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Equinor, Aker BP Strike Offshore Asset Swap Deal

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Aker BP will acquire key interests in the Ringvei Vest and Yggdrasil areas from Equinor (EQNR) in exchange for a 7.5% stake in the Arctic Wisting discovery and $23 million in cash, the companies said on Thursday.

The agreements, which carry an effective date of January 1 are designed to align ownership interests across key undeveloped blocks, it said.

Under the terms of the deal, Aker BP will expand its footprint in the North Sea by acquiring a 19% interest from Equinor in a portfolio of licenses within the prospective Ringvei Vest area.

This transaction includes stakes in multiple discoveries such as Grosbeak, Swisher, Toppand, and Rover Nord and Sor.

Operated by Equinor, Ringvei Vest is being positioned as a major cluster development in the Troll-Fram area.

The portfolio realignment enables a more coordinated cross-license approach to infrastructure planning, as Aker BP already holds a 19% stake in the nearby Kveikje discovery, which is slated for inclusion in the cluster.

Aker BP will also acquire a 38.16% interest from Equinor in UK license P2343, positioned adjacent to Norwegian license PL1249.

The combined acreage holds the massive Omega Alfa discovery, which recently confirmed significant oil volumes extending across the geopolitical boundary of the UK and Norwegian shelves.

By achieving a more balanced ownership structure, the operators aim to pursue a unified, cross-border development plan, with any future regional discoveries expected to be tied back directly into the Yggdrasil area's infrastructure.

In exchange for these North Sea positions, Aker BP will transfer a 7.5% interest in the Barents Sea Wisting discovery to Equinor, alongside a cash consideration of $23 million.

Following the transaction, Equinor will increase its operating stake to 42.5%, while Aker BP retains a 27.5% interest.

A final investment decision for the high-stakes Arctic project is currently anticipated in 2027.

Both companies noted that closing the broader transaction package remains subject to standard regulatory and government approvals.

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