Seadrill Partners LLCFourth quarter 2016 ResultsFebruary 28, 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 4Q 2016

2) Market Commentary & Financial Performance Overview

3) Summary & Q&A

Q4 Highlights

Revenue of $353 million

Adjusted EBITDA(1) of $210 million

Economic utilization of 94%

Distribution maintained at $0.10 per common unit

New contract

West Aquarius secured a two well contract

Backlog of ~$14 million.

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

Backlog & Utilization

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94% economic utilization*

Current order backlog of $2.2bn

Average contract term of 1.8 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.

99 9995 94

70

75

80

85

90

95

100

Q1 16 Q2 16 Q3 16 Q4 16

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 Capella $62.8 milion

West Vencedor $115k $115,000

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

West Sirius $297,000

West Polaris $450,000

West Leo

T-15 $110,000

West Capricorn $316,000

T-16 $110,000

West Auriga $562,000

West Vela $525,000

Contracted Option Period Early Termination Fee

4Q 1Q

2017 2018

1Q 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

(2) During July 2016, an agreement was reached to remain on an extended standby rate with expected recommencement of work in late 2017 at the full operating rate

(2)

(1)

Assets & Contracts

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Dayrate: Force Majeure rate on

the West Leo for 2 months in the

quarter

Utilization: West Auriga

downtime, partially offset by

improved uptime on the West Vela

and West Polaris

Idle units: West Leo termination

and full quarter of idle time on the

West Vencedor

Adj. EBITDA: No West Capella

termination fee received in the 3rd

quarter

Costs: Higher G&A reflecting

severance costs and IT spend,

partially offset by lower opex on

the West Vencedor while idle

Revenue

Adjusted EBITDA(1)

200

220

240

260

280

300

320

340

360

380

400

3Q16 Volume Dayrate Utilization Idle units Other 4Q16

120

140

160

180

200

220

240

260

280

300

320

3Q16 Volume Dayrate Utilization Idle units Costs Other 4Q16

Sequential Variance Analysis

(1) Adjusted EBITDA has been defined in the Appendix

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Unaudited accounts in USD millions 4Q16 3Q16

Net operating income 164.8 204.0

Financial items

Interest income 3.2 2.8

Interest expense (45.4) (44.3)

Gain / (loss) on derivative financial instruments 74.3 5.7

Currency exchange gain / (loss) 2.1 (1.5)

Total financial items 34.2 (37.3)

Income before income taxes 199.0 166.7

Income taxes 8.5 (13.9)

Net income 207.5 152.8

Net income attributable to non-controlling interests 105.6 69.6

Net income attributable to Seadrill Partners LLC Members 101.9 83.2

Income Statement – Net Income

Unaudited accounts in USD millions 4Q16 3Q16

Total current assets 1,214.2 1,217.7

Total non-current assets 5,566.5 5,646.7

Total assets 6,780.7 6,864.4

Total current liabilities 665.4 782.0

Total non-current liabilities 3,579.5 3,739.2

Total liabilities 4,244.9 4,521.2

Total equity 2,535.8 2,343.2

Total liabilities and equity 6,780.7 6,864.4

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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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First quarter 2017 adjusted EBITDA(1) expected to be around $245 million:

Receipt of the final $62.8 million West Capella termination payment

Improved operations on the West Auriga

West Vencedor commencing operations

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 4Q16

Operating income 164.8

Depreciation and amortisation 67.2

EBITDA 232.0

Amortization of mobilization revenue (5.2)

Amortization of favourable contracts 17.6

Standby revenue receivable 0.8

Mobilization revenue receivable 5.1

Termination fees recognised in income (34.6)

Termination fees received -

Deferred consideration payable (5.3)

Adjusted EBITDA 210.4

Appendix – Non-GAAP Financial Measures

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