Aker BP (AKRBP.OL): Feedback from CFO Roadshow

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Aker BP (AKRBP.OL): Feedback from CFO Roadshow

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20 Jul 2026 00:00:59 ET │ 15 pages

Aker BP (AKRBP.OL)

Feedback from CFO Roadshow

CITI'S TAKE

Our roadshow with Aker BP CFO David Tønne July 16th left us more

comfortable on the capex front and clearer on management’s latest thinking

on the next phase of the asset portfolio. The latest increase is largely the Neutral

cost of protecting summer 2027 start-up, with more man-hours required Price (17 Jul 26 16:00) NKr327.80

across the remaining yard and offshore work rather than a material

Target price NKr315.00expansion in scope. Beyond the current build-out, the discussion pointed

to a broader set of options across tiebacks, exploration, asset swaps and Expected share price return -3.9%

selective ownership changes, with M&A judged on value rather than Expected dividend yield 8.0%

volume. On shareholder returns, our sense is that management and long-

Expected total return 4.1%term shareholders prefer stability through the final heavy execution year.

Market Cap NKr207,177M

Capex Uplift — The CFO framed the increase as the cost of protecting the 2027 US$21,462M

start-up schedule, with lower yard productivity requiring more man-hours rather

than a material expansion in scope. With both developments more than two-thirds

complete, the revised range is built around a more developed view of the remaining

yard, sailaway and offshore hook-up work, including c.10% contingency. Our Price Performance

discussions also gave us a better sense of where the schedule pressure point still

(RIC: AKRBP.OL, BB: AKRBP NO)sits, how much flexibility exists, and what would need to happen for costs to move

beyond the current range.

Beyond 2030s — Management is already planning the next portfolio wave while

current project capex remains high.