Exhibit 4.7





REVOLVING LOAN AGREEMENT

dated as of October 24, 2012

between

Seadrill Operating LP and

Seadrill Capricorn Holdings LLC

as Borrowers

and

Seadrill Limited

as Lender







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TABLE OF CONTENTS



|             |  |  |  |                                                        |  |  |    | 
|------------ |  |  |  | ------------------------------------------------------ |  |  | -- | 
|ARTICLE I    |  |  |  | DEFINITIONS; CONSTRUCTION                              |  |  | 3  | 
|             |  |  | 
|Section 1.1  |  |  |  | Definitions                                            |  |  | 3  | 
|             |  |  | 
|Section 1.2  |  |  |  | Other Definitional Provisions                          |  |  | 7  | 
|             |  |  | 
|Section 1.3  |  |  |  | Accounting Terms and Principles                        |  |  | 8  | 
|             |  |  | 
|ARTICLE II   |  |  |  | AMOUNT AND TERMS OF THE LOANS                          |  |  | 8  | 
|             |  |  | 
|Section 2.1  |  |  |  | Loan Commitment                                        |  |  | 8  | 
|             |  |  | 
|Section 2.2  |  |  |  | Borrowing Procedure                                    |  |  | 8  | 
|             |  |  | 
|Section 2.3  |  |  |  | Optional Reduction and Termination of Loan Commitment  |  |  | 8  | 
|             |  |  | 
|Section 2.4  |  |  |  | Repayment of Loans                                     |  |  | 9  | 
|             |  |  | 
|Section 2.5  |  |  |  | Prepayment                                             |  |  | 9  | 
|             |  |  | 
|Section 2.6  |  |  |  | Interest on Loans                                      |  |  | 9  | 
|             |  |  | 
|Section 2.7  |  |  |  | Computation of Interest                                |  |  | 9  | 
|             |  |  | 
|Section 2.8  |  |  |  | Fees                                                   |  |  | 9  | 
|             |  |  | 
|Section 2.9  |  |  |  | Evidence of Debt                                       |  |  | 10 | 
|             |  |  | 
|Section 2.10 |  |  |  | Payments Generally                                     |  |  | 10 | 
|             |  |  | 
|Section 2.11 |  |  |  | Taxes                                                  |  |  | 10 | 
|             |  |  | 
|Section 2.12 |  |  |  | Illegality                                             |  |  | 10 | 
|             |  |  | 
|Section 2.13 |  |  |  | No Joint and Several Liability                         |  |  | 10 | 
|             |  |  | 
|ARTICLE III  |  |  |  | CONDITIONS PRECEDENT TO LOANS                          |  |  | 11 | 
|             |  |  | 
|Section 3.1  |  |  |  | Conditions to Effectiveness                            |  |  | 11 | 
|             |  |  | 
|Section 3.2  |  |  |  | Conditions to Making of each Loan                      |  |  | 11 | 
|             |  |  | 
|ARTICLE IV   |  |  |  | REPRESENTATIONS AND WARRANTIES                         |  |  | 12 | 
|             |  |  | 
|Section 4.1  |  |  |  | Corporate Existence; Compliance with Law               |  |  | 12 | 
|             |  |  | 
|Section 4.2  |  |  |  | Power; Authorization; Enforceable Obligations          |  |  | 12 | 
|             |  |  | 
|Section 4.3  |  |  |  | No Legal Bar                                           |  |  | 12 | 
|             |  |  | 
|Section 4.4  |  |  |  | No Material Litigation                                 |  |  | 13 | 
|             |  |  | 
|Section 4.5  |  |  |  | No Default                                             |  |  | 13 | 
|             |  |  | 
|Section 4.6  |  |  |  | Use of Proceeds                                        |  |  | 13 | 
|             |  |  | 
|ARTICLE V    |  |  |  | COVENANTS                                              |  |  | 13 | 
|             |  |  | 
|Section 5.1  |  |  |  | Delivery of Financial Information                      |  |  | 13 | 
|             |  |  | 
|Section 5.2  |  |  |  | Notice of Default                                      |  |  | 13 | 
|             |  |  | 
|Section 5.3  |  |  |  | Conduct of Business and Maintenance of Existence, etc. |  |  | 13 | 



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|            |  |  |  |                           |  |  |    | 
|----------- |  |  |  | ------------------------- |  |  | -- | 
|            |  |  | 
|ARTICLE VI  |  |  |  | EVENTS OF DEFAULT         |  |  | 13 | 
|            |  |  | 
|Section 6.1 |  |  |  | Events of Default         |  |  | 13 | 
|            |  |  | 
|ARTICLE VII |  |  |  | MISCELLANEOUS             |  |  | 15 | 
|            |  |  | 
|Section 7.1 |  |  |  | Notices                   |  |  | 15 | 
|            |  |  | 
|Section 7.2 |  |  |  | Waiver; Amendments        |  |  | 16 | 
|            |  |  | 
|Section 7.3 |  |  |  | Expenses; Indemnification |  |  | 16 | 
|            |  |  | 
|Section 7.4 |  |  |  | Successors and Assigns    |  |  | 17 | 
|            |  |  | 
|Section 7.5 |  |  |  | Governing Law             |  |  | 17 | 
|            |  |  | 
|Section 7.6 |  |  |  | Counterparts; Integration |  |  | 18 | 
|            |  |  | 
|Section 7.7 |  |  |  | Survival                  |  |  | 18 | 
|            |  |  | 
|Section 7.8 |  |  |  | Severability              |  |  | 18 | 



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REVOLVING LOAN AGREEMENT

THIS REVOLVING LOAN AGREEMENT (this Agreement) is made and entered into as of October 24, 2012 by and
among Seadrill Limited, a Bermuda company (the Lender) and Seadrill Operating LP, a Marshall Islands limited partnership (Seadrill Operating), and Seadrill Capricorn Holdings LLC, a Marshall Islands limited
liability company (Seadrill Capricorn together with Operating, the Borrowers, and each, a Borrower).

W I T N E S S E T H:

WHEREAS, the Borrowers have requested
that the Lender make loans to the Borrowers in an aggregate principal amount of up to $300,000,000; and

WHEREAS,
subject to the terms and conditions of this Agreement, the Lender is willing to make the requested loans to the Borrowers.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrowers and the Lender agree as
follows:

ARTICLE I

DEFINITIONS; CONSTRUCTION

Section 1.1
Definitions. The following terms used herein shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

Agreement shall have the meaning assigned to such term in the opening paragraph of this Agreement.

Applicable Margin shall mean 5% per annum.

Availability Period shall mean the period from and including the Closing Date to but excluding the earlier of the
Maturity Date and the date of termination of the Loan Commitment.

Borrower Sublimit shall mean
(a) with respect to Seadrill Operating, $250,000,000, and (b) with respect to Seadrill Capricorn, $150,000,000.

Borrower Affiliate shall mean each Borrower and each Subsidiary thereof.

Borrowers shall have the meaning assigned to such term in the opening paragraph of this Agreement.

Business Day shall mean a day other than a Saturday, Sunday or other day on which commercial banks in London are
authorized or required by law to close.

Capital Lease Obligations shall mean, with respect to any Person,
the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the



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right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP; and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

Closing Date shall have the meaning assigned to such term in Section 3.1.

Code shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

Commitment Fee shall have the meaning assigned to such term in Section 2.8.

Default means any of the events specified in Article VI, whether or not any requirement for the giving of
notice, the lapse of time, or both, has been satisfied.

Default Interest shall have the meaning set forth
in Section 2.6(b).

Default Interest Rate shall mean the Loan Interest Rate, plus an additional
2% per annum.

Dollars and $ shall mean the lawful currency of the United States of
America.

Event of Default shall mean any of the events specified in Article VI, provided that any
requirement for the giving of notice, the lapse of time, or both, has been satisfied.

Excluded Taxes shall
mean, with respect to the Lender, taxes imposed on or measured by its overall net income, franchise taxes, and any branch profits or similar tax imposed on it by any jurisdiction.

GAAP shall mean United States generally accepted accounting principles applied on a consistent basis.

Governmental Authority shall mean any nation or government, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

Guarantee Obligation shall mean as to any Person (the guaranteeing person), any obligation of
(a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit), if to induce the creation of such obligation of such other Person the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the primary obligations) of any other third Person (the primary
obligor) in any manner, whether directly or indirectly; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of
any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is



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made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation
and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing persons maximum reasonably anticipated liability in
respect thereof as determined by each Borrower in good faith.

Hedge Agreements shall mean all interest
rate or currency swaps, caps or collar agreements, foreign exchange agreements, commodity contracts or similar arrangements entered into by each Borrower or its Subsidiaries providing for protection against fluctuations in interest rates, currency
exchange rates, commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies.

Indebtedness shall mean of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the
deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Persons business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments,
(d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property or assets), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under
acceptance, letter of credit or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any equity interests of such Person, (h) all Guarantee Obligations
of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for
which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or
become liable for the payment of such obligation and (j) all obligations of such Person in respect of Hedge Agreements.

Interest Period shall mean, with respect to each Loan, (a) initially, the period commencing on the borrowing date
with respect to such Loan and ending three months thereafter; and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period applicable to such Eurodollar Rate Loan and ending three months thereafter;
provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: (i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; (ii) any Interest Period
that would otherwise extend beyond the date final payment is due on the Loans, shall end on such due date, as applicable; and (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period.



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IPO means the initial public offering of equity interests in Seadrill
Partners LLC, the entity that is the owner of equity interests in the Borrowers.

Lender shall have the
meaning assigned to such term in the opening paragraph of this Agreement.

Lender Indemnitee shall
mean Lender and each of the directors, officers, employees, agents, trustees, representatives, attorneys, consultants and advisors of or to Lender.

LIBOR shall mean, with respect to any Loan, the three (3) month LIBOR rate published in the Wall Street Journal two (2) Business Days before, as applicable, the initial or
each subsequent Interest Period applicable to such Loan.

Lien shall mean any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing).

Loan shall have the meaning set forth in Section 2.1.

Loan Commitment shall mean the obligation of the Lender to make Loans hereunder in an aggregate principal amount at
any time outstanding not exceeding $300,000,000.

Loan Documents shall mean, collectively, this Agreement
and each Notice of Borrowing.

Loan Interest Rate shall mean, with respect to any Loan, LIBOR applicable to
such Loan plus the Applicable Margin.

Material Adverse Effect shall mean a material adverse effect on
(a) the business, assets, liabilities, operations or condition (financial or otherwise) of each Borrower and its Subsidiaries taken as a whole, (b) the ability of each Borrower to perform its obligations under this Agreement or any other
Loan Document, or (c) the ability of the Lender to enforce this Agreement or any other Loan Document.

Maturity
Date shall mean October 24, 2017.

Notice of Borrowing shall have the meaning set forth in
Section 2.2.

Obligations shall mean, with respect to each Borrower, the unpaid principal of
and interest on (including, without limitation, interest accruing after the maturity of the Loans of the Borrower and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Lender, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Loan Document.



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Outstanding Amount shall mean with respect to Loans on any date, the
aggregate principal amount of Loans outstanding on such date after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date.

Payment Office shall mean the office of the Lender located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM08, Bermuda, or such other location as to which the Lender
shall have given written notice to each Borrower.

Person shall mean an individual, partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

Quarterly Payment Date means the last day of March, June, September and December.

Repayment Date means, with respect to a Loan, the date falling six (6) months after the date of borrowing (or
deemed borrowing) of such Loan or, if earlier, the Maturity Date.

Seadrill Capricorn shall have the
meaning assigned to such term in the opening paragraph of this Agreement.

Seadrill Operating shall
have the meaning assigned to such term in the opening paragraph of this Agreement.

Subsidiary shall
mean as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power
only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or
indirectly through one or more intermediaries, or both, by such Person.

Taxes shall mean all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto,
provided that Taxes shall not include Excluded Taxes.

Section 1.2 Other Definitional
Provisions.

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined
meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

(b) The words hereof, herein and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.



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(c) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

(d) The terms Lender shall include, without limitation, its successors.

Section 1.3 Accounting Terms and Principles. Except as set forth below, all accounting terms not
specifically defined herein shall be construed in conformity with GAAP and all accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in conformity with GAAP.

ARTICLE II

AMOUNT AND TERMS OF THE LOANS

Section 2.1 Loan Commitment.

(a) Subject to the terms and
conditions set forth herein, the Lender agrees to make revolving loans (each, a Loan and, collectively, the Loans) to each Borrower during the Availability Period in an aggregate principal amount at any time
outstanding not to exceed the Loan Commitment, provided that the aggregate principal amount of Loans at any time outstanding to a Borrower shall not exceed the Borrower Sublimit of such Borrower.

(b) During the Availability Period, each Borrower shall be entitled to borrow, prepay or repay, and reborrow the Loans in accordance with
the provisions hereof.

Section 2.2 Borrowing Procedure. Each Borrower shall give the Lender written notice
(or telephonic notice promptly confirmed in writing) of each borrowing to be made by such Borrower substantially in the form of Exhibit A (a Notice of Borrowing), each such Notice of Borrowing to be delivered prior to noon (London time)
three (3) Business Days before the requested date of each borrowing. Each Notice of Borrowing shall be irrevocable and shall specify: (i) the aggregate principal amount of such borrowing (which shall be in an aggregate principal amount no
less than $5,000,000 or any multiple of $1,000,000 in excess thereof) and (ii) the date of such borrowing (which shall be a Business Day).

Section 2.3 Optional Reduction and Termination of Loan Commitment.

(a) Upon three (3) Business Days written notice to the Lender signed by each Borrower, the Borrowers may terminate the Loan Commitment, or permanently reduce the Loan Commitment to an amount
not less than the then Outstanding Amount of all Loans, provided that each partial reduction of the Loan Commitment shall be in integral multiples of $1,000,000 or more.

(b) Each reduction of the Loan Commitment shall be accompanied by a reduction of the Borrower Sublimit of each Borrower in the proportion the Borrower Sublimit of such Borrower bears to the aggregate
Borrower Sublimits for both Borrowers.



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Section 2.4 Repayment of Loans.

(a) Each Loan shall be repaid in full on the Repayment Date applicable to it. If no repayment is made on the Repayment Date for a Loan
then such Loan shall be deemed to have been repaid by a further Loan in the same amount which shall be deemed to have been borrowed on the Repayment Date for the maturing Loan, and the interest rate for such further Loan shall be deemed to be reset
at the Loan Interest Rate determined as of such Repayment Date.

(b) For the avoidance of doubt, this Section 2.4only applies in respect of amounts due on Repayment Dates and not in respect of amounts due on the Maturity Date. On the Maturity Date, each Borrower shall repay any of its Loans then outstanding in full and shall additionally pay to the Lender
all other sums, if any, then owing or accrued by it under this Agreement.

Section 2.5 Prepayment. Upon
three (3) Business Days written notice from a Borrower to the Lender, such Borrower may voluntarily prepay in whole or in part its Loans without premium or penalty.

Section 2.6 Interest on Loans.

(a) Each Loan shall accrue
interest at the Loan Interest Rate applicable to such Loan.

(b) Each Borrower shall pay interest due and payable on its Loans
in arrears on each Quarterly Payment Date.

(c) While an Event of Default exists or after acceleration of the Loans in
accordance with Article VI, at the option of the Lender, interest on the unpaid principal amount of the Loans of each Borrower (and any unpaid interest with respect thereto) will accrue at the Default Interest Rate (the Default
Interest). All Default Interest will be payable by each Borrower upon demand by the Lender.

Section 2.7
Computation of Interest. All computations of interest shall be made by the Lender on the basis of a year of 360 days. Each determination by the Lender of an interest amount hereunder shall, except for manifest error, be final,
conclusive and binding for all purposes.

Section 2.8 Fees. The Borrowers shall pay to the Lender, quarterly
in arrears on each Quarterly Payment Date an unused commitment fee (the Commitment Fee) at the rate of 200 basis points per annum of the difference between (x) the Loan Commitment and



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(y) the average daily Outstanding Amount of all Loans during the immediately preceding calendar quarter (or other applicable shorter period). Each Borrower shall pay fifty percent (50%) of
the Commitment Fee.

Section 2.9 Evidence of Debt. The Loans made by the Lender shall be evidenced by one or
more accounts or records maintained by the Lender in the ordinary course of business. The accounts or records maintained by the Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lender to each Borrower and the
interest and payments thereon. Any failure so to record or any error in doing so shall not, however, limit or otherwise affect the obligation of each Borrower hereunder to pay any amount owing with respect to such Borrowers Loans.

Section 2.10 Payments Generally. (a) All payments by the Borrowers to the Lender hereunder shall be made to the
Lender at the Payment Office in immediately available funds without setoff or counterclaim. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day,
and, in the case of the payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars.

(a) If on the Maturity Date, insufficient funds are received by and available to the Lender to pay fully all amounts of principal and
interest due hereunder, such funds shall be applied (i) first, towards payment of interest, and (ii) second, towards payment of principal due hereunder.

Section 2.11 Taxes. Any and all payments by any Borrower under each Loan Document shall be made free and clear of and without deduction for any and all present or future Taxes. If any
Taxes shall be required by law to be deducted from or in respect of any sum payable under any Loan Document to the Lender, then the Lender shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with applicable law and the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings of Taxes applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made.

Section 2.12 Illegality. Notwithstanding any other provision of this Agreement, if the Lender determines that it is
unlawful for the Lender to make Loans or to continue to fund or maintain Loans, then, on notice thereof and demand therefor by the Lender to each Borrower, (i) the obligation of the Lender to make or to continue Loans shall be suspended, and
(ii) if Loans are then outstanding, each Borrower shall immediately prepay such Loans.

Section 2.13 No Joint
and Several Liability. For the avoidance of doubt, the liability of each Borrower under this Agreement is several and not joint and each Borrower shall be liable only for its Obligations (and not those of the other Borrower) under this
Agreement.



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ARTICLE III

CONDITIONS PRECEDENT TO LOANS

Section 3.1 Conditions to
Effectiveness. This Agreement shall not become effective until the date (such date, the Closing Date) on which each of the following conditions is satisfied (or waived in accordance with Section 7.2):

(a) The Lender shall have received a counterpart of this Agreement signed by or on behalf of each Borrower.

(b) No Default or Event of Default shall exist on the Closing Date.

(c) All representations and warranties of each Borrower set forth in the Loan Documents shall be true and correct in all material respects
on and as of the Closing Date.

(d) The closing of the IPO shall have occurred.

Section 3.2 Conditions to Making of each Loan. The obligations hereunder of the Lender to make each Loan are subject to
the satisfaction (or waiver in accordance with Section 7.2) of the following conditions as of the date each Loan is made:

(a) The Lender shall have received a signed Notice of Borrowing from the Borrower requesting the making of a Loan on the date specified
therein (which shall be no later than the last day of the Availability Period).

(b) At the time of and immediately after
giving effect to the making of the requested Loan, (i) the Outstanding Amount of the Loans of such Borrower shall not be in excess of its applicable Borrower Sublimit, and (ii) the aggregate Outstanding Amount of all Loans shall not be in
excess of the Loan Commitment.

(c) At the time of and immediately after giving effect to the making of the requested Loan, no
Default or Event of Default shall exist.

(d) At the time of and immediately after giving effect to the requested Loan, all
representations and warranties of such Borrower set forth in the Loan Documents shall be true and correct in all material respects on and as of such date.

(e) The conditions referred to in Clause 3.1 shall previously have been satisfied.



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ARTICLE IV

REPRESENTATIONS AND WARRANTIES

To induce the Lender to enter into this
Agreement and to make each Loan, each Borrower hereby represents and warrants to the Lender for itself that:

Section 4.1 Corporate Existence; Compliance with Law. Such Borrower and each of its Subsidiaries (a) is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the limited partnership, limited liability company, corporate or other power and authority, and the legal right, to own and operate
its property and assets, to lease the property and assets it operates as lessee and to conduct the business in which it is currently engaged, and (c) is in compliance with all requirements of applicable law except, to the extent that the
failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 4.2 Power; Authorization; Enforceable Obligations.

(a) Such Borrower has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party
and to borrow hereunder. Such Borrower has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, to authorize the borrowings on the terms and conditions of this Agreement.

(b) No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any
other Person is required to be obtained by such Borrower in connection with (i) the borrowings hereunder, (ii) the execution, delivery, validity or enforceability of this Agreement or any of the other Loan Documents, or (iii) the
performance of this Agreement or any of the other Loan Documents, except, in each case, for routine consents, authorizations, filings and notices required to be made in the ordinary course of business.

(c) This Agreement has been, and, upon execution, each Loan Document shall have been, duly executed and delivered on behalf of such
Borrower.

(d) This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and
binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

Section 4.3 No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents by such Borrower, the borrowings hereunder and the use of the proceeds
thereof will not violate any applicable law or any material agreement of such Borrower and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any requirement of applicable law or
any such agreement.



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Section 4.4 No Material Litigation. No litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of such Borrower, threatened by or against such Borrower or any Borrower Affiliate of such Borrower, or against any of its or their respective
properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect.

Section 4.5 No Default. No Default or Event of Default has occurred and is continuing.

Section 4.6 Use of Proceeds. The proceeds of each Loan shall be used solely for general corporate purposes which may
include the funding of distributions.

ARTICLE V

COVENANTS

Section 5.1 Delivery of Financial
Information. Each Borrower will deliver to the Lender such financial or other information in respect of its business and financial status as the Lender may reasonably require including, but not limited to, copies of its unaudited quarterly
and annual financial statements.

Section 5.2 Notice of Default. Each Borrower shall promptly give notice to
the Lender of the occurrence of any Default or Event of Default within five (5) Business Days after such Borrower knows or has reason to know thereof.

Section 5.3 Conduct of Business and Maintenance of Existence, etc. Each Borrower will (a) (i) preserve, renew and keep in full force and effect its corporate or other
existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (b) comply with all agreements and requirements of applicable law, except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

ARTICLE VI

EVENTS OF DEFAULT

Section 6.1 Events of Default. If
any of the following events shall occur and be continuing:

(a) Any Borrower shall fail to pay the principal of its Loans on
the date when due (including the Maturity Date) in accordance with the terms hereof; or any Borrower shall fail to pay any interest on its Loans, or any other amount payable hereunder or under any other Loan Document, within three (3) Business
Days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or



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(b) Any representation or warranty made or deemed made by any Borrower herein or in any
other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any
material respect on or as of the date made or deemed made or furnished; or

(c) Any Borrower Party shall default in the
observance or performance of any agreement contained in this Agreement to be performed by it (other than as provided in clause (a) of this Section 6.1), and such default shall continue unremedied for a period of 30 days after the
earlier of (i) the date on which an officer of any Borrower becomes aware of such failure and (ii) the date on which written notice thereof shall have been given to any Borrower by the Lender; or

(d) (i) Any Borrower or any Borrower Affiliate shall fail to make any payment on any Indebtedness (other than the Obligations) of such
Borrower or any such Borrower Affiliate or on any Guarantee Obligation in respect of Indebtedness of any other Person, and, in each case, such failure relates to Indebtedness having a principal amount of $25,000,000 or more, when the same becomes
due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and the effect of such failure is to accelerate the maturity of such Indebtedness, (ii) any other event shall occur or condition shall exist
under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate the maturity of such Indebtedness, (iii) any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Indebtedness, if the effect of such event or condition is to permit the acceleration of the maturity of such Indebtedness or (iv) any such Indebtedness shall become or be declared to be due and payable, or be
required to be prepaid or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or

(e) (i) Any Borrower shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Borrower shall make
a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Borrower any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an
order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against any Borrower any case, proceeding or other action
seeking issuance of a warrant of attachment, execution,



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distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within sixty (60) days from the entry thereof; or (iv) any Borrower shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause
(i), (ii), or (iii) above; or (v) any Borrower shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due;

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (e) above,
(i) the Loan Commitment shall terminate immediately and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such event
is any other Event of Default, the Lender may, by notice to each Borrower, terminate the Loan Commitment, whereupon the Loan Commitment shall terminate immediately, and declare the Loans (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable.

ARTICLE VII

MISCELLANEOUS

Section 7.1 Notices.

(a) Addresses for Notices. All notices, demands, requests, consents and other communications provided for in this Agreement shall be given in writing, and addressed to the party to be
notified as follows:



|                  |  |                                                                                                                                                                                                                                                                   
|----------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|To the Borrowers: |  | Seadrill Operating LP 13th
Floor, One American Square 17 Crosswall
London EC3N 2LB United Kingdom
Attn: Mr. Graham Robjohns 
Seadrill Capricorn Holdings LLC 13th Floor, One
American Square 17 Crosswall London
EC3N 2LB United Kingdom
Attn: Mr. Graham Robjohns



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|               |  |                                                                                                        
|-------------- |  | -------------------------------------------------------------------------------------------------------
|               | 
|To the Lender: |  | Seadrill Limited Par-la-Ville
Place 14 Par-la-Ville Road Hamilton
HM08 Bermuda Attn: Ms. Georgina
Sousa

Any party hereto may change its address, telephone number or facsimile number for notices and other communications
hereunder by notice to the other parties hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by
facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the mail or if delivered, upon delivery.

(b) Effectiveness of Notices. All notices, demands, requests, consents and other communications described in Section 7.1(a) shall be effective (i) if delivered by hand,
including any overnight courier service, upon personal delivery and (ii) if delivered by mail, when deposited in the mails.

Section 7.2 Waiver; Amendments. No amendment or waiver of any provision of this Agreement or any other Loan
Document nor consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be in writing and (x) in the case of any such waiver or consent, signed by the Lender and (y) in the case of any other
amendment, by the Lender and each Borrower, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

Section 7.3 Expenses; Indemnification.

(a) The Borrowers shall
be jointly and severally obligated to pay all out-of-pocket costs and expenses (including, without limitation, but limited to the reasonable fees, charges and disbursements of outside counsel for the Lender) incurred by the Lender in connection
with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section 7.3, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of the Loans.

(b) The Borrowers shall be jointly and severally obligated to indemnify each Lender Indemnitee against,
and hold each Lender Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Lender Indemnitee) incurred by any Lender Indemnitee or
asserted against any Lender Indemnitee by any third party or by the Borrowers arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or



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thereby, or (ii) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrowers, and regardless of whether any Lender Indemnitee is a party thereto, provided that such
indemnity shall not, as to any Lender Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted from the
gross negligence or willful misconduct of such Lender Indemnitee or (y) result from a claim brought by the Borrowers against any Lender Indemnitee for breach in bad faith of such Lender Indemnitees obligations hereunder or under any other
Loan Document, if the Borrowers have obtained a final judgment in their favor on such claim as determined by a court of competent jurisdiction.

(c) The Borrowers shall be jointly and severally obligated to pay, and hold the Lender harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to
this Agreement and any other Loan Documents, any collateral described therein, or any payments due thereunder, and save the Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such
taxes.

(d) To the extent permitted by applicable law, each party shall not assert, and hereby waives, any claim against any
Lender Indemnitee or the other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement
or instrument contemplated hereby, the transactions contemplated therein, the Loans or the use of proceeds thereof.

(e) All
amounts due under this Section 7.3 shall be payable promptly after written demand therefor.

Section 7.4
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrowers may not assign or
otherwise transfer any of their rights or obligations hereunder, and the Lender may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Borrower. Any other attempted assignment
or transfer by any party hereto shall be null and void. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and,
to the extent expressly contemplated hereby, each Lender Indemnitee) any legal or equitable right, remedy or claim under or by reason of this Agreement.

Section 7.5 Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the
State of New York.



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Section 7.6 Counterparts; Integration. This Agreement may be executed in
any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

Section 7.7 Survival. All covenants, agreements, representations and warranties made by each Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Lender and shall survive the execution and delivery of this Agreement and the making of the
Loans. The provisions of Section 7.3 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision
hereof.

Section 7.8 Severability. Any provision of this Agreement or any other Loan Document held to be
illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining
provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[Signature Pages Follow]



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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.



SEADRILL OPERATING LP,as BorrowerBy:

/s/ Rune Magnus LundetræName:

Rune Magnus LundetræTitle:

PresidentSEADRILL CAPRICORN HOLDINGS LLC,as BorrowerBy:

/s/ Robert Hingley-WilsonName:

Robert Hingley-WilsonTitle:

DirectorSEADRILL LIMITEDas LenderBy:

/s/ Tor Olav TrøimName:

Tor Olav TrøimTitle:

Director




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EXHIBIT A

FORM OF NOTICE OF BORROWING

[DATE]

Seadrill Limited

[Address]

Dear Sirs:

Reference is made to that certain Loan Agreement, dated as of October 24, 2012 (the Loan Agreement), by and among Seadrill Limited, a Bermuda company (the
Lender) and Seadrill Operating LP, a Marshall Islands limited partnership (Seadrill Operating), and Seadrill Capricorn Holdings LLC, a Marshall Islands limited liability company (Seadrill
Capricorn together with Operating, the Borrowers).

[Seadrill Operating] [Seadrill Capricorn] hereby requests the
following Loan under the Loan Agreement, and in that connection [Seadrill Operating] [Seadrill Capricorn] specifies the following information with respect to such Loan:



|                              |  |                         |  | 
|----------------------------- |  | ----------------------- |  | 
|(a) Principal amount of Loan: |  | $[                    ]
|                              | 
|(b) Date of Loan:             |  | [                    ] 

[Seadrill Operating] [Seadrill Capricorn] hereby certifies as follows:

(c) Immediately after giving effect to the making of the requested Loan, (i) the Outstanding Amount of the Loans of such Borrower is
not in excess of its applicable Borrower Sublimit, and (ii) the aggregate Outstanding Amount of all Loans is not in excess of the Loan Commitment.

(d) At the time of and immediately after giving effect to the making of the requested Loan, no Default or Event of Default exists.

(e) At the time of and immediately after giving effect to the making of the requested Loan, all representations and warranties of such Borrower set forth in the Loan Documents are true and correct in all
material respects on and as of such date.



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IN WITNESS WHEREOF, the undersigned has caused this Notice of Borrowing to be
executed on the date first written above.



|                                  |  |       
|--------------------------------- |  | ------
|[SEADRILL OPERATING LP]          
|                                 
|[SEADRILL CAPRICORN HOLDINGS LLC]
|                                 
|as Borrower                      
|                                  | 
|By:                               |  |       
|                                  | 
|                                  |  | Name: 
|                                  | 
|                                  |  | Title: