Aker BP has acquisition opportunities, top shareholder says

Aker ASA

14/02/2025 14:14

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      Aker BP was formed from a series of M&A deals
    

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      Top shareholder is Aker ASA, followed by BP
    

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      Aker ASA says Aker BP can still do more deals
    

  
    By Nerijus Adomaitis
       OSLO, Feb 14 (Reuters) - Norwegian oil exploration and
production company Aker BP  AKRBP.OL , built from a series of
mergers and acquisitions in the last decade, has opportunities
for further consolidation on Norway's continental shelf, its top
shareholder said on Friday.
    Aker BP produced over 400,000 barrels of oil equivalent per
day (boepd) in 2024, up from just a few thousand daily barrels
in 2013, and seeks to boost its output to over 500,000 boepd in
2028 by developing its current resources.
    Norway's second largest oil company behind state-controlled
Equinor  EQNR.OL  could also continue to incorporate assets from
rivals, said Oeyvind Eriksen, the CEO of Aker ASA  AKER.OL 
which owns 21.16% of Aker BP's shares.
    "There are a few opportunities that could be of interest for
Aker BP. If and when they are for sale we would consider a
possible transaction," Eriksen told Reuters, adding the group
would look for quality assets, not fields with declining output.
    "There are a lot of old, legacy assets for sale which are
not of interest," he said.
    Aker BP CEO Karl Johnny Hersvik told Reuters on Wednesday
the company wanted assets that allow it to do things better,
faster or with lower costs, and that opportunities appeared to
be emerging for transactions at attractive prices.
        Aker is the main investment vehicle of Norwegian
billionaire Kjell Inge Roekke, while BP  BP.L  is the second
biggest shareholder of Aker BP with a 15.87% stake.

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik and
Christina Fincher)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))