The merged company is the largest listed E&P company focused exclusively on the Norwegian Continental Shelf (“NCS”). Aker, BP Exploration Operating Company Ltd (“bp”) and Nemesia S.á.r.l (“Nemesia”) (Lundin family) are the three main shareholders.

Aker will continue to be the largest shareholder in Aker BP with a 21.16 per cent ownership, held through its wholly owned subsidiary Aker Capital AS, bp will hold 15.87 per cent, Nemesia will hold 14.37 per cent and other shareholders will hold 48.60 per cent. Aker, bp and Nemesia have undertaken a 6-month lock-up on their Aker BP shares from closing.

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.

“Through this merger we create the oil and gas company of the future. Aker BP is positioned with industry leading low cost and low CO2 emissions. The company has a target of net zero emissions by 2030 and is offering a reliable and secure source of energy,” said Øyvind Eriksen, President and CEO of Aker, and Chairman of Aker BP.

Aker BP is now the second largest operating company on the NCS after Equinor. Aker BP will continue to be a global frontrunner in the digitalization of the oil and gas industry.

“The shareholding in Aker BP is the most valuable asset in the Aker portfolio and will continue to be a core part of our industrial holdings long-term, providing valuable upstream capital which Aker will use to invest further in the energy transition and other industries,” said Eriksen.

Bernard Looney, CEO of bp, commented: “We welcome this merger, which will strengthen and significantly enhance the long-term future of Aker BP. The combination of Aker BP and Lundin Energy’s Norwegian oil and gas business has created a world-scale independent oil and gas company with a leading position in very high-quality, resilient resources with best-in-class CO2 emissions intensity. As investors in Aker BP, we are excited about the prospects for the new enlarged company.”

Ian Lundin, outgoing Chairman of Lundin Energy, commented: “I believe that what is being created by merging our great organisations is a company that is truly unique in our industry. The new company is going to be a model for the independent E&P of the future; growing production from a world class asset base, coupled with low-cost operations and a carbon footprint which will be amongst the lowest in the industry. My family and I are very much looking forward to the next chapter of value creation from the combined business.”

-ENDS-

For more information, please contact:

Investors:

Joachim Bjørni, Head of Investor Relations, Aker ASA

Tel: +47 924 22 106

E-mail: joachim.bjorni@akerasa.com

Media:

Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA

Tel: +47 907 84 878

Email: atle.kigen@akerasa.com

IMPORTANT NOTICE This communication does not constitute an offer to sell or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release contains forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of each respective company or the combined company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Although managements of each respective company believe that their expectations reflected in the forward-looking statements are reasonable based on information currently available to them, no assurance is given that such forward-looking statements will prove to have been correct. You should not place undue reliance on forward-looking statements. They speak only as at the date of this press release and neither Aker, Aker BP nor Lundin Energy undertakes any obligation to update these forward-looking statements. The shares mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or delivered within or into the United States, except pursuant to an applicable exemption of, or in a transaction not subject to, the Securities Act. There will be no public offering of securities in the United States.