Document:

Exhibit 4.43 2014

Exhibit 4.43

Seadrill Limited
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton HM08
Bermuda

April 14 , 2015

Seadrill Vencedor Ltd.
Par-la-Ville Place
14 Par-la-Ville Road
Hamilton HM08
Bermuda

To:    The Board of Directors of Seadrill Vencedor Ltd.

		
	Re:
	Loan Agreement dated 28 September 2012 and made between Seadrill Limited (the “Lender”) and Seadrill Vencedor Ltd. (the “Borrower”) (the “Loan Agreement”)

We refer to a USD 1.2bn senior secured credit facility agreement dated 11 June 2010 (as amended from time to time) and made between Seadrill Limited as borrower (but Lender under the Loan Agreement), Seadrill Vencedor Ltd. as guarantor (but Borrower under the Loan Agreement) together with the other subsidiaries of Seadrill Limited listed therein as guarantors, Nordea Bank Norge ASA as agent (the “Agent”) and the banks and financial institutions named therein as lenders (the “Bank Facility”). 

Pursuant to the Loan Agreement, the Borrower agreed to pay directly to the Agent the amounts of the principal outstanding under the Bank Facility that is attributable to the West Vencedor (a drilling unit owned by the Borrower), based on the aggregate market value of the drilling units secured by the Bank Facility, together with the corresponding part of any interest, fees, costs and expenses. Such pro rata share attributable to the West Vencedor is 12.3457% of the total outstanding obligations under the Bank Facility (the “Vencedor Portion”).

Reference is also made to a letter agreement dated 28 August 2014 and made between the Lender and the Borrower whereby the Lender notified the Borrower that it had elected to repay in full the amounts outstanding under the Bank Facility and the Borrower agreed to continue making payments of the Vencedor Portion pursuant to the Loan Agreement, in the same amounts and on the same dates as specified in the Bank Facility and the Loan Agreement, as if the Bank Facility remained in place, but such payments to be made to the Lender (Seadrill Limited) rather than to the Agent (the “Letter Agreement”). 

The repayment of the Bank Facility by the Lender and subsequent Letter Agreement therefore created an intra-group loan from the Lender to the Borrower for the outstanding amount of the Vencedor Portion that was repaid by the Lender. Such amount is payable to the Lender on the same terms of the Bank Facility (the “Intra-Group Loan”).

The purpose of this letter is to inform you that the final maturity date of the Intra-Group Loan pursuant to the terms of the Bank Facility is 25 June 2015 and to request your agreement to extend the final maturity date by 3 years, thereby making the final maturity date of the Intra-Group Loan 25 June 2018 (the “Extension”). The Extension shall be deemed effective on the date the Borrower acknowledges this letter and accepts the terms herein (the “Effective Date”).

In return for the Extension, the Borrower’s obligations and liabilities under the Intra-Group Loan shall at any and all times until all amounts due to the Lender under the Intra-Group Loan have been paid and/or repaid in full, be secured by the security listed in Schedule 1 hereto (the “Security”). The Borrower undertakes to (and, where relevant, undertakes to procure the Borrower’s parent company or any intra-group charterer for the West Vencedor shall) ensure that the documents relevant to the Security are duly executed in favour of the Lender within one month of the Effective Date, or such later date as  notified by the Lender.

All other terms of the Loan Agreement and Letter Agreement and the relevant terms of the Bank Facility shall remain in force.

Please acknowledge receipt and agreement with the terms set forth in this notice by signing and returning a copy of this letter to us.

Sincerely,

/s/ Rune Magnus Lundetrae

SEADRILL LIMITED

By: Rune Magnus Lundetrae
Title: Attorney-in-Fact

Acknowledged and Agreed on 14 April 2015:

/s/ James Clancy

SEADRILL VENCEDOR LTD.

By:  James Clancy    
Title: Attorney-in-Fact
                

Cc:   Mr. Graham Robjohns, CEO Seadrill Partners LLC

SCHEDULE 1

The Borrower (and, where relevant, the Borrower’s parent company or any intra-group charterer for the West Vencedor) shall grant the following security in favour of the Lender in respect of the West Vencedor:

		
	(a)
	a first priority perfected mortgage (including any deed of covenant); 

		
	(b)
	a share charge over all the shares of the Borrower;

		
	(c)
	an assignment of earnings;

		
	(d)
	an assignment of earnings accounts;

		
	(e)
	an assignment of insurances; and

		
	(f)
	any notices, filings or similar required to perfect the above.Exhibit 4.7.5 2014

EXHIBIT 4.7.5

ADVISORY, TECHNICAL AND ADMINISTRATIVE SERVICES AGREEMENT

between

Seadrill Americas Inc.

and

Seadrill Gulf Operations Auriga LLC

CONTENTS
Clause    Page
		
	1.
	Services and effective date    1

		
	2.
	Services    1

		
	3.
	General conditions    2

		
	4.
	Compensation    3

		
	5.
	Indemnity    3

		
	6.
	Confidentiality    4

		
	7.
	Term and termination    5

		
	8.
	Default    5

		
	9.
	Force majeure    5

		
	10.
	Notices    6

		
	11.
	Miscellaneous    6

		
	12.
	Governing law and arbitration    7

THIS ADVISORY, TECHNICAL AND ADMINISTRATIVE SERVICES AGREEMENT (the “Agreement”) is made on as of the Effective Date set forth below.

BETWEEN:
		
	(1)
	Seadrill Americas, Inc., a Texas corporation (the “Contractor”)

and
		
	(2)
	Seadrill Gulf Operations Auriga LLC, a Delaware limited liability company (the “Company”)

(hereinafter jointly referred to as the “Parties” and, individually, as a “Party”).
WHEREAS, the Company is a majority owned indirect subsidiary of Seadrill Partners LLC, (“Seadrill Partners”); and
WHEREAS, the Company wishes to engage the Contractor to provide such advisory, technical and administrative services to the Company on the terms set out herein;

NOW THEREFORE, the Parties have agreed as follows:
		
	1.
	Services and effective date

		
	1.
	The Contractor shall provide the advisory, technical and general administrative services specified in this Agreement (the “Services”) to the Company subject to the terms and conditions set forth in this Agreement, as may be requested by the Company from time to time.

		
	2.
	The effective date of this Agreement shall be March 21, 2014.

		
	2.
	Services

		
	1.
	The Contractor shall provide the following Services to the Company:

		
	1.
	Operations Services

		
	(a)
	The Contractor shall develop standards for the technical operation of the Company’s vessels (the “Vessels”) and a policy in this respect.

		
	(b)
	The Contractor shall assist in the supervision of the activities of third party contractors employed by the Company in respect of certain elements of the technical management of the Vessels and, in particular:

		
	(i)
	look for similarities between the services utilized by other vessel owning companies in the Seadrill Group and potential for improvements or savings in this respect; the “Seadrill Group” means Seadrill Limited or any subsidiary thereof, except the Company and its subsidiaries;

		
	(ii)
	develop and implement strategies for the long term maintenance of the Vessels;

		
	(iii)
	supervise and co‐ordinate the policies in relation to emergency events;

		
	(iv)
	promote the most economical ways of operating the Vessels without compromising the safety of any Vessel or its crew;

		
	(v)
	minimize the environmental impact of the operation of the Vessels without compromising the safety of the Vessel or its crew; and

		
	(vi)
	ensure compliance with industry-based best practice “norms.”

		
	(c)
	The Contractor shall, on a regular basis, provide audits of contractors of technical services and equipment and crewing services, such audits to include physical inspections.

		
	(d)
	The Contractor shall provide assistance in purchasing materials and supplies for the Vessels and endeavor to achieve competitive terms from adequate suppliers.

		
	2.
	Technical Supervision

The Contractor shall, throughout the term of this Agreement, provide Services in relation to the technical management of the Vessels.  In particular the Contractor shall provide the following Services:
		
	(a)
	The Contractor shall follow up with regard to the requirements of classification societies and any relevant national authorities and provide assistance to the Company in ensuring that the Vessels comply with all recognized safety standards at any time.

		
	(b)
	The Contractor shall maintain good relations with Shipping Registries where the Vessels are or are intended to be registered.

		
	(c)
	The Contractor shall assist the Company in ensuring that the Vessels comply with contractual, technical and other commitments.

		
	(d)
	The Contractor shall regularly visit the Vessels and ensure that the standard of maintenance is kept at an acceptable level, that the crewing is adequate and that the operation is professional and satisfactory in every respect.

		
	3.
	Accidents-Contingency Plans

The Contractor shall assist the Company in handling all accidents involving the Vessels in the course of operations.  In particular, the Contractor shall establish a crisis management procedure, shall assist the Company in the development of a local crisis management procedure, and shall provide other advice and assistance in connection with crisis response, including crisis communications assistance.
		
	4.
	General Administrative Services

The Contractor shall provide such general administrative services as may be required or specifically requested by the Company including accounting services, access to and consolidation of information in the Seadrill Group enterprise resource planning systems, and advice and assistance in the general administration and management of the business, subject to Section 7 hereof.
		
	3.
	General conditions

		
	1.
	The Contractor shall, in performing its duties hereunder, serve the Company in good faith.  In providing the Services hereunder, the Contractor shall:

		
	(a)
	protect and promote the Company’s interests;

		
	(b)
	observe all applicable laws and regulations relevant to the Vessel’s and the Company’s activities; and

		
	(c)
	always act in accordance with good and professional management practice.

		
	2.
	The Contractor shall be entitled to provide Services to other companies or entities.

Such entities can either be other companies in the Seadrill Group or third party entities.
		
	3.
	All discounts, commissions and other benefits received by the Contractor and/or its employees from third parties as a consequence of the provision of Services hereunder shall be disclosed and credited to the Company.

		
	4.
	The Company shall, at any time upon request, be provided with any information from the accounts and records of the Contractor which is relevant and reasonably required for the performance of its obligations vis‐à‐vis the Company hereunder.

Such information shall be provided to such persons as shall be specifically authorized by the Company. Representatives of the Company’s auditor shall, in relation to the audit of the Company’s accounts, always be considered authorized.
		
	5.
	The Contractor shall, upon request, provide the Company with copies of all documents relevant to the Company in its possession and otherwise compile such facts and records on the basis of such documents as shall, from time to time, be requested by the Company.

		
	4.
	Compensation

		
	1.
	Each calendar quarter, the Company agrees to reimburse the Contractor for all costs and expenses reasonably incurred by the Contractor (the “Costs and Expenses”) in connection with the provision of the Services by the Contractor to the Company for such calendar quarter.

		
	2.
	The Company shall pay to the Contractor a management fee as set forth in Schedule I attached hereto (the “Services Fee”), subject to Section 4.4.

		
	3.
	The Services Fee shall be payable by the Company on a quarterly basis.  Within 30 days following the end of each calendar quarter, the Contractor shall prepare a statement of Costs and Expenses incurred in providing the Services, setting forth the basis for calculation in such detail as reasonably requested.  The Contractor shall then deliver an invoice to the Company for such costs together with the corresponding Services Fee. The Company shall pay undisputed charges within 30 days of receipt of the Contractor’s invoice.

		
	4.
	The Company shall pay the Services Fee to the Contractor less any applicable withholding taxes.

		
	5.
	The Parties shall review the Services Fee each year as of January 1, and the Contractor shall have the right to propose reasonable adjustments to the Services Fee. In no event shall the Services Fee exceed the amounts charged by the Contractor to its affiliates wholly owned by Seadrill Limited.

		
	5.
	Indemnity

		
	1.
	The Contractor shall be under no responsibility or liability for any loss or damage, whether loss of profits or otherwise, to the Company arising out of any act or omission involving any error of judgment or any negligence on the part of the Contractor or any of its officers, employees, agents and subcontractors in connection with the performance of the Services under this Agreement, unless the acts or omissions leading to a loss or damage are caused by fraud, gross negligence or willful misconduct on the part of the Contractor, its officers, employees or agents or subcontractors.

Notwithstanding anything to the contrary, unless the acts or omissions leading to a loss or damage are caused by or due to the fraud of the Contractor or its officers, employees, agents or subcontractors, the Contractor shall not, under any circumstances whatsoever, be liable to compensate the Company for any loss or damage in excess of ten (10) times the annual Services Fee.
		
	2.
	The Company agrees to indemnify and keep the Contractor and its sub‐contractors, together with its sub‐contractors’ officers and employees, indemnified against any and all liabilities, costs, claims, demands, proceedings, charges, actions, suits or expenses of whatsoever kind or character that may 

be incurred or suffered by any of them howsoever arising (other than by reason of fraud, gross negligence or willful misconduct on the part of the Contractor or any of its officers, employees, agents and subcontractors) in connection with the provision of the Services or the performance of the Services hereunder.
The Contractor shall not be required to take any legal action on behalf of the Company unless being fully indemnified (to its reasonable satisfaction) for all costs and liabilities likely to be incurred or suffered by it as a consequence thereof.
		
	3.
	The indemnities provided by the Company hereunder shall cover all reasonable costs and expenses payable or incurred by the Contractor in connection with any claims.

		
	4.
	To the extent the Contractor is entitled to claim any indemnity in respect of amounts paid or discharged by the Contractor pursuant to this Agreement, these indemnities shall take effect as an obligation of the Company to reimburse the Contractor for making such payment or effecting such discharge.

		
	5.
	The indemnification provided by this clause shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any statute, agreement, the organizational documents of the Company or otherwise, and shall continue after the termination of this Agreement.

		
	6.
	Confidentiality

		
	1.
	All Confidential Information developed by the Company or furnished to the Contractor or any of its employees, directors or sub‐contractors pursuant to this Agreement shall be the property of the Company, and shall be kept confidential by the Contractor, both during and after the term of this Agreement.

		
	(a)
	For the purpose of this clause, “Confidential Information” shall mean information relating to the business of the Company as well as all know‐how of which the Contractor becomes aware or generates in the course of or in connection with the performance of its obligations hereunder.

		
	(b)
	The provisions of this clause shall not apply to Confidential Information which:

		
	(i)
	is required to be disclosed by law or court order; or

		
	(ii)
	has become public knowledge otherwise than as a result of the conduct of the Contractor.

		
	(c)
	The Company shall be entitled to any equitable remedy available at law or equity, including specific performance, against a breach by the Contractor of this obligation.

		
	2.
	All Confidential Information developed by the Contractor furnished to the Company or any of its employees, directors or sub‐contractors pursuant to this Agreement shall be the property of the Contractor, and shall be kept confidential by the Company, both during and after the term of Agreement.

		
	(a)
	For the purpose of this clause, “Confidential Information” shall mean information relating to the business of the Contractor as well as all know‐how of which the Company becomes aware or generates in the course of or in connection with the performance of its obligations hereunder.

		
	(b)
	The provisions of this clause shall not apply to Confidential Information which:

		
	(i)
	is required to be disclosed by law or court order; or

		
	(ii)
	has become public knowledge otherwise than as a result of the conduct of the Company.

		
	(c)
	The Contractor shall be entitled to any equitable remedy available at law or equity, including specific performance, against a breach by the company of this obligation.

		
	7.
	Term and termination

		
	1.
	This Agreement shall have an initial term of five (5) years unless terminated:

		
	(a)
	by the Board of Directors of the Company upon 90 days’ written notice for any reason in its sole discretion or pursuant to Section 8.1 hereof; or

		
	(b)
	by the Contractor upon 90 days’ written notice if:

		
	(i)
	there is a Change of Control of the Company or Seadrill Partners;

		
	(ii)
	a receiver is appointed for all or substantially all of the property of the Company;

		
	(iii)
	an order is made to wind up the Company;

		
	(iv)
	a final judgment, order or decree which materially and adversely affects the ability of the Company to perform under this Agreement shall have been obtained or entered against the Company, and such judgment, order or decree shall not have been vacated, discharged or stayed; or

		
	(v)
	the Company makes a general assignment for the benefit of its creditors, files a petition in bankruptcy or for liquidation, is adjudged insolvent or bankrupt, commences any proceeding for a reorganization or arrangement of debts, dissolution or liquidation.

		
	2.
	Upon termination of this agreement, the Manager shall surrender to the Company any and all books, records, documents and other property in the possession or control of the Manager relating to this Agreement and to the business, finance, technology, trademark or affairs of the Company and its subsidiaries, and except as required by law, shall not retain any copies of the same.

		
	8.
	Default

		
	1.
	Notwithstanding Section 7.1(a), if the Contractor shall, by any act or omission, be in breach of any material obligation under this Agreement and such breach shall continue for a period of 14 days after written notice thereof has been given by the Company to the Contractor, the Company shall have the right to terminate this Agreement with immediate effect by notice to the Contractor.

The right to terminate this Agreement shall be in addition to and without prejudice to any other rights which the Company may have against the Contractor hereunder.
		
	9.
	Force majeure

Neither Party shall incur liability of any kind or nature whatsoever in relation to the other Party in the event of a failure to perform any of its obligations hereunder directly or indirectly caused by circumstances beyond the relevant Party’s reasonable control, such as war or war‐like activities, government orders, riots, civil commotion, strike, lock‐out or similar actions, an act of God, peril of the sea or any other similar cause.

		
	10.
	Notices

All correspondence or notices required or permitted to be given under this Agreement shall be given in English and sent by mail, telefax, electronic mail or delivered by hand at the following addresses:

If to the Company:
Seadrill Gulf Operations Auriga LLC 
11025 Equity Drive, Suite 150
Houston
Texas 77041
Attn:  President

If to the Contractor:
Seadrill Americas Inc.
11025 Equity Drive
Suite 150
Houston, Texas  77041, USA
Telefax:  + 1 713.329.1179
Attn: President

or such other address or telefax number as either Party may designate to the other Party in writing.
		
	11.
	Miscellaneous

		
	1.
	The Contractor shall not be entitled to assign its rights and/or obligations under this Agreement unless the prior written consent of the Company has been obtained.  The Contractor may freely subcontract or sub‐license this Agreement, so long as the Contractor remains liable for performance of the Services and its obligations under this Agreement.

		
	2.
	The relationship between the parties is that of independent contractor.  Nothing in this Agreement shall be deemed to constitute a partnership or joint venture relationship between the Parties.

		
	3.
	No term of this Agreement is enforceable by a person who is not a Party to it, except by the affiliates of the Company and/or the Contractor.

		
	4.
	This Agreement shall not be amended, supplemented or modified save by written agreement signed by or on behalf of the Parties.

		
	5.
	The failure of either party to enforce any term of this Agreement shall not act as a waiver. Any waiver must be specifically stated as such in writing.

		
	6.
	If any provision herein is held to be void or unenforceable, the validity and enforceability of the remaining provisions herein shall remain unaffected and enforceable.

		
	7.
	This Agreement shall be binding upon and inure to the benefit of the affiliates of the Company and/or the Contractor.

		
	8.
	This Agreement may be executed in one or more signed counterparts, facsimile or otherwise, which shall together form one instrument.

		
	12.
	Governing law and arbitration

		
	1.
	This Agreement shall be governed by and interpreted in accordance with the law in England and Wales.

		
	2.
	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the provisions of the Norwegian Arbitration Act 2004.

[SIGNATURE PAGE FOLLOWS]

Signature Page to
Advisory, Technical and Administrative Services Agreement

For and on behalf of    For and on behalf of
SEADRILL AMERICAS INC.     SEADRILL GULF OPERATIONS AURIGA LLC
By: Seadrill Americas, Inc., 
its sole member 

/s/ Rune Magnus Lundetræ    /s/ Graham Robjohns    
Signature    Signature

Rune Magnus Lundetræ    Graham Robjohns    
Name with block letters    Name with block letters
Authorized Person

SCHEDULE I

Service Fee

The Services Fee shall be equal to the percentage of the Costs and Expenses for such calendar quarter in relation to the following services as set forth in the table below:

	
		
	Service Category
	Markup

	Safety and environment
	4.85%

	General management
	12.00%

	Operational management
	12.00%

	Operations excellence
	12.00%

	Legal and contracts
	12.00%

	Technical department
	4.85%

	Operations and support
	4.85%

	Operations support maintenance
	4.85%

	Project organization
	4.85%

	Supply chain management
	4.85%

	Warehouse
	4.85%

	Commercial
	4.85%

	HR
	No markup

	Office Admin 
	No markup

	Legal entity finance 
	No markup

	Business finance 
	No markup

	Accounts payable 
	No markup

	Finance function management 
	No markup

	IT 
	No markup

	Tax 
	No markup

	General 
	No markup

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