Seadrill Partners LLCConference Call – Second Quarter 2013 Results

August 28, 2013

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

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Agenda

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• Highlights 2Q 2013

• Market Outlook

• Growth Opportunities

• Financial Overview

• Q&A session

• Seadrill Partners reports net income attributable to Seadrill Partners Members of

US$22.1 million

• Net operating income for the second quarter of US$71.6 million

• Generated distributable cash flow of US$15.8 million

• Completed the acquisition of the companies that own and operate the tender rig T-15

from Seadrill Limited for $210 million

• Declared an increased distribution for the second quarter of US$0.4175 per unit – an

8% increase from the Company’s minimum quarterly distribution

Seadrill Partners – 2Q Highlights

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Market Outlook

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Production Growth to Come From Deepwater

Source: EIA, ODS Petrodata 6

UDW Replacing Aging Deepwater Fleet

~16% of the Ultra-Deepwater Fleet is Operating in Ultra-Deepwater

7Source: ODS Petrodata

Seadrill Partners Fleet & Potential Dropdowns

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Seadrill Partners’ Long-Term Contract Coverage

Average remaining contract term: 3.8 years

(1) Five‐year contract extension starts in April 2014. Customer has an option to reduce the extension period to three or four years at an increased day rate of $627,500 or $615,000, respectively,

from April 2014

(2) Since the West Aquarius arrived in Canada (December 2012), it has been operating under a sub-contract to Statoil ASA

(3) As of 30 June 2013; excluding any optional extension periods

(1)

(3)

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(2)

Dropdown Candidates

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Seadrill’s existing fleet – $15.4 Billion Contract Backlog

Contract coverage

Contracted

Uncontracted 100%

4%

96%

38%

62%

58%

42%

2013 2014 2015 2016

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Financial Performance Highlights

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Income Statement – Operating income

Unaudited accounts in USD millions 2Q13 1Q13

Contract revenues $158.6 $161.5

Reimbursable revenues 3.2 4.5

Other revenues 0.4 4.8

Total operating revenues $162.2 $170.8

Vessel and rig operating expenses 58.6 59.7

Other vessel operating expenses 0.4 4.8

Reimbursable expenses 3.0 4.4

Depreciation and amortization 22.3 21.6

General and administrative expenses 6.3 5.7

Total operating expenses $90.6 $96.1

Net operating income $71.6 $74.7

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Income Statement – Net Income

Unaudited accounts in USD millions 2Q13 1Q13

Net operating income $71.6 $74.7

Financial items

Interest income 0.9 0.5

Interest expense (12.8) (12.0)

Gain / (Loss) on derivative financial instruments 24.5 4.1

Currency exchange loss (0.3) (0.7)

Total financial items $12.3 $(8.1)

Income/(loss) before income taxes 83.9 66.6

Income taxes (6.7) (5.3)

Net income/(loss) $77.2 $61.3

Net income attributable to non-controlling interests 55.1 41.5

Net income attributable to Seadrill Partners LLC Members $22.1 $19.8

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Unaudited accounts in USD millions 2Q13 4Q12

Current assets

Cash and cash equivalents $50.0 $19.5

Accounts receivable, net 181.5 134.1

Mobilization revenue – short term 16.3 13.6

Amount due from related party 31.4 39.6

Other current assets 11.2 34.5

Total current assets $290.4 $241.3

Non-current assets

Newbuildings 131.4 112.0

Drilling rigs 2,075.2 2,103.0

Mobilization revenue receivable – long-term 52.3 49.4

Deferred tax assets 0.6 0.6

Other non-current assets 5.6 9.2

Total non-current assets $2,265.1 $2,274.2

Total assets $2,555.5 $2,515.5

Balance Sheet - Assets

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Balance Sheet – Liabilities & Members’ Capital / Owners Equity

Unaudited accounts in USD millions 2Q13 4Q12

Current liabilities

Current portion of long-term related party payable $572.3 $235.6

Revolving credit facility 69.6 -

Trade accounts payable and accruals 21.4 28.3

Deferred mobilization revenue – short term 18.8 19.9

Related party payable 92.4 122.2

Other current liabilities 26.8 27.3

Total current liabilities $801.3 $433.3

Non-current liabilities

Long-term related party payable 580.2 1,057.1

Long-term related party payable – Vendor financing 109.7 -

Deferred mobilization revenue – long-term 37.1 41.1

Other non-current liabilities - 0.4

Total non-current liabilities $727.0 $1,098.6

Equity

Total equity and non-controlling interest $1,027.2 $983.6

Total liabilities and equity $2,555.5 $2,515.5

• As of June 30th, 2013 total debt was US$1,331.8 million• 87% of debt swapped to a fixed rate of 1.16%• West Aquarius and West Capella facility matures in June 2014, refinancing discussions underway

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Distributable Cash Flow

(13.6)(12.2)Cash Interest Expense

(5.3)(9.8)Cash Tax Paid

Unaudited accounts in USD millions 2Q13 1Q13

EBITDA for the second quarter 2013 93.9 97.1

Add: Net mobilization earnings capitalized 2.3 -

Less: Amortization of Mobilization Revenue and Expenses (2.3) (2.6)

Adjusted EBITDA 93.9 94.5

Cash Interest Income 0.8 0.5

Pre acquisition losses of T-15 (April 1, 2013 – May 17, 2013)

0.8 -

Estimated maintenance and replacement capital expenditure

(19.6) (19.1)

Cash flow available for distribution 53.9 57.0

Less:

Cash flow attributable to non-controlling interest & Pre-IPO(38.1) (39.0)

Distributable cash flow for the second quarter 2013 15.8 18.0

Distribution Declared 17.3 16.0

Coverage Ratio 0.91x 1.13x

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• Strong market fundamentals in deepwater drilling, especially for ultra-deepwater

assets

• Significant growth opportunities from Seadrill’s long-term contracted rigs

• Additional growth opportunities from Seadrill’s entire fleet

• Completed first acquisition and focused on realizing further rig acquisitions with the

goal of becoming one of the fastest growing MLP’s

Summary

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