LONDON: bp has successfully executed the sale of 5% of its 15.9% shareholding in leading independent Norwegian oil and gas producer Aker BP at a price of NOK 311 per share, raising gross proceeds of approximately NOK 9.83 billion ($1.06 billion).

Following the sale, bp will hold 68.7 million shares in Aker BP, representing an approximate 10.9% interest in the company. bp has entered into a 90-day lock-up for its remaining shares in Aker BP, subject to customary exemptions, a statement said.

Proceeds from the sale will go towards strengthening bp’s balance sheet. bp now expects full year 2026 divestment and other proceeds to be around $9 billion, around $1 billion higher than previously guided.

Meg O’Neill, chief executive officer, bp, said: “Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation. In recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment. We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp.”

Barclays acted as Sole Global Coordinator & Bookrunner and DNB Carnegie acted as Co-Bookrunner in the sale.