BP sells down Aker BP stake for over $1bn

(Sharecast News) - BP has raised over $1bn from the sale of a 5% stake in Norwegian oil and gas producer Aker BP, as the British energy giant looks to strengthen its balance sheet through asset disposals.

The FTSE 100 group said it had sold the shareholding for around NOK 9.83bn (£810m). The sale was priced at NOK 311 per share, compared with Wednesday's closing price of NOK 354.

The transaction reduces BP's holding in Aker BP from approximately 15.9% to 10.9%, leaving it with around 68.7m shares in the Oslo-listed company.

BP said the proceeds would be used to strengthen its balance sheet, with the transaction taking its expected divestment and other proceeds for 2026 to around $9bn, approximately $1bn above its previous guidance of $8bn.

The company has also agreed to a 90-day lock-up period covering its remaining Aker BP shares, subject to customary exemptions.

The disposal follows an accelerated bookbuilding process launched on Wednesday, with Barclays acting as sole global coordinator and bookrunner and DNB Carnegie serving as co-bookrunner.

Aker BP, which was established in 2016 through the combination of BP's Norwegian operations and Det norske oljeselskap, is one of Europe's largest independent oil and gas producers, with operations focused on the Norwegian continental shelf.

"Since Aker BP's creation a decade ago, it has executed a successful growth strategy that has led to significant value creation," said BP boss Meg O'Neill in a statement.

"In recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment. We believe now is the right time for us to realise part of this value to further strengthen bp's balance sheet, our first priority as we build a simpler, stronger, more valuable bp."

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