The company has sold a 5% stake in Aker BP, out of its 15.9% holding, at 311 Norwegian Krone per share
International News via Reuters:
BP said on Thursday it has raised about $1.06 billion from selling a 5% stake in Norwegian oil and gas company Aker BP, as the British energy major streamlines its portfolio and cuts debt under CEO Meg O’Neill.
• The company has sold a 5% stake in Aker BP, out of its 15.9% holding, at 311 Norwegian Krone per share
• BP will now hold 68.7 million shares in Aker BP, or about a 10.9% interest, making it the Norwegian group’s fourth-largest shareholder, according to LSEG data
• “We believe now is the right time for us to realize part of (Aker BP’s) value to further strengthen BP’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp,” O’Neill said
• Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke
• BP on Thursday also forecast 2026 divestment and other proceeds to be around $9 billion, about $1 billion higher than it previously projected
Reporting by Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Sonia Cheema
