Aker BP merger completed – Integration process on track
(Fornebu, 30 September 2016) Det norske oljeselskap ASA (Det norske) has today completed the closing of the merger with BP Norge AS (BP Norge) and the subsequent establishment of Aker BP ASA (Aker BP), the leading independent offshore E&P company on the Norwegian Continental Shelf. The company is on track with the integration process and reiterates the ambition of a quarterly dividend for the fourth quarter of 2016.
“We are proud to announce the closing of the merger and the creation of Aker BP, the largest Norwegian independent oil and gas producer. The integration process is on track, and Aker BP is establishing a strong platform for creating value for our shareholders leveraging on unique industrial capabilities, a world-class asset base, and financial robustness enabling quarterly dividend payments from the fourth quarter of 2016. We look forward to taking advantage of the attractive growth potential on the Norwegian Continental Shelf and to use the current downturn to build the benchmark E&P company together with our suppliers,” says Karl Johnny Hersvik, Chief Executive Officer of Aker BP.
Aker BP holds a portfolio of 97 licenses on the Norwegian Continental Shelf (NCS), of which 46 are operated, and an estimated 795 million barrels of oil equivalent P50 reserves, with a 2015 joint production of approximately 122,000 barrels of oil equivalent per day. The company has a balanced portfolio of operating assets and a high quality inventory of non-sanctioned discoveries, with potential to reach production above 250,000 barrels of oil equivalent per day within 2023.
“Aker BP has an ambition to grow through M&A and organic portfolio development. In addition, there is significant potential for cost savings by approaching new ways of thinking. Aker BP will leverage on a lean and nimble business model, state-of-the-art technological capabilities, and industrial collaborations. We are on track with identifying opportunities across the newly combined entity, and are building a strong and cost effective fit-for-purpose Aker BP,” says Hersvik.
Effective from the closing of the merger, Bernard Looney and Kate Thomson are elected new members of the Board of Directors in Aker BP. Kitty Hall and Kjell Pedersen have at the same time resigned from their duties as members of the board.