Seadrill Partners LLC

Announces First Quarter 2015 Results

Highlights

• Seadrill Partners reports net income attributable to Seadrill Partners LLC Members for the first quarter 2015 of $38.2 million and operating income of $190.7 million.

• Generated distributable cash flow of $82.0 million with a coverage ratio of 1.48x for the first quarter 2015.

• Declared a $0.5675 per unit distribution for the first quarter, in line with the fourth quarter distribution.

• Economic utilization for the first quarter of 93%.

• Seadrill Partners swaps the contracts for the West Capricorn and West Sirius, both contracted with BP Exploration & Production Inc., and thereby extends the contract term on the West Capricorn for an additional two years until July 2019 with BP Exploration & Production Inc.

• Seadrill Partners receives a notice of termination for the West Sirius from BP Exploration & Production Inc.  In accordance with the cancellation provisions in the West Sirius contract, Seadrill Partners will receive payments over the remaining contract term, now expiring in July 2017.

Subsequent Events

• The Board is pleased to announce that John T. Roche will replace Rune Magnus Lundetrae as Chief Financial Officer of Seadrill Partners with effect from June 1, 2015.  Mr. Roche is currently Vice President of Investor Relations for Seadrill and will continue with this responsibility on a part time basis.  Prior to joining Seadrill in May 2013 Mr. Roche spent 12 years at Morgan Stanley most recently as an Executive Director in its Investment Banking Division.

Financial Results Overview

Seadrill Partners LLC reports:

Total contract revenues were $385.9 million for the first quarter 2015 (the "first quarter") compared to $369.1 million in the fourth quarter of 2014 (the "fourth quarter").  The increase in revenues is primarily driven by a full quarter of operations on the West Vela and improved uptime on the West Aquarius.

Operating income for the quarter was $190.7 million compared to $168.9 million in the preceding quarter. The increase is largely as a result of operational improvements described above and a full quarter of operation of the West Vela.

Net income for the quarter was $70.9 million compared to $70.1 million in the previous quarter. This is after the recognition of the loss on derivative instruments of $51.9 million in the first quarter as compared to a loss of $48.4 million for the fourth quarter as a result of a decrease in long term interest rates in the first quarter. The unrealized non-cash element of these amounts is a $38.9 million loss in the first quarter and a $36.6 million loss for the fourth quarter.