BP and Aker sell stake in oil venture Aker BP at 10% discount

Oil major BP and Norway’s Aker said on Thursday they have jointly sold a 5 per cent stake in Norwegian oil firm Aker BP, cutting their combined holding in the company to 65 per cent.

The 18.01 million shares were sold at 310 crowns each, a 10.2 per cent discount to Wednesday’s close, for a total of 5.58 billion Norwegian crowns ($655 million), Aker and BP said.

Aker BP was formed in 2016 through the combination of Aker and BP’s Norwegian oil and gas producing units, and the company’s shares have since risen fourfold.

The two owners said they had sought to realise some of those gains and diversify their holdings while still remaining committed to Aker BP.

“Consistent with our long-standing track-record of active portfolio management, these divestment proceeds will be expected to further strengthen (BP’s) balance sheet and support our ongoing buyback commitment,” BP Chief Executive Bernard Looney said in a statement.