BP and Aker sell stake in oil venture Aker BP

BP and Aker said on Thursday that they have sold 5 percent of their stakes in oil venture Aker BP; hence, reducing their combined shares to 65 percent.  

The companies said that they are expected to participate in the Offering pro-rata to their current holdings in the company which is around 57 percent of the shares are offered by Aker and approx. 43% of the shares are offered by BP.

The 18.01 million shares have been sold at 310 crowns each,  for a total of US $655 million (5.58 billion Norwegian crowns).

"Aker BP is, and will remain, a core holding in Aker’s portfolio”, said Øyvind Eriksen, President and CEO of Aker ASA in the statement.

The company said that the aim of the Offering is to balance Aker’s portfolio by freeing up liquidity, diversifying and continue growing the portfolio.

"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," said Bernard Looney, BP chief executive in the statement.

Aker BP was formed in 2016 to pursue a successful organic and inorganic growth strategy. P. Morgan, Pareto Securities, DNB Markets, Goldman Sachs and Morgan Stanley are sitting on the sale.