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2016-02-25

Seadrill Partners LLC: SDLP - Seadrill Partners LLC Announces Fourth Quarter 2015 Results

Highlights

* Operating revenue of $467.2 million

* Adjusted EBITDA of $308.8 million

* Cash and cash equivalents of $319.0 million

* Distribution per unit of $0.25 with a coverage ratio of 5.26x

* Economic utilization of 99%

* Orderbacklog of $4.3 billion and average contract duration of 2.5 years as
of February 24th

Financial Results Overview

Total operating revenues for the fourth quarter were $467.2 million, compared
to $456.5 million in the third quarter of 2015. The increase in revenues is
primarily related to the dayrate increase on the West Aquarius which started
in October and performance related bonuses achieved, partially offset by the
dayrate reduction on the T-15 and T-16 and a decrease in reimbursable
revenues.

Total operating expenses for the fourth quarter were $229.1 million, compared
to $247.1 million in the previous quarter. The decrease is primarily due to
lower stacking costs for the West Sirius which are currently running at
approximately $10k per day and lower reimbursable expenses. General and
administrative expenses increased from 10.6 million to $16.2 million
reflecting redundancy costs and implementation costs of other cost savings
measures.

The net result of the above is that operating income for the quarter was
$238.1 million compared to $209.4 million in the preceding quarter.

Financial and other items comprised an expense of $43.7 million for the fourth
quarter compared to an expense of $125.4 million in the third quarter
primarily due to a non-cash gain on mark-to-market valuation of derivatives
of $31.9 million, as compared to a loss of $56.1 million in the third
quarter.

Net income before tax was $194.4 million for the fourth quarter compared to
$84.0 million in the third quarter.

Income taxes for the fourth quarter were $4.8 million compared to $48.6
million in the third quarter. The decrease is primarily due to the
recognition of a deferred tax liability in the preceding quarter related to a
change in Nigerian tax law.

Net income attributable to Seadrill Partners LLC Members was $96.2 million for
the fourth quarter compared to $21.5 million for the previous quarter.

Distributable cash flow was $98.9 million for Seadrill Partners' fourth
quarter as compared to $85.4 million for the third quartergiving a coverage
ratio of 5.26x for the fourth quarter.

Distribution declared for the period was $0.25 per unit, equivalent to an
annual distribution of $1.00.

Seadrill Partners 4Q 2015 Results
http://hugin.info/155503/R/1989418/730654.pdf
Seadrill Partners 4Q 2015 Fleet Status
http://hugin.info/155503/R/1989418/730653.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seadrill Partners LLC via Globenewswire

HUG#1989418

Författare WKR

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