BP has sold a 5 percent stake in Aker BP, the Norwegian oil and gas producer, for gross proceeds of about 9.83 billion Norwegian kroner, or 1.06 billion dollars, the company said on November 5. The shares were sold at 311 kroner each through an accelerated bookbuild launched the previous day.
The sale cuts BP’s holding from 15.9 percent to about 10.9 percent, leaving it with 68.7 million shares. BP agreed to a 90 day lock-up on the remaining shares, subject to customary exemptions. Barclays acted as sole global coordinator and bookrunner, with DNB Carnegie as co-bookrunner. The placing price was a discount of about 12 percent to Aker BP’s closing price on Wednesday, according to Reuters reporting of the transaction.
BP said the proceeds will go toward strengthening its balance sheet. The sale raises its expected full year 2026 divestment and other proceeds to about 9 billion dollars, about 1 billion dollars higher than previously guided.
Aker BP was formed from BP’s Norwegian business combined with Det norske in 2016, and the stake has been a financial holding rather than an operated asset for BP since then. Selling a liquid listed position lets BP book disposal proceeds quickly without marketing an operating business, at the cost of the placing discount and a reduced share of Aker BP’s cash flows.