BP Cuts Aker BP Stake to 10.9% in $1B Share Sale

(Credit: Aker BP)

BP has sold a 5% stake in Norwegian oil and gas producer Aker BP for approximately $1.06 billion (NOK 9.83 billion), reducing its ownership from 15.9% to around 10.9% as it moves to strengthen its balance sheet.

The company said proceeds from the sale would be used to strengthen its balance sheet, while raising its expected full-year 2026 divestment and other proceeds to approximately $9 billion, around $1 billion above its previous guidance.

The sale was executed at NOK 311 per share, leaving BP with 68.7 million shares in Aker BP.

Following the transaction, BP has entered into a 90-day lock-up agreement covering its remaining Aker BP shares, subject to customary exemptions.

“Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation. In recent months, it has further increased its value through a combination of its strong performance and the favorable macro environment.

“We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable BP,” said Meg O’Neill, chief executive officer of BP.

Barclays acted as Sole Global Coordinator & Bookrunner for the transaction, while DNB Carnegie served as Co-Bookrunner.