Aker BP welcomes agreement on Ringvei Vest development concept

Aker BP welcomes the announcement by Equinor, operator of Ringvei Vest, that the partners have agreed on the development concept for the project. Ringvei Vest is planned as a major subsea development tied back to the Troll B platform in the North Sea. The agreement marks an important milestone and moves the project towards a potential development decision.

Ringvei Vest combines several discoveries - Grosbeak, Swisher, Mulder, Kveikje, Toppand, Røver Sør and Røver Nord - together with the Grønngylt prospect across eight licences. Estimated gross resources are approximately 240 million barrels of oil equivalent, making Ringvei Vest one of the largest early-phase development projects on the Norwegian Continental Shelf.

The agreed concept comprises a subsea development with 13 wells through six templates. The concept includes subsea separation prior to transportation to Troll B, where a new compressor is planned to increase processing capacity. Oil will be exported to Mongstad and gas to Kollsnes. Power supplied from Troll B, which is partly electrified from shore, is expected to contribute to low production emissions.

Aker BP has established its position in Ringvei Vest through a series of targeted transactions, beginning with the Kveikje discovery and subsequently expanding across the remaining licences, including through the recently announced transaction with Equinor. Since entering the area, Aker BP has worked closely with the operator and partners to support development of a joint area solution, with agreement reached within months. The development illustrates Aker BP's approach of building value-accretive positions close to existing infrastructure through selective acquisitions and active partnerships.

By developing multiple discoveries through established infrastructure, Ringvei Vest will be an important contributor to sustaining strong, profitable production for Aker BP in the 2030s.

The project is expected to reach the decision to continue (DG2) by year-end. Timing for a final investment decision, submission of the plan for development and operation (PDO), and production start-up will be determined in a later phase.

Aker BP holds a 19 percent interest in seven of the project's eight licences, covering the Grosbeak, Swisher, Kveikje, Toppand, Røver Nord and Røver Sør discoveries. The recently acquired interests remain subject to government approval. Aker BP is not a partner in licence PL 090, which includes Mulder and Grønngylt. Equinor is operator of all the licences.

Contacts Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217 Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

About Aker BP Aker BP is a leading exploration and production company focused on oil and gas operations on the Norwegian continental shelf. The company operates the Alvheim, Eiga (Edvard Grieg and Ivar Aasen), Skarv, Ula, and Valhall field centres and is a key partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP is listed on Oslo Børs under the ticker AKRBP. For more information, visit www.akerbp.com (https://www.akerbp.com/en).