Following the announcement on 10 November 2021 regarding a possible block sale of shares in Aker BP, bp and Aker today confirm that they successfully sold 18,010,000 Aker BP shares, representing a combined approximate 5% of shares in the company, at a price of NOK 310 a share.

bp sold 7,718,571 shares, representing an approximate 2.1% stake in Aker BP, for a total of NOK 2.39 billion.

Following the sale, bp now holds an approximate 27.85% interest in Aker BP, Aker 37.14% and the free float of the company has increased to 35%. bp and Aker have entered into a 6-month lock-up for their remaining shares in Aker BP, subject to certain exemptions.

J.P. Morgan and Pareto Securities acted 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 in the sale. Advokatfirmaet BAHR AS acted as Norwegian legal advisers.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

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.