Aker BP acquires Lundin Energy’s oil and gas business

Reference is made to the merger announcement regarding the agreement with Lundin Energy AB (“Lundin Energy”) where Aker BP ASA (“Aker BP”) is to acquire Lundin Energy’s oil and gas related activities, through a statutory merger, to create the E&P company of the future. The company will be the largest listed E&P company focused purely on the Norwegian Continental Shelf (“NCS”). The transaction values the acquired assets to approximately NOK 125 billion.

The merger of Aker BP and Lundin Energy unites two highly successful E&P companies which have both been instrumental in the development of the NCS for more than a decade, to create the E&P company of the future.

Aker BP today also announces an increase in the current quarterly dividend by 14 percent to USD 0.475 per share from January 2022. It is further proposed that the Combined Company will continue to pay this increased dividend, and has an ambition to further increase this dividend by a minimum of 5% per annum from 2023 onwards at oil prices above 40 $/bbl.

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