Seadrill Partners LLCConference Call – First Quarter 2015 ResultsMay 28, 2015

Forward Looking Statements

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 units in the Company’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 forwardlooking statements include, but are not limited to offshore drilling market conditions including supply and demand, dayrates, customer dilling programs and effects new rigs on the market, contract awards and rig mobilizations, contract backlog, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, our ability to successfully employ our drilling units, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations, 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.

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Agenda

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• Highlights 1Q 2015

• Financial Overview

• Summary & Outlook

• Q&A session

Seadrill Partners – 1Q Highlights

• Seadrill Partners reports net income attributable to Seadrill Partners Members for the

first quarter 2015 of $38.2 million and operating income of $190.7 million.

• Economic utilization for the first quarter of 93%

• Generated distributable cash flow of $82.0 million with a coverage ratio of 1.48x for the

first quarter 2015.

• Declared a distribution for the first quarter of $0.5675 per unit, in line with the fourth

quarter 2014 distribution and an increase of 46% since IPO.

• Seadrill Partners swaps the contracts for the West Capricorn and West Sirius, both

contracted with BP Exploration & Production Inc., and thereby extends the contract

term on the West Capricorn for an additional two years until July 2019 with BP

Exploration & Production Inc.

• Seadrill Partners receives a notice of termination for the West Sirius from BP

Exploration & Production Inc. In accordance with the cancellation provisions in the

West Sirius contract, Seadrill Partners will receive payments over the remaining

contract term, now expiring in July 2017.

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Significant Progress Since IPO

Major Events to Date

Tender rig T-15 acquired for $210 million

Tender rig T-16 acquired for $200 million

Public offering of $380 million

West Sirius and West Leo acquired for a total

consideration of $2.3 billion on a 100% basis

$1.8 billion term loan B and $100 million revolver

executed, creating a more efficient capital structure

Public offering of $366 million

West Auriga acquired for $1.24 billion on a 100%

basis

$1.1 billion add-on term loan B

Public offering of $192 million, and private

placement to Seadrill Limited of $100 million

Acquired an additional 28% interest in Seadrill

Operating LP for approximately $373 million

Public offering of $245 million

West Vela acquired for $900 million on a 100%

basis

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~ 46% distribution growth since IPO

*

West Vencedor

West Aquarius $450,000 $615,000

West Capella $627,500

West Sirius $297,000

West Leo $605,000

T-15 $127,000

T-16 $127,000

West Capricorn $535,000

West Auriga $565,000 10.2020

West Vela $525,000 11.2020

Contracted Option Period

1Q 2Q 3Q 4Q

2015 2016 2017 2018 2019

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

Assets & Contracts

Current average remaining contract term: 3.4 years - Order backlog: $5 billion

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(1)

(1) West Capella distributions based on dayrate of $562,000

(2) West Sirius received a notice of termination from BP. In accordance with the cancellation provisions

in the West Sirius contract, Seadrill Partners will receive payments over the remaining contract term

(2)

Unit Customer

West Vela BP $565,000 11.2020West Auriga BP $565,000 10.2020West Mira Husky Transit $590,000 09.2020West Jupiter Total $581,000 12.2019West Capricorn BP $535,000 07.2019Sevan Brasil Petrobras $414,000West Leo Tullow Oil $605,000West Carina Petrobras $463,000West Tellus Petrobras $473,000West Polaris ExxonMobil $653,000West Neptune LLOG $576,000West Gemini Total $656,000West Sirius BP $297,000Sevan Louisiana LLOG $350,000West Capella ExxonMobil $627,500West Aquarius ExxonMobil $540,000 $615,000West Hercules Statoil $464,000West Saturn ExxonMobil $633,750West Pegasus PEMEX $467,500 Market RateWest Orion Petrobras $602,000West Alpha ExxonMobil $516,000Sevan Driller Petrobras $443,000West Phoenix Total $458,000West Venture Statoil $404,000West Eminence Petrobras $602,000West Eclipse Total $450kWest Taurus PetrobrasWest Navigator -West Rigel - NewbuildWest Draco - NewbuildSevan Developer - NewbuildWest Dorado - NewbuildWest Aquila - NewbuildWest Libra - Newbuild

Yard or transit period SDLP Rigs

Floa

ters

1Q 2Q 3Q2018

4Q 1Q 2Q2Q 3Q 4Q 3Q 4Q 1Q 2Q2015 2016 2017

3Q 4Q

Growth

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Acquisition of Additional OPCO Ownership Interests from Seadrill Ltd.

58% of three UDW rigs and one tender rig

49% of three UDW rigs

Additional UDW rigs from Seadrill

* West Sirius received a notice of termination from BP. In accordance with the cancellation provisions in

the West Sirius contract, Seadrill Partners will receive payments over the remaining contract term

*

Financial Performance Highlights

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Income Statement – Operating income

Unaudited accounts in USD millions 1Q15 4Q14

Contract revenues $385.9 $369.1

Reimbursable revenues 10.1 11.5

Other revenues 4.7 -

Total operating revenues $400.7 $380.6

Vessel and rig operating expenses 118.5 117.5

Amortization of favourable contracts 11.2 8.9

Reimbursable expenses 9.2 10.7

Depreciation and amortization 57.5 56.5

General and administrative expenses 13.6 18.1

Total operating expenses $210.0 $211.7

Net operating income $190.7 $168.9

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Unaudited accounts in USD millions 1Q15 4Q14

Net operating income $190.7 $168.9

Financial items

Interest income 1.0 1.0

Interest expense (52.0) (39.4)

(Loss) / Gain on derivative financial instruments (51.9) (48.4)

Currency exchange Gain / (Loss) (2.6) (2.0)

Total financial items $(105.5) $(88.8)

Income before income taxes 85.2 80.1

Income taxes (14.3) (10.0)

Net income $70.9 $70.1

Net income attributable to non-controlling interests 32.7 37.0

Net income attributable to Seadrill Partners LLC Members $38.2 $33.1

Income Statement – Net Income

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Unaudited accounts in USD millions 1Q15 4Q14

Current assets

Cash and cash equivalents $242.0 $242.7

Accounts receivable, net 241.6 294.5

Amount due from related party 11.0 62.7

Other current assets 137.9 138.4

Total current assets $632.5 $738.3

Non-current assets

Drilling units 5,098.5 5,141.1

Goodwill 3.2 3.2

Deferred tax assets 19.2 16.9

Other non-current assets 411.4 447.0

Total non-current assets $5,532.3 $5,608.2

Total assets $6,164.8 $6,346.5

Balance Sheet - Assets

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Unaudited accounts in USD millions 1Q15 4Q14

Current liabilities

Current portion of long-term debt 69.0 76.5

Current portion of long-term related party payable 36.3 40.4

Trade accounts payable and accruals 7.9 7.9

Other related party payables 185.7 275.8

Other current liabilities 215.8 227.4

Total current liabilities $514.7 $628.0

Non-current liabilities

Long-term debt 3,210.3 3,227.4

Deferred consideration to related party 115.0 111.2

Long-term related party payable 301.9 306.1

Other non-current liabilities 25.7 29.5

Total non-current liabilities $3,652.9 $3,674.2

Equity

Total equity $1,997.2 $2,044.3

Total liabilities and equity $6,164.8 $6,346.5

• As of March 31st, 2015 total debt was $3,617.5 million and Net Debt/EBITDA was 3.2x

• 98% of debt swapped to an average fixed rate of 2.25%, excluding margin

Balance Sheet – Liabilities & Members’ Capital / Owners Equity

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Distributable Cash Flow

Unaudited accounts in USD millions 1Q15 4Q14

EBITDA for the quarter 248.2 225.4

Less: Adjustment for amortization of mobilization revenue 12.8 16.4

Adjusted EBITDA 261.0 241.8

Cash Interest Income 1.9 2.0

Cash Interest Expense (48.2) (47.3)

Cash Tax Paid (12.0) (7.0)

Estimated maintenance and replacement capital

expenditure(42.4) (39.1)

Cash flow available for distribution 160.3 150.4

Less:

Cash flow attributable to non-controlling interest(78.3) (70.3)

Distributable cash flow for SDLP 82.0 80.1

Distribution Declared 55.3 55.3

Coverage Ratio 1.48x 1.45x

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Summary & Outlook

Seadrill Partners Well Positioned in a Challenging Market:

• Sound operational performance and strong distribution coverage at 1.48x

• Together with Seadrill achieving cost reductions

• $5 billion revenue backlog and average 3.4 years remaining contract term

• Refinanced $2.9 billion of debt in 2014 at attractive margins & amortization profile – 98% debt swapped to a fixed interest rate

• 91% of debt matures after 2021

• Net debt to EBITDA ratio of 3.2x and strong liquidity position

• Improved diversification of cash flows with now ten rig fleet

• Prudent distribution growth strategy initiated

• Large supportive sponsor - Seadrill Limited

• Acquisition strategy refocused to support distributions by building distribution coverage and mitigating contract rollover risk

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Q&A