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2015-03-30

Seadrill Partners LLC: SDLP - Seadrill Partners LLC receives notice of termination for the West Sirius contract and extends the West Capricorn contract

London, United Kingdom, March 30, 2015
- Seadrill Partners LLC (NYSE: SDLP) ("Seadrill Partners") has received a
notice of termination from BP Exploration&Production Inc. ("BP") for the
contract for the West Sirius which will be effective after having completed
the current well and demobilization, which Seadrill Partners estimates to be
by early May 2015.

Prior to the cancellation notice, the dayrate and term for the West Sirius and
West Capricorn contracts were swapped. The West Sirius dayrate was decreased
by $40,000 per day and the term was decreased by two years to expire in July
2017 while the dayrate for the West Capricorn was increased by $40,000 per
day and the term was extended by two years to expire in July 2019. Amortized
payments for the West Capricorn such as mobilization and upgrades will
continue on the original schedule ending in July 2017. 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.

As a result of the termination, Seadrill Partners' backlog will decrease by
approximately $160 million. After taking into consideration the expected
decrease in operational expense while the unit is cold stacked, and the fact
that termination fee payments will not be impacted by downtime, Seadrill
Partners does not expect a material impact on its cash flow position over the
contract period through July 2017.

FORWARD LOOKING STATEMENTS

This news release 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 units in the Company'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 offshore drilling market
conditions including supply and demand, dayrates, customer drilling programs
and effects of new rigs on the market, contract awards and rig mobilizations,
contract backlog, the performance of the drilling units in the Company's
fleet, delay in payment or disputes with customers, 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, 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.

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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

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