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bp and Aker to explore potential sale of a stake in Aker BP

Release date:
10 November 2021

bp and Aker today 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.

Notes to editors


  • 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).

Further information


For more information about the sale please contact:


J.P. Morgan AG: +49 697 1240

Pareto Securities AS: +47 2287 8750


bp press office, London: +44 (0)7831 095541, bppress@bp.com

Cautionary statement


In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act ‎of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains ‎certain forward-looking statements – that is, statements related to future, not past events and ‎circumstances – which may relate to one or more of the financial conditions, results of operations and ‎businesses of bp and certain of the plans and objectives of bp with respect to these items. These ‎statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is ‎expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', ‎‎'we see' or similar expressions. In particular, among other statements, statements relating to bp’s balance sheet, ongoing buyback commitment and divestment programme including plans and expectations with respect to the completion of transactions ‎and the timing of receipt of divestment and other proceeds. By their nature, forward-looking statements involve risk ‎and uncertainty because they relate to events and depend on circumstances that will or may occur in the ‎future and are outside the control of bp. Actual results may differ from those expressed in such ‎statements, depending on a variety of factors including the risk factors set forth in our most recent Annual ‎Report and Form 20-F under "Risk factors" and in any of our more recent public reports.‎


Our most recent Annual Report and Form 20-F and other period filings are available on our website at ‎www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at ‎www.sec.gov.