Credit rating

To secure access to capital markets at attractive terms and remain financially solid, Aker BP aims to maintain an investment grade credit rating from leading rating agencies. Click on the logos below to read the latest rating reports.

Senior Notes issued by Aker BP

USD 96 mill3.000%2020-01-282025-01-15US00973RAE36 / USR0139KAA80LINK
USD 130 mill2.875%2020-09-302026-01-15US00973RAG83 / USR0139KAC47LINK
USD 707 mill2.000%2021-07-152026-07-15US55037AAA60 / USN5369RAA79LINK
USD 500 mill5.600%2023-06-132028-06-13US00973RAL78 / USR0139KAF77LINK
EUR 750 mill1.125%2021-05-122029-05-12XS2341269970LINK
USD 1,000 mill3.750%2020-01-282030-01-15US00973RAF01 / USR0139KAB63LINK
USD 750 mill4.000%2020-09-302031-01-15US00973RAJ23 / USR0139KAD20LINK
USD 1,000 mill3.100%2021-07-152031-07-15US55037AAB44 / USN5369RAB52LINK
EUR 750 mill4.000%2024-05-292032-05-29XS2830454554LINK
USD 1,000 mill6.000%2023-06-132033-06-13US00973RAM51 / USR0139KAG50LINK
The Senior Notes are listed on Luxembourg Stock Exchange.

Bank facilities

USD 2 billion Liquidity Facility

  • Maturity May 2025 – USD 0.35 bn
  • Maturity May 2026 – USD 1.65 bn
  • Margin 0.75%
  • Commitment fee 35% of applicable margin

USD 1.4 billion Working Capital Facility

  • Maturity May 2025 – USD 0.1 bn
  • Maturity May 2026 – USD 1.3 bn
  • Margin 1.00%
  • Commitment fee 35% of applicable margin

USD 1.8 billion Forward start Liquidity Facility

  • Facility start May 2026
  • Maturity November 2028 (+1+1 extension options to November 2030)
  • Margin 0.85%
  • Commitment fee 35% of applicable margin

EMTN programme

Aker BP’s Euro Medium Term Note (EMTN) programme was established in April 2021 and listed on the Luxembourg Stock Exchange. The programme was updated in November 2023 with links to the applicable documents below. The EMTN programme constitutes a standardised master agreement for issuance of public benchmark bonds.

The programme has a limit of EUR 3.0 billion.


Aker BP’s hedging policy is designed to mitigate risks associated with fluctuations in commodity prices, interest rates, and foreign exchange rates.

Commodity prices: To protect its cash flow against significant negative price movements, Aker BP uses put options on the Brent oil price. The company’s policy permits hedging up to 100 percent of anticipated oil production for the next 12 months, up to 75 percent for the subsequent six months, and up to 50 percent for the period between 18 to 24 months in the future.

Aker BP reports its commodity hedging exposure each quarter. Please see the latest quarterly report for updated information.

Interest rates: While Aker BP presently has minimal exposure to fluctuations in interest rates, the company generally manages such exposure by utilising interest rate derivatives.

Foreign exchange: Aker BP employs derivatives to mitigate the company’s exposure to currency risks, mainly costs in NOK, EUR, and GBP.

Group structure

Aker BP ASA is both the parent company and the main operating entity of the group. The company’s Norwegian organisation number is 989 795 848.

Det Norske Oljeselskap AS

  • Det norske oljeselskap AS, previously Marathon Oil Norge AS, was acquired by Aker BP in October 2014. All activity was transferred to Aker BP on 31 October 2014. During 2020, Aker BP UK Limited (see below) was established as a subsidiary of Det norske oljeselskap AS. Except for the subsidiary, the only asset in this company is cash equivalents reflecting the share capital amounting to USD 1.0 million.
  • Norwegian organisation number:
    923 702 962

Aker BP UK Limited

  • Aker BP UK Limited was established as a subsidiary of Det norske oljeselskap AS during 2020. In 2021, the company entered into an agreement with Eni UK to acquire a 50 percent non-operated interest in license P2511 on the UK continental shelf. The main activity has been to acquire and interpret seismic in the area. License P2511 is located to the borderline of the Norwegian continental shelf. The key objective for the partnership between Eni UK and Aker BP UK is to explore the resource potential, based on the knowledge obtained in the Alvheim area.
  • UK company number:

Alvheim AS

  • The sole purpose of Alvheim AS is to act as legal owner of MST Alvheim, the floating production facility which is used to produce oil and gas from the Alvheim fields. The costs of and benefits from operating the MST Alvheim will be carried by the partners in the Alvheim field. Hence, Alvheim AS only has the formal ownership rather than the actual value of the production facilities. Following the Lundin transaction, Aker BP has a 80 percent share in Alvheim AS, which corresponds to the ownership in the Alvheim field. There were no activities in 2022.
  • Norwegian organisation number:
    988 585 882

Sandvika Fjellstue AS

  • Sandvika Fjellstue AS owns a conference centre used by Aker BP, located in Sandvika in Verdal.
  • Norwegian organisation number:
    993 952 451