Aker to repay $1.5 billion facility after Hess Norge tax settlement

By Sarah Lizee

Olympia, Wash., Nov. 7 – Aker BP intends to repay its $1.5 billion bank facility in full, according to a press release.

Aker obtained the facility in 2017 in connection with its acquisition of Hess Norge.

The terms of the facility state that a settlement of the tax losses in Hess Norge would trigger a mandatory repayment of the facility.

The company said it was informed by Norwegian tax authorities that a settlement will take place by the end of this month.

Aker BP focuses on petroleum resources on the Norwegian Continental Shelf.

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