Aker ASA: Aker ASA: Aker BP acquires Hess Norge

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
44
Aker ASA: Aker ASA: Aker BP acquires Hess Norge

Reference is made to Aker BP ASA's ("Aker BP") stock exchange announcement today regarding the agreement to acquire Hess Norge AS ("Hess Norway"). Aker BP has entered into an agreement to acquire Hess Norway. The transaction includes Hess Norway's 64.05 per cent share of the Valhall field, its 62.5 per cent share of the Hod field and a tax loss carry forward with an after-tax value of USD 1.5 billion (as booked in Hess Norway's 2016 annual accounts). "With the acquisition of Hess Norway, Aker BP continues to deliver on its growth strategy on the Norwegian Continental Shelf. The transaction fits well with the company's investment criteria and through the acquisition of producing assets, Aker BP increases its dividend capacity and will raise the dividend level to USD 350 million per year with first uplift planned for the fourth quarter of 2017," said Aker's President and CEO, and Aker BP's Chairman, Øyvind Eriksen. The total cash consideration of the transaction is USD 2.0 billion, and Aker BP will finance the transaction through its existing Reserve Based Lending bank facility and by the issuance of USD 500 million in new equity. Aker ASA ("Aker") and BP Plc ("BP") will subscribe for 40 per cent and 30 per cent of the shares to be issued, respectively, at a price determined through a bookbuilding process, or minimum NOK 155 per share. The remaining shares to be issued will be fully underwritten by Aker and BP at NOK 155 per share. "Aker and BP as strategic owners remain committed to the plan of growing Aker BP into a leading E&P company, and both companies will subscribe for its respective ownership stakes in the proposed equity issue. This equity issue will also strengthen Aker BP's position for further growth," Eriksen said. Aker's cash payment for the settlement of the new shares to be issued will be financed with existing credit facilities and cash. The full stock exchange notice on the transaction can be downloaded from Aker BP's web page www.akerbp.com END For further information, please contact: Investors: Per Kristian Reppe, Head of Investor Relations Phone: +47 24 13 00 67 Mobile: +47 90 03 32 03 Media: Atle Kigen, Head of Corporate Communications Phone: +47 24 13 00 08 Mobile: +47 90 78 48 78 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Scroll down for more posts ▼

Top 10 Most Recent News Articles

GARDANT Expands Reach with International Partnership

Updated Category News Views 33

GARDANT Global's Strategic Expansion Well, today we saw GARDANT Global make a move that screams ambition. They’re hooking up with International Offset Corporation (IOC) to muscle up their game in the murky waters of government procurement. Why does this matter? Because it's all about who gets the contracts, and with GARDANT’s newfound reach, they’re not just...

Continue Reading
Lifeway Foods Set to Announce Q3 2026 Financial Results

Updated Category News Views 8

Anticipating Lifeway Foods’ Q3 Results Dust off your calendars and mark November 12, 2026—because that's when Lifeway Foods is putting its cards on the table for the third quarter. Nothing like a results call to see if your investments are eating right. NASDAQ:LWAY is no stranger to making some noise in the dairy aisle, thanks to their kefir—that fermented probiotic...

Continue Reading
Anguilla: Paradise for Safe, Solo Beach Escapes

Updated Category News Views 0

A Safe Haven for Solo Adventurers You ever dream of escaping to a place where the world slows down and serenity reigns supreme? Somewhere you can kick back, soak up the sun, listen to the waves, and leave your worries behind? Well, folks, Tranquility Beach Anguilla fits that bill and then some. Why Anguilla Tops the List Let's talk about the accolades Anguilla has raked...

Continue Reading
From Missouri to Market: A New Spin on Turkey Calls

Updated Category News Views 29

Innovating the Turkey Call Game You want innovation? Well, wrap your head around this: a Missouri inventor is flipping the script on turkey mouth calls. The goal? To ditch the wrinkles and make turkey hunting that much smoother. It might seem a bit niche, but when you've been around long enough, you know these 'niche' ideas can sometimes hatch golden eggs for investors....

Continue Reading
Xyte's Record Quarter: Surging Demand & New CEO

Updated Category News Views 62

Setting New Records in the AV Industry There's buzz in the air over in Hoboken, New Jersey. Xyte, the AI cloud maestro you're starting to hear about more and more, has just smashed its own records this past September. It's not just a flash in the pan, either—this isn't the first time they've knocked it out of the park. Thanks to burgeoning enterprise demand and a...

Continue Reading
Vicuna Air Unveils Pet-Friendly European Routes

Updated Category News Views 72

Paws in the Sky: Vicuna Air's New Venture Look, when you hear about airlines, you're usually thinking delays, cramped seats, and overpriced peanuts—not four-legged companions jet-setting across the Atlantic. Yet, here comes Vicuna Air, flipping the script with their first continental European flights this October. They've got an ace up their sleeve: Brussels, now a...

Continue Reading
McKay Brothers Enhances Fastest Routes for Market Data

Updated Category News Views 0

Breaking Down McKay Brothers' Latest Maneuver Yeah, the financial market isn't just numbers and screens—it's about moving those numbers faster than a cheetah chasing prey. McKay Brothers knows this game inside and out, and they're laying down new wires, or rather, wireless, to make sure they've got the quickest routes in the room. Let me tell you, they're throwing money...

Continue Reading
LifeStance Expands Access to Esketamine, TMS

Updated Category News Views 0

LifeStance Health's Treatment Innovations Today, the spotlight is on LifeStance Health, as they're making waves with their treatment approaches for those battling stubborn, treatment-resistant depression. This isn't your run-of-the-mill attempt at tackling the beast—that familiar indifference masked as hope. No, this time around, they’re swinging with Esketamine and...

Continue Reading
Bravo Loans Bridge Gaps in Healthcare Real Estate

Updated Category News Views 0

Mezzanine Financing: A Vital Tool for Healthcare Owners Bravo Property Trust is throwing a lifeline to operators in the healthcare sector and beyond with their mezzanine loans aiming right between the eyes of the financing gap. This isn't just some loan for fun. It's a full-on financial tool designed to give some breathing room to folks owning or operating skilled nursing...

Continue Reading
ESENTIA Lifts EBITDA, Reduces Debt, Eyes Expansion

Updated Category News Views 109

ESENTIA Flexes Financial Muscles: What's the Deal? Walk with me through the gritty world of financials, and you’ll see that ESENTIA’s latest figures are a mixed bag with a tantalizing upside. We're talking about adjusted EBITDA ticking up to a cool $86 million in the third quarter of '26, a 1.3% lift from last year. Not too shabby, eh? Especially when you're grappling...

Continue Reading

Top 5 Most Recently Viewed Articles

Al Bowman Named Office Executive for Georgia and Tennessee

Updated Category News Views 246

Michael Baker International Elevates Al Bowman Michael Baker International is pleased to announce the promotion of Al Bowman, P.E., S.E., to the position of Office Executive for operations in Georgia and Tennessee. This change reflects the company's ongoing commitment to enhancing leadership and expertise within its ranks. Leadership Transition In his new role, Mr. Bowman...

Continue Reading
Top Stocks Captivating Investors: Palantir, Intel and More

Updated Category News Views 400

What’s Driving Investors’ Attention to Key Stocks? Major U.S. stock indices showed positive movement most recently. The Nasdaq rose slightly by 0.07%, reaching 20,041.26, while the S&P 500 saw a modest increase of 0.2% to close at 6,129.58. The Dow Jones Industrial Average also inched up, marking a 0.02% gain at 44,556.34. Palantir Technologies Inc. Shines Bright...

Continue Reading
Silver Tiger Secures C$40 Million for El Tigre Project Advances

Updated Category News Views 161

Silver Tiger Closes Major Financing Deal Silver Tiger Metals Inc. (TSXV:SLVR) recently finalized a significant financing agreement valued at C$40,004,000. The company successfully concluded a bought deal offering, allowing them to sell a total of 54,800,000 common shares at a price of C$0.73 each. This funding is crucial for further exploration and development of their...

Continue Reading
Insider Buying Spree at Waste Management: A Positive Sign?

Updated Category News Views 116

Recent Insider Purchases in Waste Management In an intriguing recent development, a notable insider purchase by William Plummer, a board member at Waste Management (NYSE: WM), has drawn attention. This purchase involved 696 shares worth approximately $158,301, as per a filing with the SEC. The Impact of Insider Trading Insider trading can serve as a vital indicator of a...

Continue Reading
Sampo plc's Significant Share Buybacks Announced Today

Updated Category News Views 185

Sampo plc's Recent Share Buybacks Sampo plc has initiated compelling share buybacks that aim to bolster investor confidence. Through strategic buybacks, the company intends to return value to shareholders while demonstrating its robust financial position. Details of the Buybacks On a recent trading day, significant acquisitions of A shares were reported. These include a...

Continue Reading