- Seadrill Partners reported net income of $22.1 million for Q2 2013 and generated distributable cash flow of $15.8 million. - They completed the acquisition of tender rig T-15 from Seadrill Limited for $210 million. - Seadrill Partners has opportunities for further growth through potential dropdowns of additional rigs from Seadrill's fleet of $15.4 billion in contracted backlog.

1. Seadrill Partners LLC
Conference Call – Second Quarter 2013 Results
August 28, 2013

2. 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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3. Agenda
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• Highlights 2Q 2013
• Market Outlook
• Growth Opportunities
• Financial Overview
• Q&A session

4. • 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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5. Market Outlook
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6. Production Growth to Come From Deepwater
Source: EIA, ODS Petrodata 6

7. UDW Replacing Aging Deepwater Fleet
~16% of the Ultra-Deepwater Fleet is Operating in Ultra-Deepwater
7Source: ODS Petrodata

8. Seadrill Partners Fleet & Potential Dropdowns
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9. 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)

10. Dropdown Candidates
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11. 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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12. Financial Performance Highlights
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13. 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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14. 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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15. 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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16. 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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17. 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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18. • 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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