SDLP Seadrill Partners LLC

Seadrill Partners LLC ("Seadrill Partners" or the "Company") (NYSE: SDLP) announced today that its previously announced public offering (the "Offering") of 11,200,000 common units representing liability company interests at a price of $29.50 per common unit has closed. In addition, the underwriters exercised in full their option to purchase an additional 1,680,000 common units.  The total number of common units sold in the Offering was therefore 12,880,000.  Concurrently with the closing of the Offering, Seadrill Limited ("Seadrill") purchased directly from the Company 3,394,916 common units at a price of $29.50 per unit. 

The Company intends to use the net proceeds from the Offering and private placement to Seadrill to fund its portion of the cash purchase price in connection with the previously announced proposed acquisitions by Seadrill Operating LP and Seadrill Capricorn Holdings LLC of the semi-submersible drilling rigs, the West Leo and the West Sirius, respectively (the "Acquisitions"). 

Seadrill Partners was formed by Seadrill to own, operate and acquire offshore drilling rigs under long-term contracts. Its current fleet consists of two semi-submersible rigs (the West Capricorn and the West Aquarius), one drillship (the West Capella), two tender rigs (the T-15 and the T-16), and one semi-tender (the West Vencedor).

Citigroup, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and RBC Capital Markets acted as the joint bookrunning managers, and DNB Markets, Fearnley Securities and Global Hunter Securities acted as co-managers, in connection with the Offering.

Copies of the prospectus supplement and accompanying base prospectus related to the Offering may be obtained from the offices of: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 800-831-9146, Email: BATProspectusdept@citi.com; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or Email dg.prospectus_requests@baml.com; Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 866-471-2526, Facsimile: 212-902-9316, Email: prospectus-ny@ny.email.gs.com; Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014;  Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, Telephone: 800-326-5897, Email: cmclientsupport@wellsfargo.com; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, Telephone: 800-503-4611, Email: prospectus.cpdg@db.com, or RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Telephone: 877-822-4089.

Seadrill Partners (NYSE:SDLP)
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