Seadrill Partners LLCConference Call – First Quarter 2014 Results

May 28, 2014

This presentation includes forward looking statements. Such statements are generally not historical in nature, and specifically

include statements about the Company’s plans, strategies, business prospects, changes and trends in its business and the

markets in which it operates. In particular, statements regarding the Company’s ability to make cash distributions, the expected

performance of the drilling rigs in OPCO’s fleet, estimated duration of customer contracts, contract dayrate amounts and the

Company’s ability to purchase drilling rigs from Seadrill Limited in the future are considered forward-looking statements. These

statements are made based upon management’s current plans, expectations, assumptions and beliefs concerning future events

impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results

to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this

news release. Important factors that could cause actual results to differ materially from those in the forward-looking statements

include, but are not limited to the performance of the drilling rigs in the Company’s fleet, delay in payment or disputes with

customers, fluctuations in the international price of oil, changes in governmental regulations that affect the Company or the

operations of the Company’s fleet, increased competition in the offshore drilling industry, and general economic, political and

business conditions globally . Consequently, no forward-looking statement can be guaranteed. When considering these

forward-looking statements, you should keep in mind the risks described from time to time in the Company’s filings with the

SEC.

The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the

date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to

time, and it is not possible for us to predict all of these factors. Further, the Company cannot assess the impact of each such

factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially

different from those contained in any forward looking statement.

Forward Looking Statements

2

Agenda

3

• Highlights 1Q 2014

• Market Outlook

• Growth Opportunities

• Financial Overview

• Q&A session

Highlights:

• Seadrill Partners reports net income attributable to Seadrill Partners Members of US$19.8 million

• Net operating income for the first quarter of US$123.6 million

• Generated distributable cash flow of US$30.0 million

• Declared a distribution for the first quarter of US$0.5075 per unit – a 14% increase from the Company’s

fourth quarter distribution

• Completed US$1.8 billion term loan B and US$100 million revolving facility. Proceeds of the term loan

refinanced existing indebtedness and increased liquidity

• Completed the acquisition of the West Auriga for US$1.24 billion on a 100% basis, financed with debt and

a US$355 million from the recent common unit offering. Management has recommended a quarterly

distribution increase as a result to between US$0.54 and US$0.545

Seadrill Partners – 1Q Highlights

4

Significant Progress Since IPO – More Growth to Come

Major Events to Date

•Tender rig T-15 acquired for US$210 million

•Tender rig T-16 acquired for US$200 million

•Completed 5 year classing on West Aquarius, West Sirius, and West Capella

•West Sirius and West Leo acquired for a total consideration of US$2.3 billion on a 100% basis, management recommendation to increase distribution to between US$2.0 and US$2.05 as a result

•US$1.8 billion term loan B and US$100 million revolver executed, creating a more efficient capital structure

•West Auriga acquired for a US$1.24 billion on a 100% basis, management recommendation to increase annual distributions to between US$2.16 and US$2.18 as a result

31%

since IPO

31% increase since IPO

6-7% increase

West Auriga

6-7% increase recommended for

West Auriga

5

$2.16

$1.55

$1.67

$1.78

$2.03

$2.18

1.50

1.75

2.00

2.25

IPO T-15 T-16 Sirius / Leo Auriga(recommendation)

Annualiz

ed D

istr

ibutio

ns p

er

Unit

($)

Acquired by Seadrill Capricorn Holdings LLC (51% owned by SDLP)

West Auriga

West Auriga Acquisition

Contract details:

• Dayrate: $565,000 (ex daily mobilization of

$37,500)

• Contract End Date: October 2020; 6.5 years

• Order Backlog : $1.3bn (incl. mobilization)

Principal Features:

• Maximum water depth: 12,000 feet

• Built: 2013

• Builder: Samsung Shipyard

• Customer: BP

6

USD millions Total SDLP Share

Purchase Price $1,240 $632

Financed by:

Bank Debt $443 $226

Intercompany Loan to OPCO $100 $51

Equity Portion $697 $355

SDLP Ownership 51%

SDLP Equity Share $355

Recommended Annualized Distribution Increase: $0.13 - $0.15

Distribution per unit on an Annualized basis: $2.16 - $2.18

US$1.8 Billion Term Loan B Refinancing

Term Loan B Refinances existing debt facilities at Seadrill Partners

• Structure creates a more

efficient capital structure at

Seadrill Partners with 1%

annual amortization profile

• Frees additional funds to re-

invest in fleet growth

• Debt maturity profile

staggered against contract

rollovers and extends

maturity profile

• Priced at Libor plus 3% and

swapped to fixed rate of

5.5%

T-15

T-16

Borrower Group

Seadrill Capricorn

Holdings LLC(Guarantor(3))

46.8%53.2%

Seadrill Operating LP

(Borrower)

Seadrill Partners LLC(NYSE: SDLP)

Seadrill Limited(NYSE: SDRL)

Seadrill Partners

Operating LLC

Public Unit Holders

West Aquarius*

West Capella* (56%)

West Vencedor

West Leo*

West Capricorn

West Auriga

West Sirius*

100% 30.0% 51.0%

* Represents pledged collateral vessels

(Guarantor)

(Guarantor)

(Guarantor) (Guarantor)

7

Top-Tier Distribution Growth

Dividend Share price

8

Div

idend p

er

unit

Share

pric

e (U

S$)

Management recommendation based on West Auriga acquisition

0

5

10

15

20

25

30

35

40

0.00

0.10

0.20

0.30

0.40

0.50

0.60

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014

9Source: Rystad Energy, Morgan Stanley

Offshore is Key to Deliver Required Volumes

• Shale / tight oil /non-conventionals alone cannot meet incremental forecasted demand and offset

production declines

• Deep and Ultradeepwater well positioned on the cost of supply curve

NAm shale and Canadian oil sands represent marginal incremental production

Global change of liquids supply from 2012 to 2020

Million bbl/d

Seadrill Partners Fleet & Potential Dropdowns

10

Seadrill Partners’ Long-Term Contract Coverage

Average remaining contract term: 3.74 yearsOrder backlog: $5.5bn

(1)

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West Vencedor US$213,931

West Aquarius US$540,000 US$615,000

West Capella US$627,500

West Capricorn US$495,650 US$495,650

T-15 US$122,723

T-16 US$121,268

West Leo US$605,000

West Sirius US$490,173 US$535,000

West Auriga US$565,000 10.2020

Contracted Option Period

2014

2Q2Q1Q 1Q 2Q 3Q 4Q

2018 2019

1Q 2Q 3Q 4Q4Q3Q3Q 4Q 1Q 2Q 4Q

2015 2016 2017

4Q 1Q3Q 1Q 2Q 3Q

Significant Potential Growth Going Forward

Additional New Assets from Seadrill1

US$ 565,000

US$ 565,000

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Unit Customer

West Vela BP US$565,000 11.2020

West Auriga BP US$565,000 10.2020

West Mira Husky Newbuild Transit US$590,000 06.2020

West Sirius BP US$490,173 US$535,000 07.2019

Sevan Brasil Petrobas US$398,559 07.2018

West Leo Tullow Oil US$605,000 06.2018

West Polaris ExxonMobil US$655,736 03.2018

West Capricorn BP US$495,650 US$495'

West Hercules Statoil US$497,000 US$497,000

West Neptune LLOG Newbuild Transit US$570,000

West Gemini Total US$656,000

West Alpha ExxonMobil US$535,000 US$547,000

West Capella ExxonMobil US$627,500

West Aquarius ExxonMobil US$540,000 US$615,000

Sevan Louisiana LLOG Transit US$505,000

West Eclipse Total US$450,000 US$455,000

West Pegasus PEMEX US$555,000 Market rate

West Orion Petrobras US$624,460

Sevan Driller Petrobas US$419,817

West Phoenix Total US$464,000

West Venture Statoil US$441,000

West Eminence Petrobras US$624,460

West Taurus Petrobras US$656,662

West Navigator Shell / Centrica Energi NUF US$589,000 US$621'

West Tellus Chevron US$635,000

West Dorado - Newbuild

West Aquila - Newbuild

West Libra - Newbuild

West Draco - Newbuild

West Rigel - Newbuild

West Carina - Newbuild

Sevan Developer - Newbuild

West Saturn - Newbuild

West Jupiter - Newbuild

Option Yard plus transit period SDLP Rigs

2017

1Q 3Q

2014 2015 2016

2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q

Flo

ate

rs

4Q 1Q 2Q 3Q 4Q 1Q

Growth Opportunities

Acquisition of Additional OPCO Ownership Interests from Seadrill Ltd. (1)

Long-Term Contracted Jack-ups

3

2

- 70% of three UDW and one tender rig

- 49% of three UDW rigs

- E.g. 5 Jack-ups with long-term contracts to PEMEX

- Total of 30 rig years

(1) Figures are pro forma for OPCO’s acquisition of the West Leo and West Sirius.13

Financial Performance Highlights

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Income Statement – Operating income

Unaudited accounts in USD millions 1Q14 4Q13

Contract revenues $260.6 $282.1

Reimbursable revenues 14.7 0.3

Total operating revenues $275.3 $282.4

Vessel and rig operating expenses 84.3 98.8

Reimbursable expenses 14.3 0.3

Depreciation and amortization 39.7 37.5

General and administrative expenses 13.4 11.4

Total operating expenses $151.7 $148.0

Net operating income $123.6 $134.4

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Income Statement – Net Income

Unaudited accounts in USD millions 1Q14 4Q13

Net operating income $123.6 $134.4

Financial items

Interest income 0.9 2.2

Interest expense (28.6) (28.7)

(Loss) / Gain on derivative financial instruments (49.2) 16.1

Currency exchange Gain / (Loss) 1.1 (1.4)

Total financial items $(75.8) $(11.8)

Income before income taxes 47.8 122.6

Income taxes (4.0) (9.0)

Net income $43.8 $113.6

Net income attributable to non-controlling interests 24.0 42.0

Net income attributable to Seadrill Partners LLC Members $19.8 $71.6

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Unaudited accounts in USD millions 1Q14 4Q13

Current assets

Cash and cash equivalents $130.1 $89.7

Accounts receivable, net 270.6 175.8

Mobilization revenue – short term 30.0 16.6

Amount due from related party 510.5 248.3

Other current assets 49.1 38.1

Total current assets $990.3 $568.5

Non-current assets

Newbuildings - -

Drilling units 4,491.6 3,448.3

Goodwill 2.9 -

Mobilization revenue receivable – long-term 115.8 43.7

Deferred tax assets 9.8 9.8

Other non-current assets 102.9 2.3

Total non-current assets $4,723.0 $3,504.1

Total assets $5,713.3 $4,072.6

Balance Sheet - Assets

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Balance Sheet – Liabilities & Members’ Capital / Owners Equity

Unaudited accounts in USD millions 1Q14 4Q13

Current liabilities

Current portion of long-term interest bearing debt 58.3 -

Current portion of long-term related party payable 91.7 108.3

Revolving credit facility - 125.9

Trade accounts payable and accruals 90.2 80.0

Deferred mobilization revenue – short term 14.9 20.3

Related party payable 614.3 292.1

Other current liabilities 50.0 27.5

Total current liabilities $919.4 $654.1

Non-current liabilities

Long-term interest bearing debt 2,180.8 -

Long-term related party payable 709.1 1,826.4

Related party loan notes 100.0 299.9

Deferred mobilization revenue – long-term 34.7 37.6

Total non-current liabilities $3,024.6 $2,163.9

Equity

Total equity $1,769.3 $1,254.6

Total liabilities and equity $5,713.3 $4,072.6

• As of December 31th, 2013 total debt excluding the revolver was US$3,140 million• 97% of debt swapped to an average fixed rate of 2.02%

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Distributable Cash Flow

Unaudited accounts in USD millions 1Q14 4Q13

EBITDA for the quarter 163.3 171.9

Less: Amortization of Mobilization Revenue and Expenses (4.6) (3.2)

Adjusted EBITDA 158.7 168.7

Cash Interest Income 0.9 0.8

Cash Interest Expense (28.2) (23.8)

Cash Tax Paid (10.0) (6.0)

Pre acquisition balances relating to T-16, West Leo and West Sirius prior to drop down

- (54.0)

Estimated maintenance and replacement capital expenditure

(33.6) (23.7)

Cash flow available for distribution 87.8 62.0

Less:

Cash flow attributable to non-controlling interest(57.8) (38.8)

Distributable cash flow for the first quarter 2014 30.0 23.2

Distribution Declared 38.9 27.1

Coverage Ratio 0.77x 0.86x

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Coverage ratio assuming Q1 distribution only paid pro-rata for 11 days for new units = 0.92x

• Significant progress made since IPO

– More than doubled fleet size with the acquisition of five rigs

– On track to grow distributions 40% since IPO in October 2012

– More efficient capital structure following successful Term Loan B transaction

• Headwinds in the broad offshore drilling market – Seadrill Partners is protected

– No exposure to 2014 dayrates, only West Vencedor available in 2015

– Pause in fundamentals limiting newbuild activity in 2016

– Medium / Long term fundamentals intact

– Potential for re-contracting rigs into a rising market

• Visible growth opportunities via acquisitions from Seadrill provides strong distribution

growth potential

Summary & Outlook

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