OSLO (Reuters:) Oil giant BP (NYSE) and Norway’s Aker reported on Thursday that their joint sale of a 5% stake at Norwegian oil company Aker BP reduced their combined holding in Aker BP to 65%.

Aker and BP reported that the 18.01 million shares sold for 310 crowns per share, a discount of 10.2% from Wednesday’s closing, totalling 5.58 billion Norwegian crowns (or $655 million).

Aker BP was created in 2016 by the merger of Aker’s Norwegian oil-and gas production units and BP’s Norwegian oil-and gas processing units. Since then, the shares of the company have risen fourfold.

Both owners stated that they were trying to make some gains, diversify and retain Aker BP.

According to BP Chief Executive Bernard Looney, the proceeds from divestments will “conform with our long-standing track record of active portfolio management”, he stated in a statement.

Aker and BP also agreed not to sell additional shares of the venture in exchange for this transaction.

Oeyvind Eriksen, Chief Executive of Aker, stated that Aker BP was, and will continue to be, a core holding within Aker’s portfolio.

His statement stated, “The goal of this offering however is to balance Aker’s portfolio by releasing liquidity, diversifying, and continuing growth the portfolio.”

Aker has sold 10.29 Million shares leaving it with a 37.14% share. BP, on the other hand, sold 7.72M shares to take over 27.85%.

The managers of the sale were J.P. Morgan and Pareto Securities. DNB Markets, Goldman Sachs. (NYSE:). Morgan Stanley (NYSE:

($1 = 8.5185 Norwegian crowns)