, tlf: +47 918 89 889
Mediekontakt: Ole-Johan Faret, Pressetalsmann, tlf: +47 402 24 217

Om Aker BP:
Aker BP er et fullverdig oljeselskap som driver leting, utbygging og produksjon
på norsk kontinentalsokkel. Aker BP er operatør på Alvheim, Ivar Aasen, Skarv,
Valhall, Hod, Ula og Tambar. Selskapet er også partner i Johan Sverdrup-feltet.
Aker BP har hovedkontor på Fornebu og er notert på Oslo Børs under tickerkoden
AKERBP. Mer om Aker BP på www.akerbp.com.

Kilde

[zappa66]

10 grunner til at vi liker Aker BP

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Invitation to Aker BP’s Q1 2020 conference call

Aker BP will publish its financial results for the first quarter 2020 on
Wednesday 6 May 2020 at 07:00 (CEST). A conference call will be hosted at 08:30
(CEST).
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The conference call will be available as a webcast on the company’s website
www.akerbp.com/en. To participate in the conference call, please contact the
conference call operator at the telephone numbers listed below. Please join the
event 10 minutes prior to scheduled start time and provide the confirmation code
or ask for the Aker BP First Quarter 2020 Presentation.

Phone number Norway +47 2350 0296
Phone number UK +44 (0)330 336 9411
Confirmation code 1771551

Investor contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Media contact:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

Kilde

[Janno]

Aker bp viser styrke, ser ut som gapet til EQNR og Lundin skal tettes litt

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Resultat for første kvartal 2020

Første kvartal 2020 var et ekstraordinært kvartal. Aker BP leverte god drift og
satte ny produksjonsrekord, men kvartalet ble likevel mer preget av COVID-19
pandemien og det kraftige fallet i oljeprisen. Selskapets viktigste
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prioriteringer i denne situasjonen er å ivareta sine ansatte, produksjonen og
selskapets finansielle kapasitet.

COVID-19 respons
Aker BP etablerte tidlig et dedikert team for å håndtere den operasjonelle
responsen på COVID-19 pandemien. Dette teamet har, i tett samarbeid med
selskapets ansatte, leverandører og myndigheter, innført tiltak som minimerer
risikoen for smitte og driftsavbrudd offshore og på land. Dette inkluderer en
rekke praktiske tiltak, som for eksempel redusert offshore bemanning, sosial
distansering, reiserestriksjoner og hjemmekontor. Selskapet har gjennom første
kvartal klart å opprettholde produksjonen med full kapasitet.

Resultat for første kvartal
Selskapets produksjon i første kvartal var 208,1 (191,1) tusen fat
oljeekvivalenter per dag (“mboepd”). Netto solgt volum var 207,5 (184,5) mboepd.
Dette representerer en ny produksjonsrekord for Aker BP, og reflekterer den økte
produksjonen fra Johan Sverdrup-feltet. Imidlertid falt selskapets
petroleumsinntekter med om lag 20 prosent som følge av vesentlig lavere
realiserte olje- og gasspriser. Oljeprisfallet ble delvis motvirket av inntekter
fra selskapets sikringsprogram. Aker BP rapporterte totale driftsinntekter på
872 (1 003) millioner dollar for første kvartal.

Produksjonskostnader for olje og gass solgt i kvartalet var 156 (154) millioner
dollar. Produksjonskostnaden per produsert fat oljeekvivalenter gikk ned til 8,7
(9,1) dollar. Utforskingskostnader utgjorde 50 (85) millioner dollar og
inkluderte kostnadene for boringen av Nidhogg-prospektet. Denne
utforskingsbrønnen resulterte i et gassfunn som er vurdert til å være for lite
til å være drivverdig. Avskrivinger ble 277 (255) millioner dollar, tilsvarende
14.6 (14.5) dollar per fat oljeekvivalent. Nedskrivinger utgjorde 654 (0)
millioner dollar, og var forårsaket av det kraftige fallet i oljeprisen med
påfølgende endringer i investeringsplaner og verdivurdering av selskapets
eiendeler.

Netto finanskostnader ble 149 (67) millioner dollar i kvartalet, negativt
påvirket av svakere krone mot dollar. Første kvartal ga et negativt
driftsresultat på 414 millioner dollar sammenlignet med et positivt
driftsresultat på 424 millioner dollar i fjerde kvartal 2019. Skatteinntekten
ble 80 millioner dollar i kvartalet, sammenlignet med en skattekostnad på 312
millioner dollar i forrige kvartal. Den lave effektive skattesatsen i første
kvartal reflekterer begrensede fradragsmuligheter for finanskostnader mot
særskattesatsen, samt nedskrivinger og revaluering av selskapets skattebalanser
som følge av den svake kronen. Totalt sett rapporterte selskapet et tap på 335
millioner dollar for kvartalet, mot et positivt resultat på 112 millioner dollar
i forrige kvartal.

Investeringer i varige driftsmidler utgjorde 343 (490) millioner dollar i
kvartalet, drevet av feltutviklingsaktiviterer i selskapets portefølje. Skogul
ble satt i produksjon i løpet av kvartalet, og er den den trettisjette
undervannsbrønnen i Alvheim-området. Prosjektet ble gjennomført sikkert,
effektivt og til planlagt tid.

Oppdatert investeringsprogram
For å opprettholde selskapets finansielle styrke i lys av den usikre
markedssituasjon og de lave oljeprisene, har Aker BP gjort betydelige endringer
i investeringsprogrammet som ble presentert på selskapets kapitalmarkedsdag i
februar 2020. Alle ikke-sanksjonerte feltutviklingsprosjekter er satt på vent og
flere utforskingsbrønner er utsatt. Samlet sett er årets investeringsplaner
redusert med 20 prosent i forhold til opprinnelig plan, med potensial for
ytterligere reduksjoner i årene som kommer. Produksjonskostnadene forventes også
å bli redusert med om lag 20 prosent, ettersom alle ikke-kritiske aktiviteter er
utsatt. Den svake kronen bidrar også til et redusert kostnadsnivå. Selskapets
produksjonsguiding for 2020 er uendret på 205-220 mboepd. Den langsiktige
produksjonsutviklingen vil imidlertid bli negativt påvirket av lavere
investeringer.

Likviditet og finansiell stilling
Det er en viktig strategisk prioritet for Aker BP å opprettholde en sterk
finansiell stilling. Selskapet styrer kontinuerlig sin kapitalstruktur og sin
eksponering mot renter, valuta og råvarepriser for å redusere kostnader og
risiko, samt øke den finansielle fleksibiliteten. I løpet av første kvartal har
selskapet styrket likviditeten gjennom å utstede langsiktige obligasjoner på 1,5
milliarder dollar til gunstige vilkår. I løpet av april har selskapets banker
forlenget løpetiden på 2 milliarder dollar av selskapets bankfasilitet fra 2024
til 2025. Selskapet har i løpet av kvartalet også utvidet sitt
oljeprissikringsprogram. Ved utgangen av kvartalet hadde Aker BP 4 milliarder
dollar i tilgjengelig likviditet, uten vesentlige forfall før 2022.

Utbytte
Aker BP’s ambisjon er å returnere en vesentlig del av selskapets verdiskaping
til aksjonærene gjennom attraktive kontantutbytter. Grunnet lave olje- og
gasspriser og stor usikkerhet i verdensøkonomien, har selskapets styre besluttet
å endre den gjeldende utbytteplanen for å ivareta finansiell fleksibilitet og
for å posisjonere selskapet for fremtidige vekstmuligheter.

Styret har besluttet å utbetale et utbytte på 70,8 millioner dollar (0,1967
dollar per aksje) i mai 2020, noe som utgjør en tredjedel av opprinnelig
planlagt utbytte for kvartalet. Styrets ambisjon er å videreføre dette nivået
for årets gjenværende kvartaler, slik at totalt utbytte for året vil utgjøre 425
millioner dollar. Hver enkelt utbyttebeslutning vil imidlertid bli gjenstand for
en helhetlig vurdering, der faktorer som oljepriser, COVID-19 situasjonen og
selskapets finansielle stilling inngår i vurderingsgrunnlaget.

Selskapet vil komme tilbake med en ny langsiktig utbytteplan så snart
markedssituasjonen tilsier at dette er tilrådelig.

AkerBP Q1 2020
Report.pdf (https://mb.cision.com/Public/1629/3104864/99629aaa120e4f48.pdf)

AkerBP Q1 2020
Presentation.pdf (https://mb.cision.com/Public/1629/3104864/9d41e8c236a19fd7.pdf)

Presentasjon og telefonkonferansedetaljer
Kvartalsrapporten og presentasjonen er vedlagt denne meldingen (kun på engelsk),
og kan også lastes ned på våre nettsider www.akerbp.com
En webcast vil være tilgjengelig på våre nettsider fra kl. 08.30 (CEST). Det vil
også bli arrangert en telefonkonferanse kl. 08.30 (CEST). Vi ber om at du ringer
inn 10 minutter før presentasjonen starter og oppgir konferansekoden eller spør
etter Aker BP First Quarter 2020 Presentation.

Lokasjon Telefonnummer
Norge +47 2350 0296
Storbritannia +44 (0) 330 336 9411
Konferansekode 1771551

Investorkontakt:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Mediekontakt:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Key information relating to the cash dividend to be paid by Aker BP ASA

Dividend amount: USD 0.1967 per share (NOK 2,02683 per share)
Declared currency: USD
Last day of trading including right: 7 May 2020
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Ex-date: 8 May 2020
Record date: 11 May 2020
Payment date: 22 May 2020
Date of approval: 5 May 2020

As per the updated loan agreement in the DETNOR02 bond loan (ISIN: NO
001068414.5), clause 12.4, bondholders have an option to put bonds at 107% of
the dividend distribution amount. A distribution event notice will be sent to
bondholders on the dividend payment date.

Contacts:
Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

DETNOR02: Distribution event notice

To the bondholders in the Det norske oljeselskap ASA 13/20 FRN (ISIN NO 001068414.5) (the “Bond Issue”) issued by Aker BP ASA (the “Issuer”) pursuant to the bond agreement dated originally dated 1 July 2013 and as amended and restated from time to time (the “Bond Agreement”).

All capitalized terms used herein shall have the meaning assigned to them in the Bond Agreement.
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On 22 May 2020 (the “Distribution Event Date”), the Issuer made a distribution to its shareholders in the aggregate amount of NOK 729,888,863. This notice constitutes a Distribution Event Notice as defined in the loan agreement.

The maximum aggregated number of Bonds to be repurchased by the Issuer is equal to 729,888,863 divided by the Face Value, being 729,888,863(the “Distribution Put Bonds”).

As a consequence of this dividend payment, each Bondholder may require the Issuer to acquire Bonds at a price of 107% of par plus accrued interest, up to its pro rata share of 729,888,863, based on the proportion that such Bondholder’s holding of Bonds as of the Distribution Event Date (less Bonds owned directly by the Issuer) bear to the Distribution Put Bonds. The Issuer holds NOK 11,270,640 nominal worth of DETNOR02.

The Leverage Ratio as shown in the latest Compliance Certificate is 1.23x.

The Distribution Put Option must be exercised by each Bondholder within 8 June 2020. Detailed information on how to exercise the Distribution Put Option, including each Bondholder’s pro rata proportion of the Distribution Put Bonds, will promptly be forwarded to all Bondholders as registered in the Securities Depository (VPS) through the systems of VPS (the “VPS Notice”).

Bondholders (as registered directly in VPS) who do not receive a VPS Notice may contact the Bond Trustee at mail@nordictrustee.com to receive a copy of its VPS Notice.

Kilde

[TekBot]

Tax changes trigger new investments

A broad political majority in Norway has announced an agreement to make
temporary changes to the Norwegian petroleum tax system. The changes will
strengthen Aker BP’s investment capacity and help to unlock new field
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development projects. This will contribute to higher activity and increased
value creation for Aker BP, its suppliers and the Norwegian society at large.

The Hod development in the Valhall area is the first project to be launched as a
direct result of the tax changes. This project benefits from the experience and
competence gained from the recently completed development of Valhall Flank West.
Aker BP’s board has today approved the project and authorized a fast track
investment decision to be concluded as soon as possible. The employment effect
of this project is estimated to 5,000 FTEs, and the project is also expected to
generate significant tax revenues for Norway.

Karl Johnny Hersvik, CEO of Aker BP comments:
“The petroleum industry is going through a very challenging time, and we are
very pleased to see the rapid and strong response from Norwegian lawmakers. The
proposed changes are appropriate and necessary and will strengthen our capacity
to invest while at the same time contribute to improved profitability of new
field developments. In Aker BP, we will not let this opportunity go to waste.
With projects like Hod, we will create significant value both for our owners and
for the society at large, and we will contribute to maintaining the capabilities
of Norway’s world-class supply industry.”

The tax changes are scheduled for consideration by the Storting (Norway’s
parliament) on 12 June 2020.

Investor contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Media contact:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

Kilde

[TekBot]

Agreement on way forward for Krafla, Fulla and North of Alvheim (NOAKA)

Aker BP and Equinor have entered into an agreement in principle on commercial
terms for a coordinated development of the licenses Krafla, Fulla and North of
Alvheim (NOAKA) on the Norwegian Continental Shelf and have started preparations
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for submitting Plans for Development and Operation (PDO) in 2022.

The NOAKA area is located between Oseberg and Alvheim in the Norwegian North
Sea. The area holds several oil and gas discoveries with gross recoverable
resources estimated at more than 500 million barrels of oil equivalents, with
further exploration and appraisal potential. The partners in the licences are
Aker BP ASA, Equinor ASA and LOTOS Exploration & Production Norge AS.

The contemplated development concept for the area consists of a processing
platform in the South operated by Aker BP, an unmanned processing platform in
the North operated by Equinor, and several satellite platforms and tiebacks to
cover the various discoveries. The purpose of the commercial terms is to secure
an optimal and fair allocation of cost and production between the discoveries
and to align incentives and hence ensure good integration and synergies across
facilities and licenses.

The partners share the ambition to develop the NOAKA area with a minimal carbon
footprint. State-of-the-art technological solutions will be used to ensure high
efficiency and low emissions. The facilities will be powered from shore and an
extensive use of digital solutions is expected both in the development and
operations phase.

The parties invite to a joint press conference at Equinor’s Business Centre,
Forus East, Stavanger today at 13.00 CEST.

Investor contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Media contact:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Investor presentation

Aker BP has prepared a short company presentation to be used in meetings with investors. The presentation is attached.

Investor contact:
…

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Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

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.

Kilde

[TekBot]

Overleverer plan for utbygging og drift for Hod

Aker BP og Pandion Energy har i dag overlevert Plan for utbygging og drift (PUD)
for Hod til Olje- og energidepartementet. Hod-feltet bygges ut i samarbeid med
Aker BPs alliansepartnere med en normalt ubemannet installasjon som skal
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fjernstyres fra Valhall, og det vil ha svært lavt CO2-utslipp som følge av kraft
fra land. Hod er et av de første prosjektene som blir realisert under de
midlertidige endringene i norsk petroleumsbeskatning som nylig ble vedtatt.

Totale investeringer i prosjektet er anslått til rundt 5,7 milliarder kroner
(600 millioner dollar), og utbyggingsfasen forventes å medføre rundt 5000
årsverk i Norge inkludert ringvirkninger. Planlagt produksjonsstart er i første
kvartal 2022. Utvinnbare reserver i Hod er estimert til rundt 40 millioner fat
oljeekvivalenter. Feltet opereres av Aker BP, som eier 90 prosent. Pandion
Energy er partner med 10 prosent eierandel.

• Gjennom prosjekter som Hod skaper vi betydelige verdier både for samfunnet og
  våre eiere, og vi bidrar til å opprettholde en verdensledende leverandørindustri
  i Norge, sier administrerende direktør i Aker BP, Karl Johnny Hersvik.

Økt effektivitet i alliansemodellen

Hod blir levert av Aker BPs alliansepartnere. Fem allianser vil være med å
levere prosjektet. Dette er i tråd med Aker BPs strategi om økt verdiskapning
gjennom allianser og strategiske partnerskap.

• Alliansemodellen gir betydelige kostnadsreduksjoner og er en effektiv
  gjennomføringsmodell. På denne måten klarer vi nå å bygge ut nye Hod, som er
  ventet å bidra med 40 millioner fat oljeekvivalenter til produksjon fra
  Valhallområdet, sier Hersvik.

Understell og plattformdekk bygges ved Kværners verft i Verdal.

Valhall Flanke Vest-kopi

Hod bygges ut med en normalt ubemannet plattform som skal fjernstyres fra
Valhall feltsenter. Det er planlagt fem brønner som vil bli boret med sidesteg
for å øke utvinningen fra feltet.

• Konsept, gjennomføringsmodell og organisasjon for prosjektet er kopiert fra
  Valhall Flanke Vest, som ble satt i produksjon i desember 2019. I det prosjektet
  satte Aker BP og alliansepartnerne en ny standard for flankeutbygginger på norsk
  sokkel. Vi ser muligheter for ytterligere effektivitet og forbedringer i dette
  prosjektet, sier direktør for prosjekter i Aker BP, Knut Sandvik.

Kraft fra land

Hod vil få kraft fra land via Valhall feltsenter.

• Under normal operasjon betyr dette tilnærmet null lokale CO2-utslipp. Dette er
  i tråd med Aker BPs strategi for å minimere fotavtrykket fra våre operasjoner,
  sier direktør for drift og feltutvikling Kjetel Digre i Aker BP, og legger til:

• I 2019 hadde Aker BP CO2-utslipp på 7 kg per fat oljeekvivalenter. Dette er
  mindre enn halvparten av industrigjennomsnittet globalt, og under snittet på
  norsk sokkel. I år er målet vårt å ytterligere redusere utslipp til 5 kg CO2 per
  produsert fat. Prosjekter som Hod - med null CO2 -utslipp fra normal drift - er
  derfor veldig viktig for oss, sier han.

Hod skal leveres med elektrisk drevet livbåt. Livbåten vil overvåkes fra Valhall
feltsenter. Både kran og sjøvannspumpe er elektrisk og vil få kraft fra land via
Valhall. Alt dette bidrar også til redusert vedlikeholdsbehov.

Første olje i 2022

Hod var den første ubemannede plattformen på norsk sokkel da den ble satt i
drift i 1990. Nå er plattformen nedstengt og skal fjernes etter at brønnene er
permanent plugget. Første olje fra nye Hod - som har fått navnet Hod B - er
planlagt i første kvartal 2022.

• Giganten Valhall har produsert over en milliard fat oljeekvivalenter siden
  åpning av feltet i 1982. Ambisjonen er å produsere ytterligere en milliard fat i
  løpet av de neste 40 årene fra området. Hod er et viktig bidrag til dette,
  avslutter Digre.

Mediakontakt:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, pressetalsmann, tel.: +47 402 24 217

Investorkontakt:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Om Aker BP:
Aker BP er et fullverdig oljeselskap som driver leting, utbygging og produksjon
på norsk kontinentalsokkel. Aker BP er operatør på Alvheim, Ivar Aasen, Skarv,
Valhall, Hod, Ula og Tambar. Selskapet er også partner i Johan Sverdrup-feltet.
Aker BP har hovedkontor på Fornebu og er notert på Oslo Børs under tickerkoden
AKERBP. Mer om Aker BP på www.akerbp.com.

Kilde

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Invitation to Aker BP’s Q2 2020 conference call

Aker BP will publish its financial results for the second quarter 2020 on
Tuesday 14 July 2020 at 07:00 (CEST). A conference call will be hosted at 08:30
(CEST).
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The conference call will be available as a webcast on the company’s website
www.akerbp.com/en.

To participate in the conference call, please contact the conference call
operator at the telephone numbers listed below. Please join the event 10 minutes
prior to scheduled start time and provide the confirmation code or ask for Aker
BP’s quarterly presentation.

Phone number Norway +47 2350 0296
Phone number United Kingdom +44 (0)330 336 9411
Confirmation code 5804762

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

Media contact:

Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

Kilde

[TekBot]

Second quarter 2020 trading update

Aker BP will publish its financial report for the second quarter 2020 on Tuesday
14 July 2020. The company issues this statement to summarize its production and
sales volumes and certain accounting-related topics for the quarter.
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Oil and gas production and sales

Aker BP’s net production in the second quarter 2020 was 209.8 thousand barrels
of oil equivalents per day (mboepd). Net sold volumes, which are the basis for
revenue recognition in the financial statement, were 232.0 mboepd due to
overlift in the period.

Volumes (mboepd) Q2-20 Q1-20 Q4-19 Q3-19
Net production 209.8 208.1 191.1 146.1
Overlift/(underlift) 22.2 (0.6) (6.6) (2.9)
Net sold volume 232.0 207.5 184.5 143.3
Of which liquids 198.2 174.3 151.4 113.4
Of which natural gas 33.8 33.2 33.1 29.8

Realized prices Q2-20 Q1-20 Q4-19 Q3-19
Liquids (USD/boe) 29.9 44.7 64.2 62.0
Natural gas (USD/scm) 0.08 0.14 0.17 0.16

Oil price hedging

The company is using oil put options for protection of near-term cash flow
against sharp drops in the oil price. In the second quarter, the company
realized gains on these instruments of USD 56 million before tax (subject to
ordinary corporate tax). This had a positive cash flow impact in the quarter,
however the effect on the income statement will be slightly negative as the
instruments were already recognized at fair value in the previous quarter.
Adjusted for the differences in taxation, the average realized liquids price
including hedging was equivalent to USD 40.9 per barrel in the second quarter.

Reversal of impairments

Following the partial recovery in oil prices observed in the second quarter, the
company expects to reverse parts of the impairments from the first quarter,
amounting to USD 100-150 million.

Financial items

The USDNOK exchange rate decreased from 10.4 to 9.6 during the second quarter.
This had a positive effect on financial items. Net financial expenses are hence
estimated to approximately USD 30 million for the quarter, including interest
expenses and currency-related effects.

Taxes

The company expects to report a positive pre-tax result for the second quarter.
Still, a minor tax credit is expected. This is mainly caused by increased uplift
introduced with the temporary changes to Norwegian petroleum tax, and by a
positive currency effect on the value of the company’s tax balances.

Cash tax payments in the second quarter amounted to USD 81 million.

Conference call and webcast

The company will host a conference call to present its second quarter 2020
results on 14 July 2020 at 08:30 CEST. The conference call will be available as
a webcast on the company’s website www.akerbp.com/en.

To participate in the conference call, please contact the conference call
operator at the telephone numbers listed below. Please join the event 10 minutes
prior to scheduled start time and provide the confirmation code or ask for Aker
BP’s quarterly presentation.

Phone number Norway +47 2350 0296
Phone number United Kingdom +44 (0)330 336 9411
Confirmation code 5804762

Disclaimer

The information in this statement is based on a preliminary assessment of the
company’s second quarter 2020 financial results. The company has not completed
its financial reporting and related review and control procedures. The estimates
provided may therefore be subject to change and the financial statements finally
approved and released by the company may deviate materially from the information
herein.

Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Second quarter and first half year 2020 report

Aker BP delivered strong operational performance and record high production in
the second quarter. The company’s field developments progressed as planned,
including a successful start-up of the first Ærfugl phase 2 well. Following the
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recently introduced temporary changes to the Norwegian petroleum tax system, the
company has submitted the plan for development for Hod and entered into an
agreement with Equinor on commercial terms for a coordinated NOAKA development.

Minimising the COVID-19 risk

Aker BP has implemented a wide range of measures to minimise the risk to people
and operations from the COVID-19 pandemic, including reduced offshore manning,
social distancing, travel restrictions and working from home. During the
quarter, the company has implemented mandatory testing for all offshore
personnel. The company has so far avoided any virus-related disruptions to its
operations and will continue to enforce proper measures to minimise the risk
level.

Second quarter results

The company’s net production in the second quarter was 209.8 (208.1) thousand
barrels of oil equivalents per day (mboepd). Net sold volume was 232.0 (207.5)
mboepd. Production efficiency remained high and was not significantly impacted
by COVID-19. The production curtailments imposed by the Norwegian government
have been mitigated by strong operational performance and increased capacity at
Johan Sverdrup, hence the company maintains its full-year production estimate of
205-220 mboepd.

Production costs for the oil and gas sold in the quarter amounted to USD 196
(156) million. Production cost per produced barrel oil equivalents (boe)
increased slightly to USD 9.1 (8.7), impacted by well maintenance costs which
are expected to be reduced in the coming quarters. The company maintains its
guidance of USD 7-8 per boe on average for the full year.

Exploration expenses amounted to USD 50 (50) million and included costs of the
Sandia well which was dry. Total cash spend on exploration was USD 59 (53)
million. The company’s expected exploration spend is around USD 350 million for
the full year, in line with previous guidance.

Depreciation was USD 286 (277) million, equivalent to USD 15.0 (14.6) per boe.
The sharp drop in oil prices caused an impairment charge of USD 654 million in
the first quarter. Due to recovering oil prices, reversal of prior period
impairments amounted to USD 136 million in the second quarter.

Net financial expenses were USD 27 (149) million in the quarter. Profit before
taxes amounted to USD 151 million, compared to a loss before taxes of USD 414
million in the first quarter. Tax credit was USD 19 (80) million due to a catch
-up effect from the first quarter of the increased uplift introduced as part of
the recently implemented temporary changes to the Petroleum Tax Law and by a
positive currency effect on the value of the company’s tax balances.

Overall, the company reported a net profit of USD 170 million for the quarter,
compared to a net loss of USD 335 in the previous quarter.
Investments in fixed assets amounted to USD 360 (343) million in the second
quarter. All field development projects progressed according to plan.
Abandonment expenditures were USD 16 (22) million.

Changes to Norwegian petroleum tax unlock new investments

Certain temporary changes in the Petroleum Tax Law were enacted on 19 June 2020.
These changes included a temporary ruling for depreciation and uplift, whereas
all investments incurred for income years 2020 and 2021 including 24 percent
uplift can be deducted from the basis for special tax in the year of investment.
These changes also apply for all investments according to Plans for Development
and Operation delivered by the end of 2022. In addition, the tax value of any
losses incurred in 2020 and 2021 can be refunded from the state.

Following these changes Aker BP has submitted the Plan for Development and
Operation for Hod. The Hod field will be developed as a copy of the Valhall
Flank West development, with a normally unmanned installation remotely
controlled from the Valhall field centre. Total investments for the development
are estimated at around USD 600 million and the recoverable reserves are
estimated at around 40 million barrels of oil equivalents. Work is already well
underway at the yard at Kvaerner Verdal.

During the quarter, Aker BP and Equinor entered into an agreement in principle
on commercial terms for a coordinated development of the NOAKA area. The
companies have started preparations for submitting Plans for Development and
Operation in 2022.

Strong financial position

Maintaining a strong financial position is a key strategic priority for Aker BP.
At the end of the second quarter Aker BP had USD 3.7 (4.0) billion in available
liquidity. Net interest-bearing debt was USD 3.8 (3.5) billion, including 0.2
(0.3) billion in lease debt.

In May, the company disbursed dividends of USD 70.8 million, equivalent to USD
0.1967 per share. The Board has resolved to pay a quarterly dividend of USD 70.8
million (USD 0.1967 per share) in August 2020. It is the Board’s ambition to
maintain this level through the fourth quarter, implying total dividend payments
of USD 425 million for the full year.

Presentation and conference call details

The full report and presentation can be found on www.akerbp.com.

A conference call will be hosted at 08:30 (CEST). The conference call will be
available as a webcast on the company’s website www.akerbp.com/en.

To participate in the conference call, please contact the conference call
operator at the telephone numbers listed below. Please join the event 10 minutes
prior to scheduled start time and provide the confirmation code or ask for Aker
BP’s quarterly presentation.

Phone number Norway +47 2350 0296
Phone number United Kingdom +44 (0) 330 336 9411
Confirmation code 5804762

Aker BP Q2
2020 (https://mb.cision.com/Public/1629/3153521/96dccc08efed4a7a.pdf)

2020-Q2
Presentation (https://mb.cision.com/Public/1629/3153521/b44dbda5fd1fb0eb.pdf)

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 99 459 460

Media contact:

Tore Langballe, VP Communications, tel.: +47 907 77 841

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Key information relating to the cash dividend to be paid by Aker BP ASA

Dividend amount: USD 0.1967 per share (NOK 1,85169 per share)

Declared currency: USD
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Last day of trading including right: 30 July 2020

Ex-date: 31 July 2020

Record date: 3 August 2020

Payment date: 10 August 2020

Date of approval: 13 July 2020

Contacts:
Investor contact: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889
Media contact: Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Ine Dolve appointed SVP Operations & Asset Development in Aker BP

Ine Dolve has been appointed SVP Operations & Asset Development in Aker BP. She
will be part of the Executive Management Team. Dolve comes from a position as VP
Operations and Asset Development for Skarv in Aker BP. Dolve holds a degree from
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NHH in Bergen, and has a Master in International Management from ESADE in
Barcelona. Further, Dolve holds a degree from The Royal Naval Academy.

• Ine has made a tremendous effort as responsible for Skarv. She has shown a
  good ability to implement systematic improvements over time, and by that
  contributed to significant value creation for the company. Her very good ability
  to lead and motivate will be important for the phase we as a company will go
  through in the time ahead, says CEO Kalle Hersvik.

Kjetel Digre, who currently holds the position, has been appointed CEO of Aker
Solutions.

• I would like to take this opportunity to thank Kjetel for his time at Aker BP.
  With his broad experience from the industry, he has contributed to developing
  the operating organization in Aker BP significantly during the period he has
  been with us. I look forward to a continued good collaboration in the future in
  his new role in Aker Solutions.

The changes will take effect immediately.

Media contact:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Investor contact:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

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.

Kilde

[TekBot]

Ex utbytte USD 0,1967 i dag

Aksjene i Aker BP ASA noteres ex utbytte USD 0,1967 (NOK 1,85169) fra og med i
dag, 31. juli 2020. Utbetalingsdato er på, eller omkring, 10. august 2020.
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Kilde

[TekBot]

Aker BP: Notifiable trading

Under Aker BP’s annual share saving plan, primary insiders of the company have
subscribed and been allocated shares in Aker BP according to the table below.
The shares are offered at a price of NOK 117.86, representing a 25 percent
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discount to the reference market price, and are subject to a three-year lock
-up.

Primary Position Shares ordered New holding
insider
Aas, Nina Deputy employee 1,092 3,892
representative
Aune, Deputy employee 1,728 5,796
Oddbjørn representative
Bakken, VP Investor 2,153 5,499
Kjetil Relations
Blaasmo, SVP for HSSEQ 2,153 2,153
Marit
Brevik, Hilde Deputy employee 371 721
Kristin representative
Dolve, Ine SVP Operations & 1,304 4,033
Asset Development
Haugeberg, Employee 540 1,510
Ingard representative
Helgesen, Employee 1,134 1,134
Anette Hoel representative
Hersvik, Karl CEO 4,274 10,355
Johnny
Holstad, Employee 1,728 4,384
Ørjan representative
Høier, Lars SVP and Asset 3,171 5,675
Manager NOAKA
Kongelf, Per SVP Improvement 5,546 5,546
Harald
Landøy, Lene SVP Strategy & 3,001 10,122
Business
Development
Langballe, VP Communication 2,577 6,026
Tore Dammann
Maurseth, VP Legal 3,256 13,007
Anniken
Sandvik, Knut SVP Projects 2,577 2,577
Arne Kristian
Sigmundstad, SVP Drilling and 880 9,418
Arne Tommy Wells
Tønne, David Chief Financial 5,122 13,900
Torvik Officer
Østhus, Jon VP Financial 1,389 2,326
Håkon Reporting & Tax

Contacts:
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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Notification of trade - acquisition of treasury shares

Aker BP has on 14 September 2020 purchased 517,451 shares at an average price of NOK 157.926 per share.

After this transaction, the company holds 1,017,451 shares.
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The shares are purchased for use in the company’s share saving plan under a mandate granted by the Annual General Meeting on 11 April 2019.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Aker BP ASA announces that a series of investment grade fixed income investor calls will be arranged

Aker BP ASA (the “Company”) announced today that a series of investment grade
fixed income investor calls will be arranged. A benchmark U.S. Dollar
-denominated Rule 144A/Regulation S senior unsecured notes offering may follow,
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subject to market conditions.

For further information, please contact:
Kjetil Bakken, VP Investor Relations tel.: +47 918 89 889
John Ole Hægeland, VP Corporate Finance, tel.: +47 906 06 169
Lars Mattis Hanssen, Senior IR Professional, tel.: +47 994 59 460

Cautionary Statements

This press release is for information purposes only and does not constitute a
prospectus or any offer to sell or the solicitation of an offer to buy any
security in the United States of America or in any other jurisdiction. This
announcement is not for public release, publication or distribution, directly or
indirectly, in or into the United States (including its territories and
possessions, any state of the United States and the District of Columbia),
except to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A
under the U.S. Securities Act of 1933, as amended (the “Securities Act”). This
announcement does not constitute or form a part of any offer of, or solicitation
to purchase or subscribe for, any securities in the United States. Any such
securities have not been, and will not be, registered under the Securities Act.
Any such securities may not be offered or sold in the United States, except that
the securities may be offered for sale in the United States to QIBs in reliance
on the exemption from registration under Rule 144A. No public offering of
securities will be made in the United States or in any other jurisdiction where
such an offering is restricted or prohibited.

This announcement is directed only at persons (i) outside the United Kingdom;
(ii) that have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”); (iii) falling within Article
49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”)
of the Order or (iv) to whom this announcement may otherwise be directed without
contravention of Section 21 of the Financial Services and Markets Act 2000 (all
such persons together being referred to as “relevant persons”). This
announcement must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this announcement
relates is available only to relevant persons and will be engaged in only with
relevant persons.

In member states of the European Economic Area (“EEA”) or the United Kingdom,
this announcement is directed only at persons who are “qualified investors”
under Regulation (EU) 2017/1129, as amended.

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market
(MIFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information document
(KID) has been prepared as not available to retail in the EEA or the United
Kingdom.

This press release may include projections and other “forward-looking”
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of the Company about further
events and financial performance. No assurances can be given that such events or
performance will occur as projected and actual results may differ materially
from these projections.

Neither the content of the Company’s website nor any website accessible by
hyperlinks on the Company’s website is incorporated in, or forms part of, this
announcement. The distribution of this announcement into certain jurisdictions
may be restricted by law. Persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

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.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

Kilde