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  • bp and Aker to explore potential sale of a stake in Aker BP
    édité le 11/11/2021 - Plus de news de "bp" - Voir la fiche entreprise de "bp"

bp and Aker to explore potential sale of a stake in Aker BP
bp and Aker announced that they are exploring a potential block sale of some of the shares they hold in leading independent Norwegian oil and gas producer Aker BP ASA, through a private placement.

Aker and BP currently control approximately 40% and 30% of the shares outstanding in Aker BP. The two are contemplating selling shares representing approximately a total of 5% of Aker BP shares through an accelerated book-building process.

The sale would be split in proportion with the sellers’ current respective holdings, with bp selling shares representing approximately 2.1% of Aker BP’s outstanding shares and Aker selling shares representing approximately 2.9%. If this sale is completed, the free float in Aker BP will increase from 30% to 35%.

Following the completion of a sale, bp and Aker will enter into a six-month lock-up for the shares they currently hold in Aker BP that are not sold as part of the sale, subject to certain exemptions.

Since the creation of Aker BP in 2016, it has pursued a successful organic and inorganic growth strategy offering attractive shareholder distributions and value creation combined with an investment grade-rated balance sheet. Aker BP is a pure-play oil and gas company with industry-leading low emissions and low-cost operations enabled by digitalization. The company has strong production growth, a robust balance sheet and delivers attractive returns.

Bernard Looney, bp chief executive said: “Aker BP has established itself as an undoubted Norwegian success story, with its value increasing significantly over the past five years. This transaction will enable bp to realise some of the considerable value Aker BP has already generated while remaining committed to its ongoing success and value creation for shareholders. Consistent with our long-standing track-record of active portfolio management, these divestment proceeds will be expected to further strengthen bp’s balance sheet and support our ongoing buyback commitment.”

Øyvind Eriksen, President and CEO of Aker ASA, said: “Aker has a large portfolio with a variety of investments across different sectors whereas Aker BP represented 50% of Aker’s gross asset value per 3Q 2021. Aker BP is, and will remain, a core holding in Aker’s portfolio. The aim of the offering is however to balance Aker’s portfolio by freeing up liquidity, diversifying and continue growing the portfolio. If the Offering is completed, Aker BP will remain the largest investment in Aker’s portfolio and Aker will remain the largest shareholder in Aker BP.”

Proceeds from this transaction will form part of bp’s target of delivering $25 billion of divestment and other proceeds by 2025. bp announced at the time of its third quarter 2021 results that it expects $6-7 billion of divestment and other proceeds in 2021.


   - bp and Aker have retained J.P. Morgan and Pareto Securities as Joint Global Coordinators, and Joint Bookrunners with DNB Markets, a part of DNB Bank ASA, Goldman Sachs International and Morgan Stanley & Co. International plc to explore the potential block sale of shares in Aker BP ASA through a private placement.
   - bp and Aker currently hold 108,021,449 and 144,049,005 shares in Aker BP respectively, representing approximately 40% and 30% of the shares outstanding.
   - bp and Aker reserve the right, at their own discretion, to sell fewer shares or no shares at all.
   - The sale will commence immediately following the publication of this announcement (10 November 2021) and will close no later than 11 November 2021 at 0800 CET. Please note that the sale may close earlier or later at the discretion of the sellers.
   - The sale is expected to be priced and allocated before 0900 CET on 11 November 2021 (T). The settlement will be conducted on a normal delivery-versus-payment basis (DVP T+2).

About bp

bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 additional jobs through its business activities.

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’s CO2 intensity (below 5kg CO2/boe in Q2 2020) is less than a third of the global industry average, and well below the average for Norwegian continental shelf operators. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker AKERBP.

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