Aker BP projects referenced in the 2026 national budget

The Norwegian Government’s proposal for the 2026 national budget includes updated investment estimates for Aker BP’s development projects, expressed in Norwegian kroner (NOK). The figures are consistent with those reported by Aker BP in July, now converted from US dollars to NOK.

Aker BP’s portfolio of ongoing development projects now totals NOK 288 billion in gross investments, an increase of NOK 75 billion compared to the original estimates. Approximately two-thirds of this increase is attributed to currency fluctuations and value-enhancing changes, including the integration of East Frigg into the Yggdrasil development.

«The investment estimates reflected in the national budget were communicated to the market during our second-quarter presentation in July this year. Aker BP reports in US dollars, and the total increase in investment estimates across ongoing projects is around 6 percent. We maintain strong control over both costs and progress,» says Karl Johnny Hersvik, CEO of Aker BP.

Hersvik adds that both production outlook and project resilience have been significantly strengthened since the submission of the Plans for Development and Operation (PDOs) in 2022.

«Through the integration of East Frigg and the strengthening of the US dollar, estimated revenues from the Yggdrasil area alone are projected to be more than NOK 100 billion higher than previously expected,» says Hersvik.

Drivers behind the investment increase

The increase in investment estimates since the PDO approvals is primarily driven by three factors:

Currency effects
More than one-third of the increase is due to the weakening of the Norwegian krone against the US dollar since the projects were initially estimated. While this raises the cost profile when measured in NOK, it has limited impact on Aker BP’s financial reporting, which is conducted in USD. A stronger dollar also contributes to higher revenues in NOK, as oil revenues are predominantly USD-denominated – thereby supporting project profitability.

Value-enhancing changes
Approximately one-quarter of the increase is linked to measures that improve project economics. A key example is the East Frigg discovery in the Yggdrasil area in 2023. The field is being developed as a subsea tie-back and is now fully integrated into the Yggdrasil project, increasing the resource base by around 10 percent.

Inflation and increased activity
The remaining portion of the increase is due to higher-than-expected inflation, as well as increased use of input factors and labour across the development projects.

Project updates

Yggdrasil
The Yggdrasil development includes the Hugin, Munin and Fulla fields. In 2025, assembly of platform modules is underway at yards and suppliers both in Norway and internationally, alongside installation of subsea infrastructure and drilling operations. The integration of the East Frigg discovery, confirmed in 2023, has increased the resource base of the project by approximately 10 percent.

The investment estimate has increased by NOK 49 billion since the PDO approval, totalling NOK 177.6 billion. Around 70 percent of this increase is due to currency effects and value-enhancing changes, including the integration of East Frigg and optimisation of well plans. The remainder is driven by market conditions, higher-than-expected inflation, and measures to manage a tight supplier market.

The project is on track, with production start-up expected in 2027.

Valhall PWP–Fenris
The Valhall PWP–Fenris project includes a new production and wellhead platform at Valhall, as well as a subsea tie-back from the Fenris field. In 2025, construction work is underway at several yards. The jacket and bridge for Valhall PWP were installed in summer 2025, and drilling operations have commenced. Topsides for Fenris and Valhall PWP are being prepared for installation in 2026.

The investment estimate has increased by approximately NOK 20 billion since the PDO approval, totalling NOK 75.9 billion. Approximately 55 percent of the increase is due to currency effects and value-enhancing changes. The remainder is driven by market conditions, inflation, capacity expansions, and the need to build at more locations than originally planned.

The project is on track, with production start-up expected in 2027.

Skarv Satellite Project (Alve Nord, Idun Nord, Ørn)
The development of Alve North, Idun North and Ørn is part of the Skarv Satellite Project, with tie-in to existing infrastructure at the Skarv field.

The investment estimate has increased by approximately NOK 4.6 billion since the PDO approval, totalling NOK 23.2 billion. Around 65 percent of this increase is due to currency effects and value-enhancing changes, particularly measures that improve expected recovery and enable earlier start-up. Other contributing factors include increased activity levels, adjustments in project execution, market conditions and inflation.

The project is on track, with production start-up expected in 2027.

Edmary wins Nordic Techwoman of the year

Edmary Altamiranda Maldonado has won the Nordic Woman in Tech Award NWITA, Category Digital Transformation Leader of the Year 2025.

The award was presented in Finland and honors leading women in technology across the Nordics.

Edmary is recognized for her groundbreaking contributions in control systems, digitalization, and subsea technology. She currently works as Controls & Systems Engineering Lead at Aker BP. With over 30 years of experience and a strong commitment to diversity and innovation, she has made a lasting impact both at Aker BP and in the industry.

Earlier this year, she was named one of Norway’s 50 Leading Women in Tech and was a finalist for Petrolady of the Year.

We congratulate Edmary on a well-deserved Nordic victory.

Aker BP chooses street art for Yggdrasil decoration

Yggdrasil is the largest ongoing oil and gas development in Norway. In close collaboration with Street Art Norway, we are now launching a major art project where contemporary street art will leave its mark on all platforms and facilities in the Yggdrasil area. The winner of the commission is one of Norway’s leading artists, graffiti and visual artist Simon Alfredo Compagnet Diaz.

An Innovative Choice of Art

Yggdrasil is being developed with three platforms, extensive subsea infrastructure, oil and gas export, and power from shore. With Yggdrasil, we are setting a new standard for operating an oil and gas area. The entire area, which stretches nearly 60 kilometers in the North Sea, will be remotely operated from an integrated collaboration center and control room in Stavanger. The platforms will be unmanned or periodically unmanned, work will be moved from sea to land, and fewer people will be working offshore. This requires new technology, digitalization, and new ways of working.

While we are choosing the most innovative technological solutions for Yggdrasil, we have also taken an innovative and somewhat unconventional approach to its decoration.

“Through art, we want to create a common thread that ties all parts of Yggdrasil together. Our goal is for those working on our platforms and facilities to have a good working environment, and well-being and pride in one’s surroundings are incredibly important. So this art project is not just about aesthetics. It’s about identity, environment, pride – and building culture. That’s why we also listened to our employees, and they wanted street art to be part of Yggdrasil’s decoration,” says Truls Haugen, Platform Manager and Project Lead for the decoration at Aker BP.

In close collaboration with Street Art Norway, more than 20 walls have been selected – both indoors and outdoors – to be decorated across three platforms, two power-from-shore stations, and the integrated operations center in Stavanger.

One of Norway’s Leading Artists Won the Competition – “MAD WITH LONGING”

Simon Alfredo Compagnet Diaz is a graffiti and visual artist with nearly 30 years of experience in street art, graffiti, and urban contemporary art, covering everything from paintings and street art decorations to video art and concert visuals.

Diaz’s winning concept, Mad with Longing, is a visual journey that blends industrial power with human emotion – created to coexist with a high-tech workplace.

“I feel incredibly privileged to be part of what may be the largest street art/contemporary art decoration project in Europe. Being allowed to contribute to creating a good working environment for so many people over so many years is a great feeling. The employees are also involved in the process and in choosing how the final results will look. I’m really looking forward to this,” says Simon Alfredo Compagnet Diaz.

Street Art Norway is responsible for executing the project in close collaboration with Aker BP.

“We will coordinate and help carry out a major decoration project together with Aker BP and the artist. The project will also help demonstrate how street artists and street art can contribute to creating a cohesive profile and a good working environment for employees and visitors across all parts of Yggdrasil. This will be a major project for street art in many ways,” say Ola Hanø / Dino Beslic of Street Art Norway.

Aker BP leverages Cognite Atlas AI™ to pioneer an AI-first future in exploration and production

Aker BP and Cognite, the global leader in industrial AI, deepen their strategic partnership through the expanded adoption of Cognite Atlas AI™, harnessing the power of AI agents to improve efficiency, reduce costs, and elevate productivity. This enhanced collaboration puts Aker BP at the forefront of leveraging agentic AI to drive significant value and transform its operations.

Our «AI-first strategy» was developed to help lead the energy sector into a data-driven future by seamlessly integrating AI applications within industrial settings and business objectives to innovate and deliver results across the business. This includes automating complex processes and allowing engineers to easily access industrial expertise.

«Our collaboration with Cognite on Atlas AI represents a significant leap forward in our digital transformation journey,» said Paula Doyle, Chief Digital Officer in Aker BP.

«This partnership underscores our commitment to a continued AI-first, data-driven approach with Cognite, embracing agentic AI to further drive efficiency, enhance decision-making, and optimize our operations across the board.”

Cognite Atlas AI offers pre-built agents and a low-code workbench for building industrial AI agents, accelerating the journey towards autonomous operations. Integrated with the robust data foundation provided by Cognite Data Fusion®, the collaboration supports our span of various strategic areas where AI is being leveraged to drive significant operational advancements and value.

This AI-first partnership includes streamlining critical workflows by automating document processing for enhanced supply chain efficiency and proactive barrier management. This includes initiatives like automatic equipment registration, which has the potential to reduce a significant number of engineering hours for Aker BP. Building an AI-ready data foundation for predictive maintenance and using AI to optimize production chemistry and overall performance is also underway.

The most recent collaboration includes creating AI agents for root cause analysis (RCA). These agents identify relevant information, create cause maps, and suggest RCA steps. These agents reduce engineers’ time to perform this analysis by over 70%.

«We tested other AI solutions, but they fell short,» said Tor Arne Amdal, Senior Reliability Engineer at Aker BP. «What we needed was contextualized intelligence. In our industrial work, it’s not enough to just have data; you need the right data, in the right context, at the right time. This combination provides the precise, reliable answers that help us make faster decisions. After testing various solutions, we chose Cognite because it could meet our specific needs for AI-supported RCA workflows.»

«Aker BP’s legacy isn’t just about being a digital leader; it’s about pioneering the future,» said Francois Laborie, EVP, Strategic Projects, Cognite.

«This partnership is a powerful testament to their unwavering commitment to an AI-first strategy. By merging Aker BP’s deep industry expertise with Cognite’s Atlas AI, we’re doing more than just solving today’s challenges—we’re equipping them with the internal competence to scale AI across their entire business, fundamentally empowering their workforce for tomorrow.»

Witness firsthand how agentic AI is transforming industrial operations and hear directly from Aker BP and other industry leaders at Cognite’s Industrial AI and Data Conference Impact 2025.

Sharing insights from late-phase operations

This past weekend, Stine Bjørnvold Bakken and Bjørn-Tore Justad, who both work offshore on Ula, gave politicians at a campaign event in Sandnes a glimpse into life on a late-phase field, where safe operations, value creation, and community remain strong.

Still strong in the late phase

The Ula field came on stream in 1986 with an expected lifetime of 10–11 years. Forty years later, it is still producing more than 20,000 barrels of oil per day. That equals the energy consumption of all of Oslo on a cold winter day.

“It’s easy to underestimate the importance of mature fields, but we continue to deliver with high quality and safety,” says Bjørnvold Bakken, Logistics and Services Manager.
“We still have 14 million barrels left to recover before we shut down. It feels meaningful to contribute to value creation all the way to the very end.”

Even after 40 years, decommissioning planning is underway, but that doesn’t mean the field is winding down.

We are planning in parallel. It’s a much smarter way of working than shutting down too early. We’ll extract resources right up until the last day.

Bjørn-Tore Justad
Logistics Operator on Ula

A technological pioneer that still matters

Over the years, Ula has developed and deployed technologies that have lifted the entire industry. The field has used Water Alternating Gas (WAG) injection, which significantly increased recovery rates.

“We also adopted modular platform design early on,” explains Bjørnvold Bakken.
“This allowed us to upgrade technology without having to rebuild the entire installation. Today, that approach is standard across many industries.”

A success story built by people

Both technological innovation and strong professional environments have made Ula a pioneering field. But according to Stine, the real key has been the people.
“Ula is a success story thanks to the people who have put in the work since day one.”

Life on Ula is characterized by camaraderie, expertise, and genuine job satisfaction.
“There’s a strong sense of community here. We’ve got a gym, poker nights, a cycling club, and even a cinema. Enjoyment at work matters,” says Justad.
“In the late phase, more of us also get the chance to broaden our competence with additional trade certificates. Everyone out here is a key player.”

The expertise from Ula is valuable, not only for Aker BP’s future projects but also for the green transition.
“Seafarers once moved into oil. Now we can bring our experience from demanding offshore operations into new value chains, such as offshore wind and carbon capture,” Justad adds.

Ripple effects onshore and the need for predictability

Ula creates value far beyond the offshore platforms. One job offshore generates seven jobs onshore.
“This is crucial for employment both locally and nationally,” says Bjørnvold Bakken, who responds as follows when asked what Ula needs going forward:

Ula needs predictability. The industry needs clear framework conditions so we can execute our plans and secure jobs. That’s essential for us to stay fully present in the work we do every single day.

Stine Bjørnvold Bakken
Logistics and Services Manager on Ula

A Graduate in the Field – by Kristian Birkeland

On June 5th, I received an incoming Teams call from the project manager for T&I in Valhall PWP-Fenris. The excitement hit instantly when I got confirmation of what I had been eagerly awaiting for the past few weeks. In true northern Norwegian fashion, I didn’t need to hear more than “Javæll, e du klar før tur?” (“Alright, are you ready for the trip?”) to realize I had been given the opportunity to join the installation of the PWP jacket and the connecting bridge to PH at Valhall.

We mobilized from the Mekjarvik quay and were transported to SSCV Sleipnir by boat. It’s quite an impression to dock at one of the world’s largest lifting vessels and come face to face with such enormous dimensions. I got my first adrenaline rush during boarding, which involved being lifted by crane several tens of meters above the sea in a basket. What made it extra special was that we were lifted onto the deck just a few kilometers from my own front door in Stavanger, before Sleipnir set course for open sea.

Onboard, I took on the role of junior client representative and joined the night shift. My first thought was that it would be quiet, and I feared missing the major lifts. Luckily, I was completely wrong. “It’s during the night shift that things happen,” I was told the first night, and I can confirm that was absolutely true. My tasks included logging and preparing the daily report, which might sound trivial. On the contrary, with the goal of maximizing my learning, these tasks really forced me to understand every step of the operation. Even just taking photos for the report meant I had to be present on deck when things happened, giving me the chance to speak directly with the professionals doing the work. It was incredibly educational.

The operation offered a wide range of experiences. Among them was piling. I couldn’t imagine how one could drive gigantic steel pipes 45 meters into the ground. It turned out the principle of “hammering a nail” still applies, you just need a big enough hammer. I gained insight into aspects like pile sway, meaning the pile swings more with increasing wave height. This is important to consider when the hammer strikes with energy equivalent to a 3-ton car at 160 km/h. It’s like with a nail, it breaks if you hit too hard when it’s slightly tilted. Beyond the technical aspects, I also felt the seriousness in meetings with Heerema when things didn’t go quite as planned. At the same time, there was room for lighter moments, like feeling part of an American action movie when the ROV pilots from Oceaneering consistently confirmed commands with a crisp “Roger that.”

The biggest highlights were the set-down of the jacket and the bridge, both of which happened while I was on duty. Seeing the bridge connect new infrastructure to the existing was a moment I’ll never forget.

For a graduate nearing one year in the company, this was a major experience. Since my first day, I’ve heard that “it’s you young and promising ones we need to invest in.” It’s one thing to say it, another to actually send someone out. It proves that Aker BP is a company that invests in young people and has its eyes set on the future. I’ve had the opportunity to be part of many things this past year, and this trip was the highlight. What an incredible learning experience it is to be out in the field—and above all, what a huge motivation it gives for further development.

Thank you for the trip, and thank you for the experience.

Kristian Birkeland, Graduate Project Engineer

Milestone Marked for 1000-Ton Module for New Valhall Platform

On August 11th, Aker BP, together with NOV and Nymo, celebrated an important milestone in the Valhall PWP project: the completion of equipment installation on the 1000-ton MEG module being built at Nymo’s yard in Grimstad.

Among the several hundred skilled workers attending the event were Grimstad Mayor Beate Skretting, Nymo owner Knut Ugland, Head of NOV’s Process Systems division Rune Fantoft, Project Director for Valhall PWP-Fenris Rannveig Storebø, and Aker BP CEO Karl Johnny Hersvik.

Local Ripple Effects

“This is a landmark day for Nymo and the entire Southern Norway region. The project has brought record-high activity to our workshops in Grimstad and Arendal. Most notably, we’ve tripled the number of apprentices—from 7 to 20—which strengthens recruitment into the industry,” said Nymo CEO Øyvind Boye.

In addition to the MEG module, Nymo has also built the bridge that will connect the new platform to the existing Valhall field center. The bridge, weighing around 1200 tons, was completed and transported from Nymo’s facility at Eydehavn in Arendal to the field in June.

The projects have had significant ripple effects for the local business community. Goods and services worth over 600 million NOK have been purchased from local companies.

“At times, more than 800 employees have been present at our facilities in Grimstad and Arendal simultaneously. This illustrates both the complexity and the tremendous boost these projects have given to the region’s industry,” said Boye.

Efficient One-Team Collaboration

The MEG module is a central part of the Valhall PWP development, where Aker BP is the operator. The module will enable the recycling of monoethylene glycol (MEG) in pipelines between Valhall and the Fenris field, located 50 kilometers away. This prevents hydrate formation and ensures efficient operations.

NOV Process Systems is the main supplier of the MEG module and has delivered the design, fabrication engineering, and procurement of all key equipment. Nymo, contracted by NOV, has been responsible for fabrication and completion. This is the first MEG regeneration system ever fabricated in Norway.

“We are proud and pleased to deliver this project with Aker BP, Nymo, and other partners and suppliers. MEG regulation systems are among the most technically advanced process technologies required for offshore gas production. Completing this project with fabrication in Norway, and continuing collaboration with Aker BP as the technology is deployed at Valhall, is a major milestone for us,” said Rune Fantoft of NOV. He emphasized that Aker BP, NOV, and Nymo have worked closely and integrated as one team to achieve this project milestone.

Production start in 2027

The MEG module will be completed and prepared for transport during the year and shipped to Aker Solutions’ yard at Stord early next year for finalization. The platform will then be installed at the Valhall field. Production start is planned for the second quarter of 2027.

“Valhall PWP-Fenris is one of the largest ongoing development projects on the Norwegian continental shelf. We are proud that so much of the work on PWP-Fenris is being done in Norway, especially in Southern Norway. This brings significant ripple effects to the local business community and contributes greatly to competence development in the industry,” said Project Director Rannveig Storebø of Aker BP.

The Valhall PWP-Fenris project is part of a comprehensive execution plan for Aker BP. In total, the company is investing around USD 20 billion in the development of new and existing fields on the Norwegian continental shelf.

A great start to her career as a graduate in Aker BP

For Anne Maren, the transition from student life to working life has been just as she hoped – and more.

After five years of studies at NTNU, where she completed an integrated master’s degree in mechanical and energy technology with a specialisation in structural engineering, she was ready for new challenges. Now, she works as a subsea engineer on the Yggdrasil team at Aker BP, and she’s thriving.

International experience in her backpack

Anne Maren made the most of her time as a student. She spent exchange semesters at Politecnico di Milano in Italy and at the University of Queensland in Brisbane, Australia. These experiences have given her both solid academic expertise and an international perspective, valuable assets in a global industry like oil and gas.

A workplace that invests in technology and people

When Anne Maren started her new job at Aker BP, the most important factor was the people.
– I was warmly welcomed by my colleagues. The company has an incredibly inclusive culture, she says.
– I learn something new every single day, and that’s what makes me love my job.

She is part of the Yggdrasil project, which is currently the largest development on the Norwegian continental shelf. Aker BP is heavily focused on innovation and new technology to develop the next generation of solutions for subsea operations.
– It’s incredibly rewarding to work on projects that are exciting, challenging and sustainable, Anne Maren says.

A strong social environment for graduates

Starting out as a new graduate can be challenging, but Aker BP makes sure that new employees settle in well, both professionally and socially.
– The first weeks were packed with activities where we got to know each other. It made it easy to build a network and make new friends, says Anne Maren.

The graduate program at Aker BP includes both professional and social gatherings throughout the year. Every six months, all graduates come together for sessions that combine learning with social activities.

Advice to other students

For students considering a graduate position or a summer job at Aker BP, Anne Maren has a clear piece of advice:
– Keep an eye out on career days at your university and reach out to the companies you’re curious about. Don’t be afraid to send an email, make a call or have a chat with them at events. You never know what opportunities might come up.

She herself had a summer internship at Aker BP before starting as a graduate, which made the transition even smoother.
– I worked in the Concept Development department, and it gave me valuable insight into how the company operates. After that, I was sure Aker BP was the place where I wanted to start my career.

Courage, curiosity, and a career at Aker BP

Meet Diana Busingye, one of our newest graduate engineers at Aker BP.

Born and raised in Uganda, Diana developed a strong sense of resilience, curiosity, and ambition early on. Her passion for energy and engineering took her to France, where she earned a Master’s degree in Petroleum Engineering and Project Development from IFP School. Stepping into a new country and culture was a leap of faith that opened the door to extraordinary opportunities.

Towards the end of her studies, Diana applied for Aker BP’s graduate programme and, after receiving an offer, made the move to Norway. A new country, new challenges, and a new beginning with our team. Since joining in March 2025, she has been contributing to projects within Drilling & Wells on the Skarv Asset, from cross-functional workshops to hands-on planning sessions.

Diana describes her experience so far as enriching and inspiring:

Every day brings something new to learn, someone new to collaborate with, and a deeper appreciation for the work we do. Clarity and courage go hand in hand.

Diana Busingye

Aker BP supports students who need to relocate in order to work for the company.

– I was put in touch with a relocation company that helped me find a suitable apartment. It made the move easy, and I was able to focus on settling in both at work and in my new city, says Diana.

Graduate

The graduate positions are permanent jobs with extra focus on training in the first year. As a graduate, you get to participate in gatherings, network meetings and courses, which increase yourskills and understanding of the company and how we work.

Aker BP is now hiring graduates

In mid-July, Aker BP announced the graduate positions starting in 2026. The application deadline is August 24.

Aker BP offers a safe and structured learning environment, where candidates are given challenges, responsibility, and the support needed to make a real impact together with colleagues who want to see you succeed.

Are you a student or recent graduate looking for a place to grow, learn, and take responsibility? Then the graduate programme at Aker BP might be your next step, Diana recommends.

– There are opportunities everywhere at Aker BP. Sometimes, all you need is the courage to take that first step, Diana concludes.

Thriving on nutrients from the North Sea

Last year, Aker BP, with the help of Allseas, removed the 2/4-G jacket from the Ekofisk field. The jacket was transported to Aker Solutions in Stord for recycling. It had been installed in the North Sea in 1981, and after 43 years in the ocean, the yellow steel was covered in marine growth and mussels.

Nutrients in mussels

Calcium carbonate
(from the shells)
Raises pH in acidic soils and strengthens plant cell walls.

Phosphorus (P)
Important for root development and flower formation.

Proteins and amino acids
(from the mussel meat)
Break down to provide nitrogen.

Trace elements
Small amounts of zinc, copper, and manganese.

Nutrients in marine growth (seaweed and kelp)

Potassium (K)
Important for flowering and fruit development.

Calcium (Ca)
Strengthens cell walls and helps neutralize acidic soil.

Magnesium (Mg)
Essential for chlorophyll production.

Micronutrients
Including iron, boron, manganese, zinc, and copper.

Organic Matter
Improves soil structure and feeds beneficial microorganisms.

Alginic Acids and Polysaccharides
Can enhance the soil’s ability to retain moisture.

Recycling Platforms

Aker Solutions is a leader in platform decommissioning and recycling. Each year, several offshore platforms arrive at Stord, and they appear massive when placed on the quayside, visible from much of the surrounding town.

The steel is highly sought after on the raw materials market, as the platforms are constructed with exceptionally high quality. The steel is melted down along with household scrap and turned into rebar for the construction industry. Aker Solutions maintains a detailed environmental accounting system, and their contribution plays a key role in making Norwegian industry sustainable and circular.

Organic Waste

Marine growth and mussels don’t smell pleasant when brought ashore. They start to rot quickly, and a strong odor spreads in the summer heat. The Norwegian Environment Agency has previously pushed for offshore waste handling by operators.

Now, Aker Solutions has entered into an agreement with an innovative company, Reve Kompost. They receive the organic waste and produce compost, which becomes nutrient-rich soil and organic fertilizer. Aker Solutions has cleaned the jacket, and Reve Kompost has taken in all the marine growth and mussels. The result: nutrient-rich soil for flowers.

Back to Aker

Rogaland County Municipality is currently finalizing the new bus route at Jåttå. Risa AS is responsible for, among other things, the landscaping along the road and has used 80 m³ of compost made from marine growth and mussels in the flower beds.

Now, flowers are blooming and greenery is thriving in front of Aker BP and Aker Solutions’ new office building, GNIST, in Jåttåvågen, nourished by resources drawn from our own history in the North Sea.