Seadrill Partners LLCFirst quarter 2017 ResultsMay 24, 2017

Forward Looking Statements

This presentation includes forward looking statements. Such statements are generally not historical innature, and specifically include statements about the Company’s plans, strategies, businessprospects, changes and trends in its business and the markets in which it operates. In particular,statements regarding offshore drilling markets, the Company’s ability to make cash distributions, theexpected performance of the drilling units in the Company’s fleet, estimated duration of customercontracts, contract dayrate amounts, contract backlog, forecasts of operating income and AdjustedEBITDA and the ability of the Company and Seadrill Limited to negotiate with lenders are consideredforward-looking statements. These statements are made based upon management’s current plans,expectations, assumptions and beliefs concerning future events impacting the Company and thereforeinvolve a number of risks, uncertainties and assumptions that could cause actual results to differmaterially from those expressed or implied in the forward-looking statements, which speak only as ofthe date of this news release. Important factors that could cause actual results to differ materially fromthose in the forward-looking statements include, but are not limited to offshore drilling marketconditions including supply and demand, dayrates, customer drilling programs and effects new rigs onthe market, contract awards and rig mobilizations, contract backlog, the performance of the drillingunits in the Company’s fleet, delay in payment or disputes with customers, the outcome of any pendinglitigation, 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, fluctuationsin the international price of oil, changes in governmental regulations that affect the Company or theoperations of the Company’s fleet, increased competition in the offshore drilling industry, and generaleconomic, political and business conditions globally. Consequently, no forward-looking statement canbe guaranteed. When considering these forward-looking statements, you should keep in mind therisks described from time to time in the Company’s filings with the SEC. The Company undertakes noobligation to update any forward looking statements to reflect events or circumstances after the dateon which such statement is made or to reflect the occurrence of unanticipated events. New factorsemerge from time to time, and it is not possible for us to predict all of these factors. Further, theCompany cannot assess the impact of each such factor on its business or the extent to which anyfactor, or combination of factors, may cause actual results to be materially different from thosecontained in any forward looking statement.

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Agenda

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1) Highlights 1Q 2017

2) Market Commentary & Financial Performance Overview

3) Summary & Q&A

Q1 Highlights

Revenue of $328 million

Adjusted EBITDA(1) of $261 million

Economic utilization of 99%

New contracts & dayrate changes

West Aquarius: 2 new contracts

West Capella: 1 new contract and 1 Letter of Award

West Capricorn: Returning to full operating rate

4(1) Adjusted EBITDA has been defined in the Appendix

Backlog & Utilization

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99% economic utilization*

Current order backlog of $2.1bn

Average contract term of 1.5 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.

9995 94

99

70

75

80

85

90

95

100

Q2 16 Q3 16 Q4 16 Q1 17

Uti

lizati

on

%

Economic utilization (floater fleet)

0

500

1000

1500

2017 2018 2019+

$ m

illi

on

Current backlog

Market Commentary & Financial Performance

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West Leo

West Sirius $297,000

West Vencedor $115k $115,000

West Aquarius $615k$200,000$200,000 $260k

West Capella $165k UndisclosedUndisclosed

West Polaris $450,000

West Capricorn $316k $525,000

T-15 $110,000

T-16 $110,000

West Auriga $562,000

West Vela $525,000

Contracted Option Period Early Termination Fee

4Q 1Q

2017 2018

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

2020

1Q

2019

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

7(1) During October a notice of Force Majeure was received from Tullow Ghana Limited. The Company has disputed Tullow's claim for Force Majeure and has

commenced litigation proceedings

(1)

Assets & Contracts

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Volume: West Vencedor contract

commencement

Utilization: Improved uptime for

the West Auriga and West Vela,

partially offset by downtime on the

West Polaris

Idle units: Full quarter of idle time

on the West Leo

Adj. EBITDA: West Leo idle time and

West Capella offset by West Capella

termination fee received in the 1st

quarter

Costs: Lower G&A and reduced

opex on the West Leo while idle

Revenue

Adjusted EBITDA(1)

Sequential Variance Analysis

(1) Adjusted EBITDA has been defined in the Appendix

200

220

240

260

280

300

320

340

360

380

400

4Q16 Volume Dayrate Utilization Idle units 1Q17

120

140

160

180

200

220

240

260

280

300

320

4Q16 Volume Dayrate Utilization Idle units Costs 1Q17

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Unaudited accounts in USD millions 1Q17 4Q16

Net operating income 173.4 164.8

Financial items

Interest income 3.2 3.2

Interest expense (42.4) (45.4)

(Loss) / gain on derivative financial instruments (6.2) 74.3

Currency exchange (loss) / gain (0.2) 2.1

Other financial items (0.5) -

Total financial items (46.1) 34.2

Income before income taxes 127.3 199.0

Income taxes (20.4) 8.5

Net income 106.9 207.5

Net income attributable to non-controlling interests 50.1 105.6

Net income attributable to Seadrill Partners LLC Members 56.8 101.9

Income Statement – Net Income

Unaudited accounts in USD millions 1Q17 4Q16

Total current assets 1,258.3 1,214.2

Total non-current assets 5,502.3 5,566.5

Total assets 6,760.6 6,780.7

Total current liabilities 838.4 665.4

Total non-current liabilities 3,294.5 3,579.5

Total liabilities 4,132.9 4,244.9

Total equity 2,627.7 2,535.8

Total liabilities and equity 6,760.6 6,780.7

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Balance Sheet Main Movements

Insulation

Removal of Seadrill Limited as guarantor on SDLP credit facilities

Separate SDLP credit facilities from Seadrill Limited

Refinancing

Extend maturity of bank facilities by 2.5 years

Contingency planning

Seadrill Limited Restructuring – Considerations

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Second quarter 2017 adjusted EBITDA(1) expected to be around $165

million:

West Aquarius commencing new contract on lower dayrate

Lower recognition of termination fees relating to the West Capella

A full quarter of operations for the West Vencedor

Outlook

(1) Adjusted EBITDA has been defined in the Appendix

Q&A

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* Adjusted EBITDA refers to earnings before interest, other financial items, taxes, non-controlling interest, depreciation and

amortization and including deferred consideration payable to Seadrill Partners. Additionally, in any given period the

Company may have significant, unusual or non-recurring items which it may exclude from its Non US Generally Accepted

Accounting Principles ("US GAAP") earnings for that period.

Reconciliation of Operating income to Adjusted EBITDA

Unaudited in USD millions 1Q17

Operating income 173.4

Depreciation and amortisation 67.0

Revaluation of contingent consideration (21.3)

EBITDA 219.1

Amortization of mobilization revenue (4.3)

Amortization of favourable contracts 17.5

Standby revenue receivable 0.8

Mobilization revenue receivable 5.0

Termination fees recognised in income (34.2)

Termination fees received 62.8

Deferred consideration payable (5.4)

Adjusted EBITDA 261.3

Appendix – Non-GAAP Financial Measures

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