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Aker BP ASA (AKERBP.OL)

AKERBP.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

BRIEF-Subsea 7 wins "substantial" Aker BP gas field contract
Monday, 11 Dec 2017 05:06am EST 

Repeats to additional readers:SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT FROM AKER BP ON BEHALF OF SKARV UNIT FOR ÆRFUGL(PREVIOUSLY KNOWN AS SNADD) GAS FIELD DEVELOPMENT​.‍CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2 SCOPE, WHICH MAY BE EXERCISED BY AKER BP IN FUTURE.​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.‍THIS EPCI CONTRACT IS A LONG-DISTANCE TIE-BACK INVOLVING APPLICATION OF SUBSEA 7'S ELECTRICALLY HEAT TRACED FLOWLINE (EHTF) TECHNOLOGY FOR 21 KM TIE-BACK TO SKARV FPSO​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY​.‍FABRICATION OF EHTF SYSTEM WILL TAKE PLACE AT SUBSEA 7'S SPOOLBASE AT VIGRA, NORWAY AND OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍THIS IS A CONSIDERABLE EPCI CONTRACT WHICH IS OF SIGNIFICANT IMPORTANCE FOR SUBSEA 7​.  Full Article

Aker Solutions wins Aker BP field production systems deal
Monday, 11 Dec 2017 05:01am EST 

Dec 11 (Reuters) - Aker Solutions Asa ::AKER SOLUTIONS TO PROVIDE SUBSEA PRODUCTION SYSTEM FOR AKER BP'S ÆRFUGL.‍WAS AWARDED A CONTRACT FROM AKER BP TO DELIVER SUBSEA PRODUCTION SYSTEM FOR FIRST PHASE OF ÆRFUGL DEVELOPMENT OFFSHORE NORWAY​.‍AWARD WAS MADE ON BEHALF OF SKARV UNIT AND IS SUBJECT TO GOVERNMENT APPROVAL OF PLAN FOR DEVELOPMENT AND OPERATION (PDO) OF ÆRFUGL (PREVIOUSLY KNOWN AS SNADD)​.‍SUBSEA SYSTEM WILL INCLUDE WELLHEADS, VERTICAL SUBSEA TREES, A TIE-IN MODULE AND AN UMBILICAL RISER BASE. CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2.​.‍ÆRFUGL IS A GAS CONDENSATE FIELD ABOUT 210 KILOMETERS OFFSHORE SANDNESSJØEN IN NORWAY. IT WILL BE CONNECTED BACK TO SKARV FLOATING PRODUCTION, STORAGE AND OFFLOADING VESSEL OPERATED BY AKER B​.‍ÆRFUGL IS A GAS CONDENSATE FIELD ABOUT 210 KILOMETERS OFFSHORE SANDNESSJØEN IN NORWAY. IT WILL BE CONNECTED BACK TO SKARV FLOATING PRODUCTION, STORAGE AND OFFLOADING VESSEL OPERATED BY AKER BP​.‍FIRST PHASE OF ÆRFUGL INCLUDES THREE PRODUCTION WELLS AND IS SCHEDULED TO START IN Q4 OF 2020​.‍PARTIES AGREED TO NOT DISCLOSE FINANCIAL VALUE OF CONTRACT, WHICH WILL BE BOOKED IN FOURTH-QUARTER ORDERS​.  Full Article

Aker BP sells 10 pct stake in Valhall and Hod to Pandion Energy
Monday, 4 Dec 2017 02:00am EST 

Dec 4 (Reuters) - Aker Bp Asa ::DIVESTS 10% IN VALHALL/HOD IN DEAL WITH PANDION ENERGY AS.‍TO DIVEST 10 PERCENT INTEREST IN VALHALL AND HOD FIELDS FOR AN UNDISCLOSED CASH CONSIDERATION ​​.‍AFTER WE ANNOUNCED HESS TRANSACTION, WE HAVE SEEN STRONG INTEREST TO PARTNER WITH AKER BP IN VALHALL AREA​.‍THROUGH THIS TRANSACTION, WE GET A PARTNER THAT SHARES OUR AMBITION OF DEVELOPING UPSIDE POTENTIAL IN THESE FIELDS​.‍PANDION ENERGY, FOUNDED IN NOVEMBER 2016, IS A PRIVATE OIL AND GAS COMPANY FOCUSING ON EXPLORATION, APPRAISAL AND DEVELOPMENT OPPORTUNITIES IN ALL PARTS OF NORWEGIAN CONTINENTAL SHELF​.PANDION ‍IS BACKED BY KEROGEN CAPITAL, AN INDEPENDENT PRIVATE EQUITY FUND MANAGER SPECIALIZING IN INTERNATIONAL ENERGY SECTOR​.‍AKER BP IS PLANNING TO SUBMIT A PLAN FOR DEVELOPMENT AND OPERATION FOR VALHALL FLANK WEST PROJECT LATE 2017, WITH ESTIMATED FIRST OIL IN 2020​.‍IN ADDITION, AKER BP IS MATURING A NUMBER OF ADDITIONAL PROJECTS IN AREA, INCLUDING NORTH AND SOUTH FLANK PROJECTS​.‍EARLY JANUARY 2017, VALHALL AND HOD PASSED ONE BILLION BARRELS OF OIL EQUIVALENTS PRODUCED, WHICH IS MORE THAN THREE TIMES VOLUME EXPECTED AT OPENING OF FIELD IN 1982​.‍AMBITION IS TO PRODUCE A FURTHER 500 MMBOE​.‍TRANSACTION IS SUBJECT TO CUSTOMARY GOVERNMENT APPROVAL AND CLOSING IS EXPECTED BY END OF 2017​.  Full Article

Aker BP hires brokers to raise NOK 4.1 billion in share issue​
Monday, 30 Oct 2017 11:38am EDT 

Oct 30 (Reuters) - Aker Bp Asa :Has engaged Nordea Bank AB; DNB Markets, Danske Bank Markets, Skandinaviska Enskilda Banken AB and Swedbank Norge, to assist the Company in a contemplated private placement of new shares in the Company to raise approximately NOK 4.1 billion (corresponding to approximately USD 500 million based on exchange rate of.8.2)..The Company intends to apply the net proceeds from the Private Placement to finance the acquisition of Hess Norge AS and for other general corporate purposes..The subscription price in the Private Placement will be determined following an accelerated book-building process conducted by the Joint Bookrunners, and will minimally amount to NOK 155 per share. .The application period commences today on 30 October 2017 at 16:30 (CET) and will close on 31 October 2017 at 08:00 hours (CET). .Aker Capital AS has pre-committed to subscribe for a number of new shares equal to 40% of the Private Placement and BP plc has pre-committed to subscribe for a number of new shares equal to 30% of the Private Placement, at the price determined through the book-building process, or minimum NOK 155 per share. .Aker Capital AS and BP plc have together underwritten the remainder of the Private Placement at a price corresponding to NOK 155 per share..  Full Article

Aker BP secures additional $1.5 bln financing
Monday, 30 Oct 2017 11:14am EDT 

Oct 30 (Reuters) - Aker Bp Asa ::Aker BP has received an indicative offer from a consortium of five banks for a USD 1.5 billion bank facility to finance the previously announced acquisition of Hess Norge AS.The facility will carry an interest of Libor + 1.5-2.0 percent, and will be secured by pledge in the shares of Hess Norge AS.The duration of the facility is 18 months from the date of completion of Aker BP's acquisition of Hess Norge AS."Through this new facility, Aker BP will further reduce its financing costs, and retain the full flexibility of its existing USD 4 billion reserve-based lending facility", says Alexander Krane, CFO in Aker BP.  Full Article

Aker BP CEO sees similar exploration activity in 2018 as in 2017
Monday, 30 Oct 2017 04:54am EDT 

Oct 30 (Reuters) - Aker BP ASA CEO Karl Johnny Hersvik: :Says plans to participate in 4 to 6 wells in the Barents Sea in 2018, including 2-3 operated wells.Says plans to drill a similar number of exploration wells in 2018 off Norway as in 2017.Says 2018 exploration budget is also expected to remain unchanged.Aker BP planned to drill nine exploration wells in 2017 as an operator or a partner; 2017 exploration budget is expected at $280-300 million.Aker BP CEO says will not pursue M&A opportunities outside Norway, "We still see lots of opportunities in Norway".Aker BP CEO expects Ivar Aasen production at 60,000 boe/day per day in Q4.  Full Article

Aker BP Q3 EBITDA in line, sees 2017 output in upper half of range
Monday, 30 Oct 2017 02:00am EDT 

Oct 30 (Reuters) - Aker Bp Asa :Aker bp q3 revenues $‍596​ million (reuters poll $585 million).Aker bp q3 ebitda $‍395​ million (reuters poll $397 million).Aker bp q3 ebit $‍219​ million (reuters poll $211 million).Aker bp q3 net result $‍112​ million (reuters poll $62.9 million).Aker bp asa: the company expects 2017 production (excluding the hess transaction) to be in the upper half of the 135-140 mboepd guidance‍​.Aker bp quarterly dividend $0.185‍​ per share versus previous dividend $0.185/share.Aker bp asa: production cost of approximately 10 usd/boe‍​.‍johan sverdrup project is progressing according to plan with first steel jacket installed on field during quarter​.Aker bp sees 2017 capex at ‍​ versus previous guidance at $900-950 million.Aker bp asa: guidance for 2017 exploration expenditures is unchanged at usd 280 – 300 million.Aker bp asa: ‍ total cash spend on decommissioning is expected to be usd 80 – 90 million (previously usd 100 – 110 million.Aker bp asa: preparing for high-impact barents sea campaign in 2018‍​.Going forward, the company will continue to selectively pursue growth opportunities which will enhance production and increase dividend capacity ‍​.Aker bp asa: mature projects to below 35 usd/boe break-even​.  Full Article

BRIEF-Aker BP ‍produced 131,900 barrels of oil equivalents per day in Q3
Wednesday, 11 Oct 2017 02:16am EDT 

Repeats to additional clients:‍Produced 131,900 barrels of oil equivalents per day in Q3 2017.Production volumes are subject to final re-allocation.  Full Article

Aker BP ‍produced 131,900 barrels of oil equivalents per day in Q3
Wednesday, 11 Oct 2017 02:16am EDT 

Oct 11 (Reuters) - Aker Bp Asa :‍Produced 131,900 barrels of oil equivalents per day in Q3 2017.Production volumes are subject to final re-allocation.  Full Article

Aker BP North Sea delineation well hit 13.5-metre oil column
Tuesday, 3 Oct 2017 02:45am EDT 

Oct 3 (Reuters) - Norway's Petroleum Directorate said::Results of appraisal and wildcat wells near the 25/2-10 S (frigg-gammadelta) discovery in the north sea – 25/2-19 S and 25/2-19 A.The objective of well 25/2-19 S was to delineate the oil discovery in the Delta structure towards the north and examine the mobility of the oil in the Frigg formation. The well encountered an oil column of 13.5 metres in sandstone with good reservoir quality.The oil/water contact was encountered near 1950 metres below the sea surface. Analyses are ongoing to confirm the resource estimate.The primary and secondary exploration targets for wildcat well 25/2-19 A were to prove petroleum in Middle Jurassic reservoir rocks (Hugin and Sleipner formations).In the Hugin and Sleipner formations, multiple sandstone layers were encountered, totalling about 50 to 60 metres in each of the formations with reservoir quality varying from poor to good. There are traces of petroleum in some of the sandstone layers in the Sleipner formation.The well was not formation tested, but data acquisition and sampling have been carried out.These are the sixth and seventh exploration wells in production licence 442. The licence was awarded in APA 2006.Aker BP holds a 90.3 pct stake in the license while Lotos holds a 9.7 pct stake.  Full Article

UPDATE 1-One dead, output shut after accident at Norway's Tambar oilfield

OSLO, Dec 8 One person has been confirmed dead following an accident on Thursday on a Maersk-owned drilling rig at Aker BP's Tambar oilfield off Norway, Aker BP said on Friday.