PowerPoint Presentation

Q3

2017

AKER BP ASA

KARL JOHNNY HERSVIK, CEO ALEXANDER KRANE, CFO 30 OCTOBER 2017

Disclaimer

This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker BP ASA's lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker BP ASA's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker BP ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker BP ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker BP ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

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AKER BP ASA

Highlights

Production Q3-17 production of 131.9 mboepd Expecting to reach upper half of 135 - 140 mboepd production

guidance for 2017

Finance Q3-17 EBITDA USD 395 million, EPS USD 0.33 Q3-17 Free cash flow* of USD 445 million (USD 1.32 per share) Quarterly dividend of USD 62.5 million (DPS of USD 0.185) to be

disbursed in November

M&A Acquisition of Hess Norge AS

Operations Two Volund infill wells completed, both on stream On track to deliver three PDO's before year-end

* Net cash flow from operating activities less net cash flow from investing activities

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AKER BP ASA

Acquisition of Hess Norge AS

Cash consideration of 2.0 USDbn (effective date 1/1-17) ? Interest in Valhall (64.05%) and Hod (62.50%) fields ? After-tax value of tax loss carry forward USD 1.5 billion**

Transaction to be financed with undrawn credit on RBL and USD 500 million in new equity

Illustrative production potential*, mboepd net

350 300 250

Aker BP (sanctioned)

Hess transaction (sanctioned)

Aker BP (non-sanctioned)

Hess transaction (non-sanctioned)

200

Represents significant addition to reserves, resources and production base ? 150 mmboe of 2P reserves*** ? 195 mmboe of 2C contingent resources*** ? Production of ~24,000 boe/day (2017, 9 months) ? More than 85% liquids

Aker BP will aggressively pursue upsides and grow reserves through further investments and subsequently farm down to ~67% (cash or asset swap)

150

100

50

0 2017 2018 2019 2020 2021 2022 2023 2024 2025

Reserves & resources (mmboe) (end 2016)

+21%

150

711

861

+33%

195

600

795

1,311

+26% 345

1,656

Reserves**

Resources***

Reserves & Resources

* Sanctioned and non-sanctioned projects

** Nominal value based on Hess Norge AS' 2016 annual report, assuming USD/NOK 8.0

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*** Reserves based on Aker BP's 2016 Annual Statement of Reserves, 2C resources based on Aker BP evaluation as presented at the 2017 CMD

Financials

Q3 2017

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