CORPORATES

CREDIT OPINION10 August 2017

New Issue

RATINGS

Aker BP ASADomicile Norway

Long Term Rating Ba2

Type LT Corporate FamilyRatings

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Shruti Kulkarni 44-20-7772-1388Analystshruti.kulkarni@moodys.com

Anke N. Richter, CFA 44-20-7772-1433Associate ManagingDirectoranke.richter@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Aker BP ASANew issuer: strong growth prospects beyond 2019, but nearterm declining production is a credit constraint

Summary Rating RationaleAker BP ASA (Ba2, stable) benefits from (1) strong liquidity and financial profile with EBITDAmargin expected to be maintained above 70% and gross adjusted debt/EBITDA to remainin the range of 1.5x-2.0x in 2017-18 (2) strong presence as a mid-sized exploration &production (E&P) operator on the Norwegian Continental Shelf (NCS) and a stable operatingenvironment in Norway (Aaa, stable) (3) exposure to a supportive tax regime in Norway(4) ownership structure with two strong shareholders Aker ASA (unrated) and BP p.l.c. (A1,positive) and, (5) strong upside growth potential after the start-up of Johan Sverdrup project,in which Aker BP retains a 11.6% interest, currently expected in Q4 2019.

Constraints on Aker BP are (1) lack of geographic diversification outside of Norway andcurrent production concentration on the Alvheim area (2) smaller size of the productionasset base with production expected to average at around 135 thousand barrels of oilequivalent per day (kboepd) in 2017 (3) declining production profile until 2019 owning tomaturing and declining reserve life of the Alvheim and Skarv assets (4) high capital spendingwhich could result in negative free cash flow (FCF) generation in 2018-19 assuming an oilprice of $50 per barrel (bbl) (5) moderate execution risks on the Johan Sverdrup project,although, the company benefits from a strong partner and operator, Statoil ASA (Aa3,stable).

Exhibit 1

Aker BP's Debt to EBITDA peaks in 2019 before production from Johan Sverdrup comes online

118

135

113

102

127 127

1.8x

1.6x 2.1x

2.8x

1.5x

1.2x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

0

30

60

90

120

150

2016A 2017F 2018F 2019F 2020F 2021F

Kb

oe

pd

Average Daily Production Debt to EBITDA

Moody's Forecast

Source: 2016 Company Annual Report, Moody's estimates

MOODY'S INVESTORS SERVICE CORPORATES

Credit Strengths

» Strong presence as a E&P operator on the NCS

» Exposure to a favourable tax regime in Norway

» Strong growth potential beyond 2019

» Strong financial and liquidity profile

Credit Challenges

» Geographic concentration on the NCS

» Production concentration on the Alvheim area

» Mature and declining reserve life resulting in declining production until 2019

» High capital spending exposure until 2019, resulting in negative FCF generation

Rating OutlookThe stable outlook reflects our view that Aker BP will maintain its strong financial profile in the longer term, despite some deteriorationuntil 2019 due to the declining production. The outlook also reflects our expectations of maintaining a good liquidity profile andconservative financial policy in case of any major acquisitions, with no significant change in the stable operating environment. Theoutlook takes into account that the company should be able to manage its maturing asset base and assumes a timely delivery of theJohan Sverdrup project.

Factors that Could Lead to an UpgradeThe rating could be upgraded to Ba1 if Aker BP demonstrates a growing production profile exceeding 150 kboepd and adjusted RCF/Debt maintained above 30% on a sustained basis, while retaining its competitive cost position.

Factors that Could Lead to a DowngradeThe rating could be downgraded to Ba3 if there is a deterioration in the financial profile of the company with adjusted RCF/Debt below20% on a sustained basis. The rating could also be downgraded if there is a sustained negative FCF generation or weaker liquidityprofile.

Key Indicators

Exhibit 2

KEY INDICATORS

Aker BP ASA

31/12/2015 31/12/2016 12/31/2017F 12/31/2018F

Average Daily Production (Mboe/d) 60 118 127 113

Proved Developed Reserves (MMboe) 56 216 216 216

Leveraged Full-Cycle Ratio 2.5x 1.8x 1.7x

E&P Debt / Average Daily Production $44,615.9 $22,346.8 $19,119.5 $24,351.7

E&P Debt / PD Reserves boe $47.5 $12.2 $11.3 $12.7

RCF / Debt 27.8% 32.5% 48.8% 18.6%

EBITDA / Interest Expense 6.6x 6.1x 7.0x 5.6x

Source: Moody's Financial Metrics. All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's Forecast (F) and Projections (proj.) are Moody's opinion anddo not represent the views of the issuer. Periods are Financial Year-End unless indicated. LTM = Last Twelve Months.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

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Overview of the TransactionAker BP raised $400m of senior unsecured notes due 2022 priced at 6% in June 2017. The notes have been issued by Aker BP ASA andwere not guaranteed as of the issuance date. Proceeds have been used to repay the $330m subordinated seven year 10.25% couponPIK toggle bond issued in 2015 (including premium), as well as to reimburse part of the drawings under the company's Reserve-Basedlending facility (RBL) and to pay for costs, fees and expenses related to the offering.

Exhibit 3

Sources and Uses

Sources of Funds $Mn Uses of Funds $Mn

New Senior Unsecured Notes 400 Subordinated PIK toggle bond's redemption 330

Repayment of drawing under the existing RBL 58

Costs, fees and expenses related to the transaction 12

Total Sources of Funds 400 Total Uses of Funds 400

Source: Company Offering memorandum dated 27th June 2017

The following chart shows Aker BP's corporate and financing structure on a pro-forma basis after giving effect to the issuance of thenotes.

Exhibit 4

Aker BP is currently in advanced discussions with the lenders in the RBL syndicate about amending this facility. The aim is to achievea cost effective structure with flexibility and ease of administration, while maintaining the current size of $4 billion. As part of thisprocess, the company also intends to cancel its $550 million second lien Revolving Credit Facility which was established in June 2015and is currently undrawn.

3 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

Corporate ProfileAker BP ASA is a Norwegian oil and gas company primarily involved in the exploration, development and production of petroleumresources on the Norwegian Continental Shelf. Its production assets are entirely located in Norway and the company operates around99% of its fields' portfolio. In June 2016, Det norske oljeselskap ASA merged with BP p.l.c.'s Norwegian assets, BP Norge AS and Aker BPASA was formed. In 2016, Aker BP reported an average production (on a working interest basis) of 118 kboepd, revenues of $1.26 billionand 2P proved plus probable (2P) reserves of 711 million barrels of oil equivalent (boe). Aker BP is owned 40% by Aker ASA (Unrated),30% by BP p.l.c. (A1, positive) and the remaining is free float. The market capitalization of the company was $5.9 billion as of 20th July2017 .

Detailed Credit ConsiderationsSTRONG PRESENCE ON THE NCS HELPS COUNTERACT GEOGRAPHIC AND PRODUCTION CONCENTRATIONAker BP is a medium-sized E&P company with average annual production of 118 kboepd in 2016. The size positions Aker BP accordingto our E&P methodology in the Ba rating range and compares well with its European peer L1E Finance GmbH & Co KG (Dea) (138kboepd, Ba3 stable) but is smaller than some of the US rated peers like Marathon Oil Corporation (392 kboepd, Ba1 stable) andConcho Resources Inc. (151 kboepd, Ba1 stable). As Exhibit 3 shows, Aker BP has an oil focussed portfolio accounting for around 77%of its production, which is in line with most of the European E&P peer group, except Dea, which has a fairly equal oil and natural gasproduction split. Aker BP benefits from a 12.2 years of reserve life (1P/ Total Annual Production), which is in line with most of its ratedEuropean E&P peers.

Exhibit 5

2016 Working Interest Split by CommodityExhibit 6

2016 Production Split by Field

Oil

77%

Natural Gas

23%

Source: 2016 Company Annual Report

Valhall/Hod

13%

Ula/Tambar Hub

8%

Alvheim Area

53%

Skarv Area

25%

Other

1%

Source: 2016 Company Annual Report

Aker BP's asset base is concentrated on the NCS accounting for 100% of its production with field concentration on the Alvheim areaaccounting for 53% of its production in 2016. This focus on the Alvheim area is expected to decline to around 40% in 2017 and beyondas the production from Ivar Aasen ramps up, which started producing first oil in December 2016, and further decline to below 25%once Johan Sverdrup starts producing in 2019.

Aker BP is the operator in most of its fields with 99% of the expected 2017 production of 135 kboepd - 140 kboepd being operated bythe company. This percentage of operatorship is high compared to most of its other European E&P peers. This provides the companywith control over the operations and also provides flexibility to change and adapt different relationship styles with suppliers leading tobetter management of cost reductions. The company also benefits from the support of its two main shareholders, Aker ASA (unrated)and BP Plc (A1, positive).

STRONG GROWTH POTENTIAL BEYOND 2019 MITIGATES MATURING RESERVE LIFE OF ASSETSAlvheim and Skarv assets have a mature and declining reserve life and production from these assets is expected to decline by55%-60% by 2020. This should result in the decline of total production to 105 kboepd in 2019 from 135 kboepd in 2017. The declinein production is mitigated to some extent by the ramp-up of production from the Ivar Aasen project in 2017-18. However, production

4 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

is expected to increase beyond 2019, once Johan Sverdrup project starts producing, currently expected in Q4 2019. Timely delivery ofJohan Sverdrup project, in which Aker BP retains a 11.6% interest, remains a key driver for growth as this project offers a great upsidepotential to increase production above 200 kboepd beyond 2023. This risk is mitigated as Aker BP has a strong partner, Statoil (Aa3,stable) which has the required expertise and technology to act as an operator for one of the most strategic and large projects on theNorwegian Continental Shelf. The company is also in the process of sanctioning two new projects in the Alvheim and Skarv area in2017 (Storklakken and Snadd respectively) which will add to the reserve life and production from these fields.

AKER BP BENEFITS FROM SUPPORTIVE TAX REGIME IN NORWAYOperations of Aker BP are based in Norway which is a Aaa, stable rated country. Norway provides a stable operating environmentcombined with a supportive tax regime. 89% of capex investments are recovered from the government over a period of 6 years fromthe time the amount is spent, exploration expenses can be claimed from the government, even if it results into a dry well, tax lossescan be carried forward for an indefinite period and possible cash refunds on the tax losses can be derived from the government ifpetroleum activities cease. These incentives provide a very supportive operating environment for the company and help in recoveringthe amount spent for the operations to a significant extent.

2016 OPERATING PERFORMANCE SUPPORTED BY INORGANIC GROWTH DESPITE LOWER OIL & GAS PRICESAker BP's revenues increased to $1.4 billion in 2016, up from $1.2 billion the prior year, despite lower oil & gas prices. This was mainlydue to the acquisition of BP Norge assets in September 2016, however, revenues reflect only 3 months of consolidation and do nottake into account the full year impact of the acquisition. Production volumes increased to 118 kboepd (2015: 60 kboepd) as a result ofthis acquisition, while proforma 2016 revenues amount to $1.9 billion. Average realised oil prices decreased to $47/bbl in 2016 from$54/bbl in 2015 and natural gas prices fell to $0.18/scm from $0.27/scm.

Production costs increased marginally to $8/bbl in 2016 from $6/bbl in 2015, due to the acquisition of BP assets which demonstratesa competitive cost position versus its rated European peers, as the company benefits from low cost operations on the NCS. Thesenumbers are lower and are distorted to some extent due to the differences in the Norwegian tax regime which requires no royalties tobe paid by the company. Aker BP's adjusted EBITDA improved to $1.1 billion in 2016 from $1.0 billion in 2015 mainly due to the partialacquisition impact. The company demonstrates high profitability with EBITDA margin of 87% in 2016 versus 84% in 2015 and is inline with profitability margins of oil focussed E&P companies. Aker BP has a hedging policy which allows for hedging up to 100% of itsafter-tax exposure. The Norwegian government sets a norm price to calculate the taxes to be paid by E&P companies in Norway andthis norm price is set monthly. Hedging forward could result in paying taxes on income which the company might not earn. Hence, dueto this tax symmetry between petroleum revenues and derivatives, the company hedges using options.

Due to the maturing asset base, Aker BP's production is expected to decline to around 105 kboepd in 2019 from 135 kboepd in 2017,followed by an increase in 2020 and beyond, once Johan Sverdrup starts producing (see exhibit 1 and 7). Looking ahead, we do notexpect a substantial rise in the oil or natural gas prices in the near future and assume an oil price in the middle of the range of $40-60/bbl in our analysis. We expect the company's financial profile to deteriorate to some extent as a result of the decline in productionuntil 2019, still fairly strong compared to similarly rated peers, followed by a recovery from 2020 assuming the Johan Sverdrup projectstarts producing on time. Moody's adjusted EBITDA is expected to drop to $1.1 billion in 2019 from around $1.7 billion in 2017, followedby a recovery in 2020. The company is expected to maintain the unleveraged cash margin at around $30/bbl in 2017-19 due to itscompetitive cost position.

5 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 7

Johan Sverdrup coming online will boost production in 2020 and beyond(2016 actual and 2017-21 projected production split by field)

53%46%

36%28%

17% 14%

25%

22%

20%

18%

11%9%

22% 20%27%

34%

31%

28%

12%

17%

21%

17%17%

24%32%

0%

20%

40%

60%

80%

100%

2016 2017F 2018F 2019F 2020F 2021F

% o

n M

boe/d

ay

Alvheim Area Skarv Area Ivar Aasen Other Johan Sverdrup

Source: 2016 Company Annual Report, Moody's estimates

HIGH CAPITAL SPENDING LIKELY TO RESULT IN NEGATIVE FCF GENERATION IN 2018-19Aker BP's funds from operations (FFO) increased $1.0 billion in 2016 from $0.8 billion in 2015, mainly due to the partial effect of theBP acquisition. Working capital outflows, higher capital spending of $1.0 billion to bring Ivar Aasen project into production combinedwith dividend payments of $63 million which were announced for the first time in 2016, resulted in continued negative FCF generationof $300 million in 2016 versus $350 million in 2015. Gross adjusted debt/EBITDA declined to 2.4x in 2016 from 2.8x in 2015, whileretained cash flow (RCF)/gross debt improved to 36% from 30% year-on-year, due to the partial impact of the BP acquisition.

Looking ahead, we expect FFO in 2017 to range between $1.5-1.6 billion, due to full consolidation of the BP assets combined witha tax refund received from the government as a result of the BP acquisition. This combined with capex and dividend payments of$850 million and $250 million respectively, should enable the company to generate positive FCF in 2017 of around $300-350 million.However, we expect the company to turn FCF negative in 2018-19 of around $100 million to $200 million per year, after annual capexand dividend payments of $500-700 million and $250 million, respectively. Adjusted debt/EBITDA ratio is expected to remain in therange of 1.5x-2.0x in 2017-18, peaking in 2019 to range between 2.0x-3.0x, followed by a return to below 2.0x in 2020, after JohanSverdrup starts producing.

Liquidity AnalysisAker BP has a good liquidity profile with reported cash balance of $66 million end of Q2 2017 and is expected to generate positive FCFin 2017 of around $300 million-$350 million and turn FCF negative in 2018-19 of around $100 million to $200 million per year. Webelieve the company should be able to fund all its funding needs in the coming 12-18 months using the cash balance, internal cashgeneration and availability of $2.1 billion (undrawn) under its $3.9 billion reserve based lending facility as of June 2017. The companyhas no scheduled debt repayments due in 2017-18.

Structural ConsiderationsThe Ba3 rating assigned to the $400 million senior unsecured notes issued by Aker BP ASA takes into account that the proceeds of thebond was used to repay the $300 million subordinated bond and a portion of the RBL facility. The Ba3 rating on the senior unsecurednotes is one notch below the Ba2 CFR and it reflects the sizable secured debt ($1.8 billion as of 30th June 2017) of the RBL rankingahead of the notes within the capital structure. The Ba3 rating also reflects the expectation of a higher recovery rate for the notescompared to similarly rated peers due to the favorable tax regime that Aker BP benefits from in Norway. The tax losses are refunded incash by the government if petroleum activities are discontinued on the NCS.

6 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

Rating Methodology and Scorecard FactorThe Ba2 rating is in line with the output from the Independent Exploration and Production Industry methodology

Exhibit 8

Rating Factors

Aker BP ASA

Energy, Oil & Gas - Independent E & P Industry Grid Current

12/31/2016

Moody's 12-18 Month

Forward View

Factor 1 : Scale (20%) Measure Score Measure Score

a) Average Daily Production (Mboe/d) 118 Ba 110 - 135 Ba

b) Proved Developed Reserves (MMboe) 216 Ba 210 - 220 Ba

Factor 2 : Business Profile (10%)

a) Business Profile Ba Ba Ba Ba

Factor 3 : Profitability and Efficiency (25%)

a) Leveraged Full-Cycle Ratio 2.5x Baa 1.6x - 1.9x Ba

Factor 4 : Leverage and Coverage (30%)

a) E&P Debt / Average Daily Production $22,346.8 Ba $19000 - $25000 Ba

b) E&P Debt / PD Reserves boe $12.2 Caa $11 - $13 Caa

c) RCF / Debt 32.5% Baa 30% - 50% Baa

d) EBITDA / Interest Expense 6.1x Ba 5.5x - 7.5x Ba

Factor 5 : Financial Policy (15%)

a) Financial Policy Ba Ba Ba Ba

Rating:

a) Indicated Outcome from Scorecard Ba2 Ba2

b) Actual Rating Assigned Ba2 Ba2

Source: Moody's Financial Metrics. All figures and ratios calculated using Moody's estimates and standard adjustments. Moody's Forward View, Forecasts (F), or Projections (proj.) are Moody'sopinion and do not represent the views of the issuer. Periods are Financial Year-End unless indicated. LTM = Last Twelve Months.

Ratings

Exhibit 9Category Moody's RatingAKER BP ASA

Outlook StableCorporate Family Rating Ba2Senior Unsecured Ba3/LGD5

Source: Moody's Investors Service

7 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

AppendixThe Ba2 rating also takes into account the rating positioning of Aker BP compared to its US rated peers Marathon Oil Corporation(Marathon), Concho Resources Inc, (Concho) and Murphy Oil Corporation (Murphy). Marathon (Ba1, stable) is seen as having a moresolid business profile with larger scale and geographically diversified operations compared to Aker BP. Concho (Ba1, stable) has a similarfinancial profile combined with geographic concentration risks in the Permian Basin but demonstrates a different risk profile than AkerBP given its onshore operations. Murphy (Ba3, stable) is larger in size in terms of production than Aker BP, but demonstrates a weakerfinancial profile.

Exhibit 10

Aker BP's Peers Comparison

(In USD Million)

2015 2016 2015 2016 2015 2016 2015 2016 2015 2016

Revenues $ 1,159 $ 1,261 $ 2,436 $ 2,260 $ 5,472 $ 4,141 $ 2,787 $ 1,810 $ 1,241 $ 1,623

Average Daily Production (Mboe/d) 60 118 143 151 429 392 210 175 116 139

EBITDA $ 970 $ 1,117 $ 1,650 $ 1,575 $ 2,443 $ 1,831 $ 1,637 $ 1,024 $ 528 $ 744

Total Adjusted Debt $ 2,677 $ 2,634 $ 3,382 $ 2,784 $ 7,913 $ 7,861 $ 3,692 $ 3,606 $ 2,446 $ 2,256

Cash&Cash Equivalents $ 86 $ 106 $ 229 $ 53 $ 1,221 $ 2,490 $ 283 $ 873 $ 349 $ 110

EBITDA/Interest Expense 6.6x 6.1x 7.6x 7.7x 6.6x 4.4x 10.6x 5.7x 6.9x 8.0x

RCF/Debt 27.8% 32.5% 44.4% 52.1% 17.7% 13.4% 25.8% 12.3% 11.8% 20.2%

E&P Debt/ Average Daily Production

($'000/boe) $ 44,616 $ 22,347 $ 23,608 $ 18,494 $ 18,436 $ 20,073 $ 17,598 $ 20,652 $ 21,179 $ 16,232

E&P Debt / PD Reserves boe ($/boe) $ 47.5 $ 12.2 $ 9.4 $ 6.0 $ 5.1 $ 5.1 $ 7.7 $ 10.5 $ 4.3 $ 9.7

Aker BP ASA Concho Resources Inc. Marathon Oil Corporation Murphy Oil CorporationL1E Finance GmbH & Co

KG

Ba2, Stable Ba1, Stable Ba1, Stable Ba3, Stable Ba3, Stable

Source: Moody’s Financial Metrics™. All figures & ratios calculated using Moody’s estimates & standard adjustments. FYE = Financial Year-End. LTM = Last 12 Months

Exhibit 11

Aker BP's Historical Moody's - Adjusted Debt Breakdown

2015 2016

As Reported Debt 2,622 2,541

Pensions 1.6 -

Operating Leases 51.3 92.3

Non - Standard Adjustment 1.6 1.3

Moody's Adjusted Debt 2,677 2,634

Source: Moody's Financial Metrics. All figures & ratios calculated using Moody's estimates and standard adjustments. FYE = Financial Year-End. LTM = Last Twelve Months.

Exhibit 12

Aker BP's Historical Moody's - Adjusted EBITDA Breakdown

2015 2016

As Reported EBITDA 880.6 953.0

Pensions - 0.1

Operating Leases 12.8 16.3

Unusual 76 147

Moody's Adjusted EBITDA 970 1,117

Source: Moody's Financial Metrics. All figures & ratios calculated using Moody's estimates and standard adjustments. FYE = Financial Year-End. LTM = Last Twelve Months.

8 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 13

Aker BP Summary Financials and Ratios with Projections

In USD Million 2015 2016 2017 Proj 2018 Proj

INCOME STATEMENT

Revenues 1,159 1,261 2,114 1,846

EBITDA 970 1,117 1,552 1,316

EBIT 479 596 882 682

Interest Expense 148 184 222 237

Net Income 127 147 344 99

BALANCE SHEET

Cash&Cash Equivalents 86 106 131 90

Total Adjusted Debt 2,677 2,634 2,432 2,742

Total Adjusted Liabilities 4,887 6,875 6,697 7,006

CASH FLOW

Funds from Operations 743 919 1,437 759

Change in Working Capital items (109) (109) (1) (1)

Cash Flow from Operations 634 811 1,436 758

Capital Expenditures (CAPEX) (978) (1,032) (852) (711)

Dividends - 62.5 250 250

Free Cash Flow (FCF) -344 -284 335 (203)

Retained Cash Flow (RCF) 743 857 1,187 509

RCF / Debt 27.8% 33% 48.8% 18.6%

FCF / Debt -12.8% 0.0% 13.8% -7.4%

PROFITABILITY

% Change of Sales (YoY) 9% 68% -13%

EBIT Margin % 41.3% 47% 41.7% 37.0%

EBITDA Margin % 83.7% 89% 73.4% 71.3%

INTEREST COVERAGE

EBIT / Interest Expense 3.2x 3.2x 4.0x 2.9x

EBITDA / Interest Expense 6.6x 6.1x 7.0x 5.6x

(EBITDA - CAPEX) / Interest Expense -0.1x 0.5x 3.2x 2.6x

LEVERAGE

Debt / EBITDA 2.8x 2.4x 1.6x 2.1x

Debt / (EBITDA - CAPEX) -334.8x 31.2x 3.5x 4.5x

Debt / Book Capitalization 62.1% 43.7% 40.4% 44.0%

Avg. Assets / Avg. Equity 11.7x 5.4x 3.8x 3.8x

Source: Moody's Financial Metrics. All figures & ratios calculated using Moody's estimates and standard adjustments. FYE = Financial Year-End. LTM = Last Twelve Months.

9 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

MOODY'S INVESTORS SERVICE CORPORATES

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it feesranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1082727

10 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint

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11 10 August 2017 Aker BP ASA: New issuer: strong growth prospects beyond 2019, but near term declining production is a credit constraint