Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
 LOAN
AGREEMENT 
 This loan agreement (the “Agreement”) is entered into on this 16th day of May, 2013 by and between:- 

 

	(1)	SEADRILL LIMITED of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HMGX, Bermuda (the “Lender”); 

  

	(2)	SEADRILL T-15 LTD. of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HMGX, Bermuda (the “Borrower”); 

  

	(3)	SEADRILL PARTNERS OPERATING LLC of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (“OPCO”); and 

 

	(4)	SEADRILL INTERNATIONAL LIMITED of 16th-19th Floors, Prince’s Building, 10 Chater Road, Central Hong
Kong, Hong Kong (“Seadrill International”); 

 (hereinafter collectively referred to as the “Parties” and,
individually, as a “Party”). 
 BACKGROUND: 
  

	(A)	The Lender is, as of the date hereof, the owner of all of the shares in the Borrower. 

  

	(B)	The Borrower is the owner of the tender rig named “T-15” (the “Rig”). 

  

	(C)	The Rig is financed under a USD 440,000,000 Secured Credit Facility dated 4 December 2012 (the “Loan Agreement”) made between (1) the Lender, as borrower, (2) the Borrower, Seadrill
International and the other the rig owners and intra group charterers set out at Schedule 2 thereto, as joint and several guarantors, (3) the banks and financial institutions set out at Schedule 1 thereto, together with their assignees and
transferees (the “Banks”), (4) Citibank International Plc, as agent (the “Agent”), (5) Citibank, N.A., London Branch, as security agent, account bank, mandated lead arranger and bookrunner (the
“Security Agent”) and (6) The Export-Import Bank of China, as mandated lead arranger and bookrunner. 

  

	(D)	The Borrower has, as per Clause 18 of the Loan Agreement, guaranteed (the “Guarantee”) the obligations of the Obligors (as defined in the Loan Agreement) under the Finance Documents (as defined in the
Loan Agreement, hereinafter the “Finance Documents”) (the “Secured Obligations”). 

  

	(E)	The Borrower has further provided security for the Secured Obligations by way of (i) a first priority mortgage over the Rig, (ii) a first priority assignment of its earnings and insurances and (iii) a
first priority assignment of its earnings account (collectively, the “Security Documents”). 

  

	(F)	Seadrill International is “Intra-Group Charterer” under the Loan Agreement and has guaranteed the Secured Obligations as per Clause 18 of the Loan Agreement (the “Intra-Group Charterer’s
Guarantee”) and provided security for the Secured Obligations by way of (i) a first priority assignment of its earnings, insurances and the relevant intra-group charter, and (ii) a first priority assignment of its earnings account
(collectively, the “Intra-Group Charterer’s Security Documents”). 

  

	(G)	OPCO is a wholly owned subsidiary of Seadrill Partners LLC. 

  
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 Execution Version 

 
  

	(H)	The Lender is in the process of transferring its shares in the Borrower and Seadrill International (the “Shares”) to OPCO (the “Restructuring”) pursuant to the terms of a sale and
purchase agreement (the “SPA”) between the Lender and OPCO. 

  

	(I)	Pursuant to the terms of the SPA, the Lender will sell the Shares to OPCO in exchange for the assumption by OPCO of a payment obligation towards Seadrill in the amount of USD 109,500,000 (the “OPCO
Loan”). 

  

	(J)	The Lender has, as per the terms of the Loan Agreement, requested the consent of the Banks to the Restructuring and, in so doing, also requested that the terms of the Finance Documents are amended and supplemented to
reflect the revised ownership structure of the Borrower and Seadrill International, such amendments being set out in a side letter to the Loan Agreement (the “Side Letter”). 

 

	(K)	Pursuant to the terms of the Side Letter, OPCO shall execute in favour of the Security Agent replacement share charge in substantially the same form as the share charge previously executed by the Lender in respect of
the shares in the Borrower (the “New Share Charge”). 

  

	(L)	References in this Agreement to the Loan Agreement, the Security Documents and/or the Finance Documents shall, unless otherwise specified, be to the Loan Agreement, the Security Documents and/or the Finance Documents as
amended by the Side Letter and as subsequently amended from time to time. 

  

	(M)	The amount currently drawn by the Lender under the Loan Agreement, USD 100,500,000, has in its entirety been applied to finance the Rig (the “T-15 Principal”) 

 

	(N)	The T-15 Principal is outstanding to the Borrower as a shareholder loan (the “Shareholder Loan”). 

NOW THEREFORE, it is hereby agreed as follows:- 
  

	1.	THE LOAN 

  

	1.1	The Lender hereby confirms that the Shareholder Loan shall be outstanding as a long term shareholder loan to the Borrower on the terms set forth herein (the outstanding principal amount of which at any time shall
be referred to as the “Loan” in the following). 

  

	1.2	The Parties agree that the Loan shall be considered as disbursed on December 19, 2012 (the “Loan Disbursement Date”). 

 

	2.	THE CONSIDERATION 

  

	2.1	The Borrower agrees, as consideration for the Loan, to: 

  

	 	(i)	continue to provide the Guarantee as security for the Secured Obligations on the terms set forth in Clause 3 below; 

  

	 	(ii)	continue to provide the security set forth in the Security Documents for the Secured Obligations on the terms set forth in Clause 4 below; and 

 

	 	(iii)	compensate the Lender as per the principles set forth in Clause 5 below. 

  

	2.2	Further, the Borrower agrees to become party to such further amendments to the Loan Agreement and the Security Documents as shall be required by the Lender to document the terms which shall apply to the amount
outstanding thereunder following the completion of the Restructuring. 

  
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 Execution Version 

 

	3.	THE GUARANTEE 

  

	3.1	The Borrower undertakes to continue to provide the Guarantee on the terms currently in effect notwithstanding the completion of the Restructuring. 

 

	3.2	The Lender undertakes to procure the release of the Borrower from its obligations under the Guarantee as and when all amounts outstanding under the Finance Documents have been repaid. 

 

	4.	THE SECURITY 

  

	4.1	The Borrower undertakes to continue to provide the security set forth in the Security Documents on the terms currently in effect notwithstanding the completion of the Restructuring. 

 

	4.2	The Lender procures that all of the security provided by the Borrower under the Security Documents or any new security documents to be provided by the Borrower shall be released (and the recordation of the security
interest in favour of the Banks terminated) upon the repayment by the Lender of all amounts outstanding under the Finance Documents. 

  

	5.	COMPENSATION 

  

	5.1	The Borrower shall, with effect from the Loan Disbursement Date, pay interest on the Loan at a rate of LIBOR (for three month interest periods) plus a margin of 3.25% p.a. 

Interest accrued shall be payable quarterly in arrears on demand from the Lender. If no demand is received, accrued interest shall be added to
the Loan at the relevant interest payment date. 
  

	5.2	With effect from the date of transfer of the Rig from the Lender to OPCO (the “Effective Date”), the obligation set forth in Clause 5.1 shall be substituted by an obligation to pay, on the due dates for
payment therefore set forth in the Loan Agreement, such part of the accrued interest, fees, costs and expenses payable by the Lender pursuant to the Loan Agreement as corresponds to the T-15 Principal.  

 

	5.3	All such payments shall be made directly to the Agent (for the account of the Borrower) at such dates and in such form as complies with the terms of the Loan Agreement. 

The Lender shall keep the Borrower fully informed of the relevant payment dates and amounts as per the above. 

The Borrower shall confirm to the Lender that each payment as aforesaid is made by providing the Lender with a copy of the relevant transfer
documentation reflecting the amount paid and the date of payment. 
  

	6.	REPAYMENT 

  

	6.1	Effective from the Loan Disbursement Date, the Borrower shall repay the Loan plus any accrued interest thereon on demand from the Lender. 

Such demand shall be made in writing with no less than 90 days’ notice. 

 

	6.2	Effective from the Effective Date, the Borrower’s obligation as per Clause 6.1 shall be suspended and replaced by an obligation to pay such part of the instalments due from the Lender to the Banks under the Loan
Agreement as corresponds to the T-15 Principal.  

  
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 Execution Version 

 
  

	6.3	Such instalments shall be made directly to the Agent (for the account of the Borrower) at such dates and in such form as complies with the provisions of the Loan Agreement. 

The Lender shall keep the Borrower advised of each payment date for instalments under the Loan Agreement and the amount due as per the above.

 The Borrower shall advise the Lender of all payments made as per the above. 

 

	6.4	The Borrower shall, in the event: 

  

	 	(i)	an event of default (howsoever described) occurs under the Loan Agreement and the Agent, on this basis, accelerates the Lender’s payment obligations thereunder; or 

 

	 	(ii)	a mandatory prepayment obligation (as prepayment in part or in full) occurs under the Loan Agreement; 

repay the Loan in full by making payment directly to the Agent (for the account of the Lender) in accordance with the provisions set forth in
Clause 6.2. 
  

	6.5	The Borrower shall, upon 10 days’ written notice, be entitled to prepay the Loan in full, provided that a corresponding amount is due and payable as a voluntary prepayment by the Lender under the Loan Agreement.

 Such prepayment shall be made directly to the Agent (for the account of the Lender) in accordance with the provisions
set forth in Clause 6.2 above. 
  

	6.6	Any release of the Borrower from its obligations under the Guarantee and/or the Security Documents following prepayment as per Clause 6.4 or Clause 6.5 shall be subject to the prior written consent of the Banks to the
same being done with such effect. 

  

	6.7	Any payments made by the Borrower hereunder to the Lender purporting to reduce the principal amount of the Loan shall, until the Borrower has been released from the Guarantee, not take effect (but be considered a short
term, subordinated loan to the Lender) if made in any other manner than described in Clauses 6.2 to 6.5 above. 

  

	7.	PAYMENTS 

  

	7.1	The Borrower shall make all payments due hereunder to the Lender or, as the case may be, the Banks, free from all deductions, set-off, counterclaim or other deduction whatsoever save as may be required by applicable
law.  

  

	7.2	If the Borrower is required by law to make such a payment subject to the deduction or withholding of taxes, the sum payable by the Borrower (in respect of which such deduction or withholding is required to be made)
shall be increased to the extent necessary to ensure that the Banks and/or the Lender (as the case may be) receives a sum net of any deduction or withholding equal to the sum which it would have received had no such deduction or withholding been
made or required to be made. 

  

	7.3	The Parties acknowledge that the Lender may decide to meet its obligations under the Loan Agreement by utilising other funds and revenue than such as will be due from the Borrower to the Lender hereunder. The Borrower
shall, in such event, be immediately notified thereof, such notice specifying how the Loan (or any part thereof) shall be serviced and repaid in the alternative. 

The Borrower acknowledges that such a decision by the Lender will not influence on the Borrower’s obligations under the Guarantee or the
Security Documents. 

  
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 Execution Version 

 

	8.	SECURITY 

  

	8.1	The obligations of the Borrower hereunder will not be secured by any mortgage, pledge or other security. 

  

	9.	STATUS OF THE LOAN 

  

	9.1	The Loan shall rank pari passu with all other ordinary debt of the Borrower, but shall be subordinated in all respects to, and rank after, the Borrower’s obligations under the Guarantee and the Security
Documents. 

  

	10.	DEFAULT 

  

	10.1	Each of the events or circumstances set out below constitutes an event of default (“Event of Default”): 

  

	 	(i)	the Borrower fails to pay any sum payable under this Agreement when due unless its failure to pay is caused by administrative or technical error and payment is made within three business days of the due date;

  

	 	(ii)	the Borrower fails to comply with any of its obligations under this Agreement or any Finance Document; 

  

	 	(iii)	the Borrower becomes insolvent, is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; or 

  

	 	(iv)	any corporate action, legal proceedings or other procedure or step is taken in relation to bankruptcy or insolvency proceedings in respect of the Borrower, the winding up or dissolution of the Borrower (save for the
purposes of a solvent reorganization), the enforcement of security over any of the Borrower’s assets or any enforcement of any debts of the Borrower. 

  

	10.2	On and at any time after the occurrence of an Event of Default the Lender may, by notice to the Borrower: 

  

	 	(i)	declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under this Agreement to be immediately due and payable, whereupon they shall become immediately due and payable; and/or

  

	 	(ii)	exercise any or all of its rights, remedies and powers under this Agreement or otherwise. 

  

	11.	MISCELLANEOUS 

  

	11.1	The Borrower acknowledges that its obligations to the Banks and the Agent under the Guarantee and the Security Documents will remain irrespective of the terms set forth herein and/or the Borrower’s compliance with
the same. 

  

	11.2	The express provisions in this Agreement shall be without prejudice to any other rights and remedies available to the Lender by law. 

 

	11.3	No failure or delay by the Lender in exercising any right under the terms of this Agreement shall act as a waiver hereof. 

  
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 Execution Version 

 

	12.	NEW SHARE CHARGE 

  

	12.1	As consideration for Lender agreeing to provide (i) the Loan to the Borrower and (i) the OPCO Loan to OPCO, OPCO agrees to provide the New Share Charge as security for the Secured Obligations.

  

	12.2	The Lender undertakes to procure the release of OPCO from its obligations under the New Share Charge as and when all amounts outstanding under the Finance Documents have been repaid. 

 

	13.	INTRA-GROUP CHARTERER’S GUARANTEE AND SECURITY DOCUMENTS 

  

	13.1	As consideration for Lender agreeing to provide (i) the Loan to the Borrower and (i) the OPCO Loan to OPCO, Seadrill International agrees, notwithstanding the completion of the Restructuring, to continue to
provide the Intra-Group Charterer’s Guarantee and the Intra-Group Charterer’s Security Documents as security for the Secured Obligations. 

  

	13.2	The Lender undertakes to procure the release of Seadrill International from its obligations under the Intra-Group Charterer’s Guarantee and the Intra-Group Charterer’s Security Documents as and when all
amounts outstanding under the Finance Documents have been repaid. 

  

	14.	INDEMNITY 

  

	14.1	The Lender undertakes to indemnify and hold harmless each of the Borrower, Seadrill International and OPCO against any liability incurred by them under the Guarantee, the Security Documents or the New Share Charge.

  

	14.2	Subject to Clause 14.3, the Lender shall be entitled to set off any claim (by any of the Borrower, Seadrill International or OPCO) for indemnification pursuant to Clause 14.1 against any claim it may have against either
of the Borrower, Seadrill International or OPCO, including but not limited to under this Agreement, the SPA and/or the OPCO Loan. 

  

	14.3	Any claims for indemnification pursuant to Clause 14.1 shall rank pari passu with all other ordinary debt of the Lender, but shall be subordinated in all respects to, and rank after, the Lender’s obligations under
the Finance Documents. 

  

	15.	GOVERNING LAW 

  

	15.1	This Agreement shall be governed by and construed in accordance with Norwegian law. 

  

	15.2	The Parties submit to the non-exclusive jurisdiction of the courts of Oslo, Norway in respect of any dispute arising out of this Agreement. 

 

													
	 For and on behalf of
 SEADRILL
LIMITED
	 	 For and on behalf of
 SEADRILL T
-15 LTD.

					
	Signature:	 	 /s/ Fredrik Halvorsen
	 		 	Signature:	 	 /s/ Rune Magnus Lundetræ

			
	Name in block letters: Fredrik Halvorsen	 		 	Name in block letters: Rune Magnus Lundetræ
	Title:	 	CEO	 		 		 	Title:	 	Authorized Representative

  
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 Execution Version 

 
  

									
	 For and on behalf of
 SEADRILL
PARTNERS OPERATING LLC
	 		 	 For and on behalf of
 SEADRILL
INTERNATIONAL LIMITED

					
	Signature:	 	 /s/ Rune Magnus Lundetræ
	 		 	Signature:	 	 /s/ Rune Magnus Lundetræ

			
	Name in block letters: Rune Magnus Lundetræ	 		 	Name in block letters: Rune Magnus Lundetræ
	Title:	 	Authorized Representative	 		 	Title:	 	Authorized Representative

  
 7EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 INTERCOMPANY LOAN AGREEMENT

 dated as of May 16, 2013 

between 
 Seadrill
Partners Operating LLC 
 as Borrower 

and 
 Seadrill
Limited 
 as Lender 
  

 

 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
	  	 	7	  
			
	 ARTICLE II:
	  	 AMOUNT AND TERMS OF THE LOAN
	  	 	7	  
			
	 Section 2.1
	  	 Loan
	  	 	7	  
			
	 Section 2.2
	  	 Repayment of the Loan
	  	 	7	  
			
	 Section 2.3
	  	 Prepayment
	  	 	8	  
			
	 Section 2.4
	  	 Interest
	  	 	8	  
			
	 Section 2.5
	  	 Computation of Interest
	  	 	8	  
			
	 Section 2.6
	  	 Evidence of Debt
	  	 	8	  
			
	 Section 2.7
	  	 Payments Generally
	  	 	8	  
			
	 Section 2.8
	  	 Taxes
	  	 	8	  
			
	 Section 2.9
	  	 Illegality
	  	 	9	  
			
	 ARTICLE III:
	  	 CONDITIONS PRECEDENT TO THE LOAN
	  	 	9	  
			
	 Section 3.1
	  	 Conditions to Effectiveness
	  	 	9	  
			
	 Section 3.2
	  	 Conditions to Making of the Loan
	  	 	9	  
			
	 ARTICLE IV:
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	10	  
			
	 Section 4.1
	  	 Corporate Existence; Compliance with Law
	  	 	10	  
			
	 Section 4.2
	  	 Power; Authorization; Enforceable Obligations
	  	 	10	  
			
	 Section 4.3
	  	 No Legal Bar
	  	 	10	  
			
	 Section 4.4
	  	 No Material Litigation
	  	 	11	  
			
	 Section 4.5
	  	 No Default
	  	 	11	  
			
	 ARTICLE V:
	  	 COVENANTS
	  	 	11	  
			
	 Section 5.1
	  	 Delivery of Financial Information
	  	 	11	  
			
	 Section 5.2
	  	 Notice of Default
	  	 	11	  
			
	 Section 5.3
	  	 Conduct of Business and Maintenance of Existence, etc.
	  	 	11	  
			
	 ARTICLE VI:
	  	 EVENTS OF DEFAULT
	  	 	11	  
			
	 Section 6.1
	  	 Events of Default
	  	 	11	  

  
 i 

							
			
	 ARTICLE VII:
	  	 MISCELLANEOUS
	  	 	13	  
			
	 Section 7.1
	  	 Notices
	  	 	13	  
			
	 Section 7.2
	  	 Waiver; Amendments
	  	 	14	  
			
	 Section 7.3
	  	 Expenses; Indemnification
	  	 	14	  
			
	 Section 7.4
	  	 Successors and Assigns
	  	 	15	  
			
	 Section 7.5
	  	 Governing Law
	  	 	15	  
			
	 Section 7.6
	  	 Counterparts; Integration
	  	 	15	  
			
	 Section 7.7
	  	 Survival
	  	 	15	  
			
	 Section 7.8
	  	 Severability
	  	 	15	  

  
 ii 

 INTERCOMPANY LOAN AGREEMENT 

THIS INTERCOMPANY LOAN AGREEMENT (this “Agreement”) is made and entered into as of May 14, 2013 by and among
Seadrill Limited, a Bermuda company (the “Lender”) and Seadrill Partners Operating LLC, a Marshall Islands limited liability company (the “Borrower”). 

W I T N E S S E T H: 

WHEREAS, the Lender and the Borrower have entered into a Purchase and Sale Agreement ( the “Purchase and Sale
Agreement”) relating to the purchase of all of the equity interests in Seadrill International Ltd., a Hong Kong Company, and Seadrill T-15 Ltd, a Bermuda company; and 

WHEREAS, the Purchase and Sale Agreement provides that the purchase price thereunder shall be funded by means of a loan from the Lender
to the Borrower; and 
 WHEREAS, subject to the terms and conditions of this Agreement, the Lender is willing to make the loan
to the Borrower as contemplated in the Purchase and Sale Agreement; 
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants herein contained, the Borrower 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. 

“Borrower Affiliate” shall mean the Borrower and each Subsidiary thereof. 

“Borrower” 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 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. 

  
 3 

 “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. 
 “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 2.4(c). 
 “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 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 the Borrower in good faith. 

  
 4 

 “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 the 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 the Loan,
(a) initially, the period commencing on the Closing Date and ending three months thereafter; and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period 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 Loan, 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. 

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

  
 5 

 “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 the 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. 

“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 Interest Rate” shall mean LIBOR applicable to the 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 the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower to perform its obligations under this Agreement, or (c) the ability of the Lender to
enforce this Agreement. 
 “Maturity Date” shall mean May 13, 2016. 

“Obligations” shall mean, with respect to the Borrower, the unpaid principal of and interest on (including, without
limitation, interest accruing after the maturity of the Loan 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 Loan 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, this Agreement. 
 “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 the 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. 
 “Purchase and Sale
Agreement” shall have the meaning set forth in the first recital to this Agreement. 
 “Quarterly Payment Date”
means the last day of March, June, September and December. 

  
 6 

 “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 any certificate or
other document made or delivered pursuant hereto. 
 (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. 
 (c) The meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. 
 (d) The term “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 LOAN 
 Section 2.1 Loan. The Lender hereby confirms that the purchase price under the Purchase
and Sale Agreement shall be outstanding as a long term shareholder loan to the Borrower on the terms set forth herein (the “Loan”) in the principal amount of$109,500,000.00. The parties agree that the Loan shall be considered as
disbursed at the Closing Date. 
 Section 2.2 Repayment of the Loan. On the Maturity Date, the Borrower shall repay
the Loan in full and shall additionally pay to the Lender all other sums, if any, then owing or accrued by it under this Agreement 

  
 7 

 Section 2.3 Prepayment. Upon three (3) Business Days’ written
notice from the Borrower to the Lender, the Borrower may voluntarily prepay in whole or in part the Loan without premium or penalty. 

Section 2.4 Interest. 

(a) The Loan shall accrue interest at the Loan Interest Rate. 

(b) The Borrower shall pay interest due and payable on the Loan in arrears on each Quarterly Payment Date. 

(c) While an Event of Default exists or after acceleration of the Loan in accordance with Article VI, at the option of the Lender, interest on
the unpaid principal amount of the Loan (and any unpaid interest with respect thereto) will accrue at the Default Interest Rate (the “Default Interest”). All Default Interest will be payable by the Borrower upon demand by the
Lender. 
 Section 2.5 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 2.6 Evidence of Debt. The Loan 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 Loan 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 the Borrower hereunder to pay any amount owing with respect to the Loan. 

Section 2.7 Payments Generally. (a) All payments by the Borrower 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. 

(b) 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 2.8 Taxes. Any and all payments by the Borrower under this Agreement 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 this Agreement to the Lender, then the Lender shall be entitled to make

  
 8 

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

Section 2.10 Subordination. The Loan shall rank pari passu with all other ordinary debt of the Borrower, but shall be
subordinated in all respects to, and rank after, the Borrower’s obligations under the Guarantee provided by Borrower under the USD 440,000,000 Secured Credit Facility dated 4 December 2012 made between (1) the Lender, as borrower,
(2) the Borrower, Seadrill International and the other the rig owners and intra group charterers set out at Schedule 2 thereto, as joint and several guarantors, (3) the banks and financial institutions set out at Schedule 1 thereto,
together with their assignees and transferees, (4) Citibank International Plc, as agent, (5) Citibank, N.A., London Branch, as security agent, account bank, mandated lead arranger and bookrunner and (6) The Export-Import Bank of
China, as mandated lead arranger and bookrunner. 
 ARTICLE III 

CONDITIONS PRECEDENT TO THE LOAN 

Section 3.1 Conditions to Effectiveness. This Agreement shall not become effective until the date (such date, the
“Closing Date”) on which the closing takes place under the Purchase and Sale Agreement. 
 Section 3.2 Conditions to
Making of the Loan. The obligations hereunder of the Lender to make the Loan are subject to the satisfaction (or waiver in accordance with Section 7.2) of the following conditions: 

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

(b) At the Closing Date, and immediately after giving effect to the making of the Loan, no Default or Event of Default shall exist. 

(c) At the Closing Date and immediately after giving effect to the Loan, all representations and warranties of the Borrower set forth in this
Agreement shall be true and correct in all material respects on and as of such date. 
 (d) The conditions referred to in Clause 3.1 shall
previously have been satisfied. 

  
 9 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

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

Section 4.1 Corporate Existence; Compliance with Law. The 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) The Borrower has the power and authority, and the legal right, to make, deliver and
perform this Agreement and to borrow hereunder. The Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and, to authorize the borrowing 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 the Borrower in connection with (i) the borrowing hereunder, (ii) the execution, delivery, validity or enforceability of this Agreement, or (iii) the performance of this Agreement, 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
duly executed and delivered on behalf of the Borrower. 
 (d) This Agreement constitutes a legal, valid and binding obligation of the
Borrower, enforceable against the 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 by the Borrower, the borrowing hereunder and the use of the proceeds thereof 

  
 10 

 
will not violate any applicable law or any material agreement of the 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. 
 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 the Borrower, threatened by or against the Borrower or any Borrower Affiliate, or against any of its or their respective properties
or revenues (a) with respect to this Agreement or any of the transactions contemplated hereby, 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. 

ARTICLE V 
 COVENANTS

 Section 5.1 Delivery of Financial Information. The 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 financial statements and of its audited annual financial statements. 

Section 5.2 Notice of Default. The Borrower shall promptly give notice to the Lender of the occurrence of any Default or
Event of Default within five (5) Business Days after the Borrower knows or has reason to know thereof. 
 Section 5.3 Conduct
of Business and Maintenance of Existence, etc. The 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) The Borrower shall fail to pay the principal of the Loan on the Maturity Date in accordance with the terms hereof; or the Borrower shall
fail to pay any interest on the Loan, or any other amount payable hereunder, within three (3) Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or 

  
 11 

 (b) Any representation or warranty made or deemed made by the Borrower herein 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 shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or
furnished; or 
 (c) The Borrower shall default in the observance or performance of any other 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 the Borrower becomes aware
of such failure and (ii) the date on which written notice thereof shall have been given to the Borrower by the Lender; or 
 (d) (i) The
Borrower or any Borrower Affiliate shall fail to make any payment on any Indebtedness (other than the Obligations) of the 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) The 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 the Borrower shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the 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 the Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against 

  
 12 

 
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) the 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) the 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 (with accrued interest thereon) and all other amounts owing under this Agreement shall immediately become due and payable, and (B) if such event is any other Event of Default, the Lender may, by notice to the
Borrower, declare the Loan (with accrued interest thereon) and all other amounts owing under this Agreement 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 Borrower:	  	Seadrill Partners LLC
		  	One America Square
		  	17 Crosswall
		  	London EC3N 2LB
		  	Attn: Graham Robjohns, CEO
		
	To the Lender:	  	Seadrill Limited
		  	Par-la-Ville Place
		  	14 Par-la-Ville Road
		  	Hamilton HM08
		  	Bermuda
		  	Attn: Georgina Sousa, Secretary

 Either party hereto may change its address, telephone number or facsimile number for notices and other
communications hereunder by notice to the other party. 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. 

  
 13 

 Section 7.2 Waiver; Amendments. No amendment or waiver of any provision of
this Agreement nor consent to any departure by the 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 the 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 Borrower shall be 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 Loan. 

(b) The Borrower shall 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 Borrower
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the
consummation of the transactions contemplated hereby, 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 Borrower, 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 Borrower
against any Lender Indemnitee for breach in bad faith of such Lender Indemnitee’s obligations hereunder, if the Borrower has obtained a final judgment in its favor on such claim as determined by a court of competent jurisdiction. 

(c) The Borrower shall 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, any collateral described herein, or any payments due hereunder, 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.

  
 14 

 (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 Loan 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 Borrower may not assign or otherwise transfer any of its 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 the 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. 
 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 the 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 Loan. 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 Loan or the termination
of this Agreement or any provision hereof.
 Section 7.8 Severability. Any provision of this Agreement 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. 

  
 15 

 [Signature Pages Follow] 

  
 16 

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

					
	SEADRILL PARTNERS OPERATING LLC,
	
	as Borrower
		
	By:	 	 /s/ Rune Magnus Lundetræ

			
		 	Name:	 	Rune Magnus Lundetræ
			
		 	Title:	 	Authorized Representative
	
	SEADRILL LIMITED
	
	as Lender
		
	By:	 	 /s/ Fredrik Halvorsen

			
		 	Name:	 	Fredrik Halvorsen
			
		 	Title:	 	CEO

  
 17

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