Seadrill Partners to Reduce Quarterly Cash Distributions to $0.25/Unit from $0.5675/Unit

Seadrill Partners LLC

announced today that following the completion of its annual budgeting and forecast cycle it has approved a plan to reduce the quarterly distribution to $0.25 per unit to its common unitholders, down from the current quarterly level of $0.5675.  The revised distribution level will take effect in February 2016 upon payment of the fourth quarter 2015 distribution. The decision to reduce the distribution reflects the continuing challenges in the offshore drilling market.  The revised distribution level will provide significant flexibility to manage our medium term obligations and reduce leverage. This move is expected increase liquidity by over $250 million per year, including the reduction in distributions to non-controlling interests, and the Company expects to continue to set aside cash reserves for maintenance and replacement capex of approximately $200 million per year. The Company's underlying business remains strong with long term contracts, efficient operations and creditworthy customers.  While the market remains challenging, the Company believes its modern fleet is well positioned for a recovery and we continue to seek new contracting opportunities.  FORWARD LOOKING STATEMENTS This news release includes forward looking statements.