Seadrill Partners LLCFourth quarter 2015 ResultsFebruary 25, 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 forward looking 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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1) Highlights 4Q 2015

2) Market Commentary & Financial Performance Overview

3) Summary & Q&A

Highlights 4Q 2015

Revenue of $467 million

Adjusted EBITDA of $309 million

Distribution declared of $0.25 and coverage ratio of 5.26x

New contract for the West Vencedor

$27 million increase in backlog

Blend and extend contract extensions for the T-15 & T-16

$45 million increase in backlog

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Backlog & Utilization

5

Record utilization in the fourth

quarter

99% economic utilization*

Current order backlog of $4.3 billion

Average contract term of 2.5 years

* Economic utilization is calculated as total contract revenue

excluding bonuses for the period as a proportion of the full operating

dayrate multiplied by the number of days in the period.

9093

97 98 99

70

75

80

85

90

95

100

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

Uti

lizati

on

%

Economic utilization* (floater fleet)

0

500

1000

1500

2016 2017 2018 2019+

$ m

illi

on

Current backlog

Market Commentary & Financial Performance

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West Vencedor $100,000

West Aquarius $615,000

West Capella $627,500

West Sirius $297,000

West Polaris $450,000

West Leo $605,000

T-15 $110,000

West Capricorn $535,000

T-16 $110,000

West Auriga $565,000

West Vela $525,000

Contracted Option Period

2020

1Q

2019

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

2016 2017 2018

1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

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(1)

(1) West Capella distributions based on dayrate of US$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)

Assets & contracts

Sequential variance analysis

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Volume: No change.

Dayrates: West Aquarius

dayrate increase, partly offset

by the T-15 & T-16 rate

decreases

Utilization: Improved

utilization across the fleet and

bonuses achieved

Idle units: No incremental idle

units

Other: Decrease in

reimbursable revenue has no

EBITDA impact as it is a pass-

through item

Costs: Lower stacking cost

on the West Sirius, improved

opex on the fleet, partly offset

by increased G&A related to

investments made on cost

savings initiatives

Total Revenue

Adjusted EBITDA

350

370

390

410

430

450

470

490

3Q15 Volume Dayrate Utilization Idle units Other 4Q15

180

200

220

240

260

280

300

320

3Q15 Volume Dayrate Utilization Idle units Costs Other 3Q15

Income Statement – Net Income

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Unaudited accounts in USD millions 4Q15 3Q15

Net operating income $ 238.1 $ 209.4

Financial items

Interest income 2.1 1.5

Interest expense (46.3) (51.7)

(Loss) / Gain on derivative financial instruments 19.2 (68.5)

Currency exchange Gain / (Loss) 0.4 4.5

Loss on Bargain Purchase (19.1) (11.2)

Total financial items $ (43.7) $ (125.4)

Income before income taxes $ 194.4 $ 84.0

Income taxes (4.8) (48.6)

Net income $ 189.6 $ 35.4

Net income attributable to non-controlling interests $ 93.4 $ 13.9

Net income attributable to Seadrill Partners LLC Members $ 96.2 $ 21.5

Balance Sheet Main Movements

Unaudited accounts in USD millions 4Q15 3Q15

Total current assets 892.0 683.7

Total non-current assets 5,949.1 5,974.5

Total assets 6,841.1 6,658.2

Total current liabilities 846.7 765.0

Total non-current liabilities 3,897.0 3,883.0

Total equity 2,097.4 2,010.2

Total liabilities and equity 6,841.1 6,658.2

Distributable Cash Flow

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Unaudited accounts in USD millions 4Q15 3Q15

EBITDA for the quarter 303.2 266.6

Add: Adjustments for non-cash items 5.6 7.1

Adjusted EBITDA 308.8 273.7

Cash Interest Income 2 1.8

Cash Interest Expense (51.5) (51.4)

Cash Tax Paid (14.7) (12.2)

Estimated maintenance and replacement capital expenditure (47.5) (47.5)

Cash flow available for distribution 197.1 164.4

Less:

Cash flow attributable to non-controlling interest

(98.2) (79)

Distributable cash flow for SDLP 98.9 85.4

Distribution Declared 18.8 55.3

Coverage Ratio 5.26 1.54

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Outlook

First quarter adjusted EBITDA expected to be in excess $275 million

Strong operations first quarter to date

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Q&A