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BP to sell 5% stake in Norway's Aker BP

By Reuters News

OSLO, Nov 4 (Reuters) - British oil major BP BP.L plans to sell a 5% stake in Norway's Aker BP AKRBP.OL, the Norwegian oil and gas company said on Wednesday.

Barclays is global coordinator and bookrunner with Norwegian broker DNB Carnegie as co-bookrunner for the planned transaction, which could be worth close to $1.2 billion according to a Reuters calculation.

Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke.

BP currently owns 15.9% of Aker BP, making it the company's second-largest shareholder after Roekke's investment firm Aker ASA AKER.OL.

The remaining shares held by BP will be subject to a 90-day lock-up period following completion of a sale, subject to customary exemptions, Aker BP added.

In July, BP launched the sale of its UK upstream portfolio, estimated to be worth about $2.6 billion, with existing North Sea producers seen as the most likely bidders.

Aker BP has previously ruled out pursuing upstream acquisitions outside Norway.

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