Update on financing

Reference is made to the stock exchange notices dated 22 December 2017 regarding Aker BP’s acquisition of Hess Norge and the sale of 10 percent interest in the Valhall and Hod fields.

Following these transactions, Aker BP holds 90 percent interest in the Valhall and Hod fields. Aker BP has also assumed Hess Norge's tax positions which included a tax loss carry forward with an estimated net value of USD 1.5 billion, as booked in Hess Norge's 2016 annual accounts.

In relation to these transactions, Aker BP has obtained a new USD 1.5 billion bank facility in line with the terms described in the stock exchange notice dated 30 October 2017. The facility has a duration of 18 months, carries an interest of Libor + 1.5 percent (the margin increases to 2.0 percent after nine months), and is secured by pledge in the shares of Hess Norge AS. Aker BP expects the tax losses from Hess Norge to be settled during 2018. Such settlement would trigger a mandatory repayment of the USD 1.5 billion bank facility.

---

Investor contacts:
Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292
Kjetil Bakken, IR Manager, tel.: +47 91 889 889

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.

About Us

Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf (NCS). Measured in production, Aker BP is one of the largest independent oil companies in Europe. Aker BP is listed on Oslo Stock Exchange with ticker 'AKERBP'. More about Aker BP at www.akerbp.com/en/.

Subscribe