We continue to view Aker BP as our preferred large-cap exposure on the NCS, with 2026 representing the final meaningful de-risking year ahead of a structurally strong 2027–28 free cash flow profile. However, from a timing perspective, we see the risk/reward skewed to the downside into the Q4 results and strategy update, as we think 2026 production guidance will fall short of consensus. That said, any such weakness would, in our view, represent an attractive opportunity to add exposure.
