AKER BP: NOK 4.1Bn PRIVATE PLACEMENT FULLY SUBSCRIBED

DISCLAIMER: This information is subject to disclosure under the Norwegian Securities Trading Act, Section 5-12. This announcement is not and does not form a part of any offer for sale of any securities, and is for release, publication or distribution, directly or indirectly, in the United States, or any other jurisdiction in which such distribution would be unlawful or would require registration  or other measures. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Aker BP ASA does not intend to register its securities in the United States. The distribution of this announcement into jurisdictions other than Norway 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.  This announcement has not been approved by any regulatory authority.

Reference is made to the stock exchange release by Aker BP ASA (the “Company”) on 30 October 2017 regarding a contemplated private placement (the “Private Placement”) of 22,376,438 new shares in the Company. The Company is pleased to announce that the Private Placement has been successfully subscribed, raising gross proceeds of NOK 4,084 million. The price per share was NOK 184 per share, consisting of a subscription price of NOK 182.5 per share and NOK 1.5 per share as payment for the associated right to cash dividend of USD 0.185.

Aker Capital AS (the largest shareholder in the Company) pre-committed to subscribe for 8,950,799 new shares, equal to 40% of the Private Placement and was granted an allocation of 8,950,799 new shares. BP Global Investments Limited (the second largest shareholder in the Company), a subsidiary of BP plc, pre-committed to subscribe for 6,712,148 new shares, equal to 30% of Private Placement and was granted an allocation of 6,712,148 new shares.

Delivery of the new shares allocated to other investors than Aker Capital and BP in the Private Placement will, in order to facilitate delivery-versus-payment and timely delivery of already listed shares to investors in the Private Placement, be made by delivery of existing and unencumbered shares in the Company, pursuant to a share lending agreement entered into between the Company, Nordea Bank AB (publ), filial i Norge and Aker Capital AS. Investors receiving such settlement of the Private Placement on a delivery-versus-payment basis on 2 November 2017 (i.e. on T+2) will receive shares inclusive of the right to receive the cash dividend as announced by the Company on , 30 October 2017, at 07:01 CET, of USD 0.185 per share, and the price per share for such investors will be NOK 184.00. The shares subscribed by and allotted to Aker Capital and BP Global Investments Limited will be delivered upon completion of the share capital increase after the extraordinary general meeting to be held in the company at the same subscription price of NOK 182.5 per share.

Nordea Bank AB (publ), filial i Norge, DNB Markets, a part of DNB Bank ASA, Danske Bank Markets, Norwegian branch of Danske Bank A/S, Skandinaviska Enskilda Banken AB (publ), Oslo branch and Swedbank Norge, branch of Swedbank AB (publ) have acted as Joint Bookrunners in the Private Placement.

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