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BP raises £785m to pay off debt after selling down Aker BP stake
BP has sold a five per cent stake in Norwegian oil and gas company Aker BP for about £785m, raising cash to reduce its debt. The sale supports the energy group’s stated priority of strengthening its balance sheet as it prepares a new long-term strategy.
The shares were sold for 311 Norwegian crowns each, around 12 per cent below Aker BP’s previous closing price; BP retains nearly an 11 per cent stake. BP also raised its full-year asset sale target by $1bn to about $9bn, after reporting third-quarter earnings of $8.5bn. Its debt has fallen by half over the past year to $13.9bn, with a further $6bn reduction expected from the sale of Castrol.
In short
- BP raised £785m by selling part of its Aker BP stake.
- It retains nearly 11 per cent of the Norwegian company.
- The sale supports BP’s drive to reduce debt.