Hamilton, Bermuda, October 18, 2012 - Seadrill Partners LLC (NYSE: SDLP) ("Seadrill Partners") today announced that it priced its initial public offering of 8,750,000 common units at a price of $22.00 per unit. Seadrill Partners has granted the underwriters a 30-day over-allotment option to purchase up to 1,312,500 additional common units, at the same price per unit, to cover over-allotments, if any.  The common units being offered to the public are expected to begin trading on October 19, 2012, on the New York Stock Exchange under the symbol "SDLP."  The offering is expected to close on or about October 24, 2012, subject to customary closing conditions.

Following completion of the offering, Seadrill Limited ("Seadrill") will own 16,065,025 common units and all of the subordinated units of Seadrill Partners, representing a 78.8% limited liability company interest in Seadrill Partners. If the underwriters' over-allotment option is exercised in full, Seadrill will own 14,752,525 common units and all of the subordinated units, representing a 75.7% limited liability company interest in Seadrill Partners.

Seadrill Partners intends to use the net proceeds from the offering, which are estimated to be approximately $175.5 million, after deducting estimated underwriting discounts and commissions, structuring fees and estimated offering expenses, as consideration for the acquisition of its interest in Seadrill Operating LP and Seadrill Capricorn Holdings LLC. 

Citigroup, Morgan Stanley and Wells Fargo Securities are acting as the joint book-running managers in the transaction. The offering of the common units will be made only by means of a prospectus. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the offices of:

Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717., Email:, Telephone: 800-831-9146

Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, Email:, Telephone: 866-718-1649

Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, NY 10152, Email:, Telephone: 800-326-5897.

A registration statement relating to Seadrill Partners common units has been filed with and declared effective by the U.S. Securities and Exchange Commission (SEC).  The registration statement is available on the SEC's website at

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common units described above, nor will there be any sales of these common units in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The statements in this news release that are not historical facts may be forward-looking statements. Such forward looking statements, including the expected closing date and the expected net proceeds from the offering, based upon the current beliefs and expectations of Seadrill Partners' management, are subject to risks and uncertainties which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. Seadrill Partners does not assume any obligation to update the information contained in this news release.

Media contact

Rune Magnus Lundetræ
Chief Financial Officer
Seadrill Management AS
+47 51 30 91 26

Analyst contact
Ragnvald Kavli
Investor Relations Manager
Seadrill Management AS
+47 51 30 96 27

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.