Aker BP and Equinor have entered into a strategic collaboration aimed at
increasing production and value creation across selected parts of their
portfolios on the Norwegian Continental Shelf (NCS).

As a first step, the companies have agreed on a set of transactions in the
Ringvei Vest, Yggdrasil and Wisting areas. The transactions are intended to
better align ownership interests, support coordinated development and enhance
overall resource recovery.

"This collaboration improves ownership alignment in areas where we see
significant potential, while coordination with Equinor will further strengthen
project outcomes.

Omega Alfa has materially increased the prospectivity of the Frigg structure,
including on the UK side of the border. With a more balanced ownership position,
we can now advance exploration drilling to test that potential, which could add
meaningfully to the Yggdrasil resource base and support our ambition of
producing more than one billion barrels from the area.

Ringvei Vest is an area we have followed closely over time. The Kveikje
discovery marked our entry, and we have now established a significant position
in this prospective area," says Karl Johnny Hersvik, CEO of Aker BP.

Ringvei Vest
Aker BP will acquire a 19 percent interest from Equinor in a portfolio of
licences in the Ringvei Vest area, including PL 090JS, PL 248I and PL 925
(Grosbeak), PL 248C (Swisher), PL 630 (Toppand) and PL 923 (Røver Nord and Røver
Sør).

The transaction improves alignment of ownership interests across the licence
portfolio, supporting a coordinated approach to development planning and project
execution. It also strengthens Aker BP's position in this prospective area.

Ringvei Vest is expected to be a cluster development operated by Equinor in the
Troll-Fram area of the North Sea. The project targets multiple discoveries
across the area. Aker BP already holds a 19 percent interest in licence PL 293B
(Kveikje), which is expected to be included in the development.

Yggdrasil area
Aker BP will acquire a 38.16 percent interest from Equinor in UK licence P2343,
adjacent to Norwegian licence PL1249, which contains parts of the 2025 Omega
Alfa discovery. This discovery confirmed oil volumes in parts of the legacy
Frigg area and increased the prospectivity of the broader Frigg structure, which
extends across the Norwegian and UK continental shelves.

Development of these resources is expected to require a coordinated cross-border
development approach. Through this transaction, Aker BP establishes a more
balanced ownership position across the licence boundary, strengthening the basis
for joint evaluation and aligned development of the wider Frigg area. The
licence position also provides exposure to additional exploration potential on
the UK side.

In the event of further discoveries, potential developments are expected to be
tied back to the Yggdrasil area, leveraging existing infrastructure and
supporting improved resource recovery.

Wisting and cash consideration
As part of the transactions, Aker BP will transfer a 7.5 percent interest in the
Wisting discovery (PL 537 and PL 537B) to Equinor, together with a cash
consideration of USD 23 million.

Wisting in the Barents Sea is the largest undeveloped oil discovery on the NCS
and is currently in the planning phase. A final investment decision is expected
in 2027. Following the transaction, Aker BP will hold a 27.5 percent interest in
the field, operated by Equinor.

Conditions and timing
The agreements have an effective date of 1 January 2026. Completion of the
transactions is subject to customary conditions, including relevant regulatory
and governmental approvals.

Contacts
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

About Aker BP
Aker BP is a leading exploration and production company focused on oil and gas
operations on the Norwegian Continental Shelf. The company operates the Alvheim,
Eiga (Edvard Grieg and Ivar Aasen), Skarv, Ula, and Valhall field centres and is
a key partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway,
Aker BP is listed on the Oslo Børs under the ticker AKRBP. For more information,
visit www.akerbp.com (https://www.akerbp.com/en).

This information is considered to be inside information pursuant to the
EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant to Section 5-12 of the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, Head of Investor
Relations, Aker BP ASA, on 21 May 2026 at 07:00 CEST.
s stock exchange release was published by Kjetil Bakken\, Head of Investor\
Relations\, Aker BP ASA\, on 21 May 2026 at 07:00 CEST.\