Document:

EX-10.5

 Exhibit 10.5 

Execution Version 
  

 
  

PURCHASE AND SALE AGREEMENT 

DATED MAY 7, 2013 

AMONG 
 SEADRILL LIMITED

 AND 
 SEADRILL
PARTNERS OPERATING LLC 
  
  

 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	PURCHASE AND SALE OF EQUITY INTERESTS; CLOSING	  
			
	 Section 2.01
	 	Purchase and Sale of Equity Interests	  	 	4	  
	 Section 2.02
	 	Closing	  	 	5	  
	 Section 2.03
	 	Place of Closing	  	 	5	  
	 Section 2.04
	 	Funding of Purchase Price for the Equity Interests; Purchase Price Adjustments	  	 	5	  
	 Section 2.05
	 	Satisfaction of Intercompany Receivables	  	 	6	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES OF THE BUYER	  
			
	 Section 3.01
	 	 Organization; Good Standing and Authority
	  	 	6	  
	 Section 3.02
	 	 Authorization, Execution and Delivery of this Agreement
	  	 	6	  
	 Section 3.03
	 	 No Conflicts
	  	 	6	  
	 Section 3.04
	 	 No Consents
	  	 	6	  
	
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES OF THE SELLER	  
			
	 Section 4.01
	 	 Organization; Good Standing and Authority
	  	 	7	  
	 Section 4.02
	 	 Authority and Authorization; Execution and Delivery of this Agreement
	  	 	7	  
	 Section 4.03
	 	 No Conflicts
	  	 	7	  
	 Section 4.04
	 	 No Consents
	  	 	7	  
	 Section 4.05
	 	 Legal and Beneficial Title to Equity Interests; No Encumbrances
	  	 	7	  
	
	ARTICLE V	  
	 REPRESENTATIONS AND WARRANTIES OF

THE SELLER REGARDING SEADRILL T-15
	   
   

			
	 Section 5.01
	 	 Organization; Good Standing and Authority of Seadrill T-15
	  	 	8	  
	 Section 5.02
	 	 Capitalization; No Options
	  	 	8	  
	 Section 5.03
	 	 Seadrill T-15 Governing Documents
	  	 	8	  
	 Section 5.04
	 	 Loan Documents; Validity of the T-15 Credit Facility
	  	 	8	  
	 Section 5.05
	 	 No Conflicts
	  	 	9	  
	 Section 5.06
	 	 Title to Rig; Encumbrances
	  	 	9	  
	 Section 5.07
	 	 Litigation
	  	 	9	  
	 Section 5.08
	 	 Indebtedness to and from Officers, etc
	  	 	9	  
	 Section 5.09
	 	 Personnel
	  	 	9	  
	 Section 5.10
	 	 Contracts and Agreements
	  	 	9	  
	 Section 5.11
	 	 Compliance with Law
	  	 	10	  
	 Section 5.12
	 	 No Undisclosed Liabilities
	  	 	10	  

  
 i 

							
	 Section 5.13
	 	 Disclosure of Information
	  	 	10	  
	 Section 5.14
	 	 Insurance
	  	 	10	  
	 Section 5.15
	 	 U.S Tax Classification
	  	 	10	  
	
	ARTICLE VI	  
	 REPRESENTATIONS AND WARRANTIES OF

THE SELLER REGARDING SIL
	   
   

			
	 Section 6.01
	 	 Organization; Good Standing and Authority of SIL
	  	 	11	  
	 Section 6.02
	 	 Thailand Permits and Licenses
	  	 	11	  
	 Section 6.03
	 	 Capitalization; No Options
	  	 	11	  
	 Section 6.04
	 	 SIL Governing Documents
	  	 	11	  
	 Section 6.05
	 	 Drilling Contract and Loan Documents; Validity of the Drilling Contract
	  	 	11	  
	 Section 6.06
	 	 No Conflicts
	  	 	12	  
	 Section 6.07
	 	 Litigation
	  	 	12	  
	 Section 6.08
	 	 Indebtedness to and from Officers, etc
	  	 	12	  
	 Section 6.09
	 	 Personnel
	  	 	12	  
	 Section 6.10
	 	 Contracts and Agreements
	  	 	12	  
	 Section 6.11
	 	 Compliance with Law
	  	 	13	  
	 Section 6.12
	 	 No Undisclosed Liabilities
	  	 	13	  
	 Section 6.13
	 	 Disclosure of Information
	  	 	13	  
	
	ARTICLE VII	  
	 REPRESENTATIONS AND WARRANTIES OF

THE SELLER REGARDING THE RIG
	   
   

			
	 Section 7.01
	 	 Flag
	  	 	13	  
	 Section 7.02
	 	 Classification
	  	 	13	  
	 Section 7.03
	 	 Maintenance
	  	 	14	  
	 Section 7.04
	 	 Liens
	  	 	14	  
	 Section 7.05
	 	 No Blacklisting or Boycotts
	  	 	14	  
	 Section 7.06
	 	 No Options
	  	 	14	  
	
	ARTICLE VIII	  
	PRE-CLOSING MATTERS	  
			
	 Section 8.01
	 	 Covenants of the Seller Prior to the Closing
	  	 	14	  
	 Section 8.02
	 	 Covenant of the Buyer Prior to the Closing
	  	 	15	  
	
	ARTICLE IX	  
	CONDITIONS OF CLOSING	  
			
	 Section 9.01
	 	 Conditions of the Parties
	  	 	15	  
	 Section 9.02
	 	 Conditions of the Seller
	  	 	16	  
	 Section 9.03
	 	 Conditions of the Buyer
	  	 	16	  

  
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	ARTICLE X	  
	TERMINATION, AMENDMENT AND WAIVER	  
			
	 Section 10.01
	 	 Termination of Agreement
	  	 	17	  
	 Section 10.02
	 	 Amendments and Waivers
	  	 	17	  
	
	ARTICLE XI	  
	INDEMNIFICATION	  
			
	 Section 11.01
	 	 Indemnity by the Seller
	  	 	18	  
	 Section 11.02
	 	 Indemnity by the Buyer
	  	 	18	  
	
	ARTICLE XII	  
	SPECIAL COVENANTS RELATED TO T-16 DRILLING CONTRACT	  
			
	 Section 12.01
	 	 T-16 Drilling Contract
	  	 	18	  
	 Section 12.02
	 	 Benefits and Risks
	  	 	18	  
	 Section 12.03
	 	 Termination of Special Covenant
	  	 	19	  
	 Section 12.04
	 	 Option to Assign T-16 Drilling Contract
	  	 	19	  
	
	ARTICLE XIII	  
	MISCELLANEOUS	  
			
	 Section 13.01
	 	 Further Assurances
	  	 	19	  
	 Section 13.02
	 	 Powers of Attorney
	  	 	19	  
	 Section 13.03
	 	 Headings; References; Interpretation
	  	 	20	  
	 Section 13.04
	 	 Successors and Assigns
	  	 	20	  
	 Section 13.05
	 	 No Third Party Rights
	  	 	20	  
	 Section 13.06
	 	 Counterparts
	  	 	20	  
	 Section 13.07
	 	 Governing Law
	  	 	20	  
	 Section 13.08
	 	 Severability
	  	 	21	  
	 Section 13.09
	 	 Integration
	  	 	21	  
	 Section 13.10
	 	 No Broker’s Fees
	  	 	21	  
	 Section 13.11
	 	 Notices
	  	 	21	  

  
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 PURCHASE AND SALE AGREEMENT, dated as of May 7, 2013, by and among SEADRILL LIMITED,
a Bermuda exempted company (“Seadrill” or “Seller”), and SEADRILL PARTNERS OPERATING LLC, a Marshall Islands limited liability company (the “Company” or
“Buyer”), each a “Party” and collectively, the “Parties.” 

RECITALS 
 WHEREAS, Buyer
wishes to purchase from Seller, and Seller wishes to sell to Buyer, all outstanding shares of each of Seadrill T-15 Ltd., a Bermuda exempted company (“Seadrill T-15”), and Seadrill International Limited, a Hong Kong company
(“SIL”); 
 WHEREAS, Seller is the record owner of the Equity Interests; 

WHEREAS, Seadrill T-15 is the record owner of the T-15, a barge-style, self-erecting tender rig (the “Rig”) and SIL is
the manager and contractor of the Rig; and 
 WHEREAS, the Rig is subject to a contract for offshore drilling services with an effective
date of February 28, 2011, as subsequently amended and novated (the “Drilling Contract”), between SIL and Chevron Thailand Exploration and Production Limited (the “Customer”). 

The shares of Seadrill T-15 and SIL are referred to in this Agreement as the “Seadrill T-15 Equity Interests” and
“SIL Equity Interests,” respectively, and collectively as the “Equity Interests.” 
 NOW,
THEREFORE, the Parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. In this Agreement, unless the context requires otherwise or unless otherwise specifically provided
herein, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings: 

“1934 Act Filings” means the filings Seadrill has made with the Securities and Exchange Commission under the
Securities Exchange Act of 1934. 
 “Agreement” means this purchase and sale agreement, including its recitals,
schedules and exhibits, as amended and supplemented. 
 “Applicable Law” in respect of any Person, property,
transaction or event, means all laws, statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event and, whether or not having the force of law, all applicable
official directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having or purporting to have authority over that Person, property, transaction or event and all general
principles of common law and equity. 

 “Business Day” means any day other than a Saturday, Sunday or any
statutory holiday on which banks in London or New York are required to close. 
 “Buyer” has the meaning given to it
in the Preamble to this Agreement. 
 “Buyer Attorney-in-Fact” has the meaning given to it in Section 13.02(a). 

“Buyer Indemnitees” has the meaning given to it in Section 11.01. 

“Closing” has the meaning given to it in Section 2.02. 

“Closing Date” means the day on which the Closing takes place. 

“Company” has the meaning given to it in the Preamble to this Agreement. 

“Contracts” has the meaning given to it in Section 5.10. 

“Customer” has the meaning given to it in the recitals. 

“Drilling Contract” has the meaning given to it in the recitals. 

“Encumbrance” means any mortgage, maritime or other lien, charge, assignment, adverse claim, hypothecation,
restriction, option, covenant, voting trust arrangement, adverse claim, condition, encumbrance or right, whether fixed or floating, on, or any security interest in, any property whether real, personal or mixed, tangible or intangible, any pledge or
hypothecation of any property, any deposit arrangement, priority, conditional sale agreement, other title retention agreement or equipment trust, capital lease or other security arrangements of any kind. 

“Environmental Laws” means all international, federal, state, foreign and local laws, statutes, rules, regulations,
treaties, conventions, orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment, each in effect and as amended through the Closing Date. 

“Equity Interests” has the meaning given to it in the recitals. 

“Financing Agreements” means collectively the (1) Revolving Loan Agreement dated October 24, 2012 between
Seadrill Operating LP and Seadrill Capricorn Holdings LLC, as borrowers, and Seadrill, as lender, (2) Amended and Restated US$1,500,000,000 Senior Secured Credit Facility Agreement dated October 15, 2012 for Seadrill, as Borrower, the
subsidiaries of Seadrill named therein as guarantors, and the banks and financial institutions named therein as lenders, (3) Amended and Restated US$1,200,000,000 Senior Secured Credit Facility Agreement dated October 10, 2012 for
Seadrill, as Borrower, the subsidiaries of Seadrill named therein as guarantors, and the banks and financial institutions named therein as lenders, (4) Amended and Restated US$275,000,000 Senior Secured Term Loan and Revolving Credit Facility
Agreement dated October 10, 2012 for Seadrill, as Borrower, the subsidiaries of Seadrill named therein, as guarantors, and the banks and financial institutions named therein as lenders, (5) Amended and

  
 2 

 
Restated the US$275,000,000 Senior Secured Term Loan Facility Agreement dated October 10, 2012 for Seadrill, as Borrower, the subsidiaries of Seadrill named therein, as guarantors, as the
banks and financial institutions named therein as lenders, (6) Amended and Restated Common Terms Agreement dated October 10, 2012 for Seadrill, as Borrower, the subsidiaries of Seadrill named therein as guarantors, DNB Bank ASA as Agent,
GIEK Facility Agent and Security Agent and Citibank NA, London Branch as GIEK Agent and (7) US$440,000,000 Senior Secured Credit Facility Agreement dated December 4, 2012 for Seadrill, as Borrower, the subsidiaries of Seadrill named
therein as guarantors, and the banks and financial institutions named therein as lenders. 
 “Governmental
Authority” means any domestic or foreign government, including federal, provincial, state, municipal, county or regional government or governmental or regulatory authority, domestic or foreign, and includes any department, commission,
bureau, board, administrative agency or regulatory body of any of the foregoing and any multinational or supranational organization. 

“Insolvency Event” means, with respect to any Person, that any of the following actions has occurred in relation to
it: 
 (a) an order has been made or an effective resolution passed or other proceedings or actions taken (including the
presentation of a petition) with a view to its administration, bankruptcy, winding-up, liquidation or dissolution; or 
 (b)
it has had a receiver, administrative receiver, manager or administrator appointed over all or any substantial part of its undertaking or assets; or 

(c) any event has occurred or situation arisen in any jurisdiction that has a substantially similar effect to any of the
foregoing. 
 “Loan Agreement” has the meaning given to it in Section 2.04(a). 

“Losses” means, with respect to any matter, all losses, claims, damages, liabilities, deficiencies, costs, expenses
(including all costs of investigation, legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) or diminution of value, whether or not involving a claim from a third party, however specifically
excluding consequential, special and indirect losses, loss of profit and loss of opportunity. 
 “Manager” means
SIL. 
 “Party” or “Parties” has the meaning given to it in the Preamble to this Agreement.

 “Person” means an individual, legal personal representative, corporation, body corporate, firm, limited liability
company, partnership, trust, trustee, syndicate, joint venture, unincorporated organization or Governmental Authority. 

“Purchase Price” has the meaning given to it in Section 2.04(a). 

“Purchase Price Adjustments” has the meaning given to it in Section 2.04(b). 

  
 3 

 “Rig” has the meaning given to it in the recitals. 

“Seadrill” has the meaning given to it in the Preamble to this Agreement. 

“Seadrill T-15” has the meaning given to it in the recitals. 

“Seadrill T-15 Contracts” has the meaning given to it in Section 5.10. 

“Seadrill T-15 Equity Interests” has the meaning given to it in the recitals. 

“Seadrill T-15 Governing Documents” has the meaning given to it in Section 5.02. 

“Seller” has the meaning given to it in the Preamble to this Agreement. 

“Seller Attorney-in-Fact” has the meaning given to it in Section 13.02(b). 

“Seller Indemnitees” has the meaning given to it in Section 11.02. 

“SIL” has the meaning given to it in the recitals. 

“SIL Contracts” has the meaning given to it in Section 6.10(a). 

“SIL T-15 Equity Interests” has the meaning given to it in the recitals. 

“SIL Governing Documents” has the meaning given to it in Section 6.03. 

“T-15 Credit Facility” means the US$440 million Senior Secured Credit Facility Agreement dated December 4, 2012
between Seadrill Limited and certain other subsidiaries of Seadrill named therein, as Borrowers, Seadrill T-15 and certain other subsidiaries of Seadrill named therein as guarantors, and the banks and financial institutions named therein as lenders.

 “T-16 Drilling Contract” has the meaning given to it in Section 12.01. 

“Taxes” means all income, franchise, business, property, sales, use, goods and services or value added, withholding,
excise, alternate minimum capital, transfer, excise, customs, anti-dumping, countervail, net worth, stamp, registration, payroll, employment, health, education, business, school, property, local improvement, development and occupation taxes,
surtaxes, duties, levies, imposts, rates, fees, assessments, dues and charges and other taxes required to be reported upon or paid to any Governmental Authority and all interest and penalties thereon. 

“Time of Closing” has the meaning given to it in Section 2.02. 

ARTICLE II 
 PURCHASE
AND SALE OF EQUITY INTERESTS; CLOSING 
 Section 2.01 Purchase and Sale of Equity Interests. The Seller agrees to sell and
transfer to the Buyer, and the Buyer agrees to purchase from the Seller the Equity Interests for the Purchase Price (as defined below) and in accordance with and subject to the terms and conditions set forth in this Agreement. 

  
 4 

 Section 2.02 Closing. On the terms and subject to the conditions of this Agreement,
the sale and transfer of the Equity Interests and payment of the Purchase Price shall take place on May 14, 2013 or on such other date as may be agreed upon by the Seller and the Buyer (the “Time of Closing”). The sale
and transfer of the Equity Interests is hereinafter referred to as the “Closing.” 
 Section 2.03 Place of
Closing. The Closing shall occur at a place agreed upon by the Sellers and the Buyer. 
 Section 2.04 Funding of Purchase Price
for the Equity Interests; Purchase Price Adjustments. 
 (a) At the Time of Closing, the Buyer shall enter into a loan agreement with
the Seller, as the lender (the “Loan Agreement”), pursuant to which the Buyer shall borrow from Seller on the Closing Date a sum equal to $210,000,000, less $100,500,000, which is the amount of debt outstanding on the date
hereof under the T-15 Credit Facility (the “Purchase Price”). The Loan Agreement shall be in substantially the form attached to this Agreement as Exhibit I hereto. 

(b) The Purchase Price shall be subject to the following adjustments (the “Purchase Price Adjustments”). 

(i) The Purchase Price shall be increased or decreased by an amount equal to the amount that all net working capital (excluding inventory and
debt) reflected on the books and records as of the Closing Date of Seadrill T-15 either exceeds or is less than $500,000; 
 (ii) The
Purchase Price shall be increased or decreased by an amount equal to the amount that the mobilization fee payable under the Drilling Contract exceeds or is less than the direct costs of operation of the Rig incurred by the Company between the
Closing Date and the date of commencement of operations under the Drilling Contract; and 
 (iii) The Purchase Price shall be decreased by
an amount equal to the direct cost of any repairs to the Rig required as a result of inspection and acceptance testing by the Customer, and by an amount equivalent to the operating rate under the Drilling Contract for any time the rig is on zero
rate between the Closing Date and the commencement of the Drilling Contract. 
 (c) Within 30 days following the commencement of the
Drilling Contract, the Seller and the Buyer, shall agree on the amount of the Purchase Price Adjustments pursuant to Section 2.04(b), and the amount of the Loan Agreement shall be fixed at the adjusted Purchase Price. 

  
 5 

 Section 2.05 Satisfaction of Intercompany Receivables. The Seller hereby acknowledges
that, upon receipt of the Purchase Price by Seller, all amounts payable to the Seller by Seadrill T-15 and SIL will be extinguished. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants to the Seller that as of the date hereof and on the Closing Date: 

Section 3.01 Organization; Good Standing and Authority. The Buyer has been duly formed and is validly existing in good standing
under the laws of the Republic of the Marshall Islands and has all requisite limited liability company power and authority to operate its assets and conduct its business as it is now being conducted. No Insolvency Event has occurred with respect to
the Buyer and no events or circumstances have arisen that entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event. 

Section 3.02 Authorization, Execution and Delivery of this Agreement. The Buyer has the full right, power and authority to enter
into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by the Buyer pursuant to this Agreement in connection with
the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on its part, and this Agreement has been duly executed and delivered by the Buyer and constitutes a legal, valid and binding
obligation of the Buyer enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability
of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court. 

Section 3.03 No Conflicts. The execution, delivery and performance by the Buyer of this Agreement will not conflict with or result
in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) its certificate of formation or its First Amended and
Restated Operating Agreement; (ii) any Encumbrance, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which it is a party or is subject or by which any of its assets or properties may be bound;
or (iii) any Applicable Laws. 
 Section 3.04 No Consents. Except as have already been obtained or that will be obtained
prior to the Time of Closing, no consent, permit, approval or authorization of, notice or declaration to or filing with any Governmental Authority or any other Person, including those related to any Environmental Laws or regulations, is required in
connection with the execution and delivery by it of this Agreement or the consummation by the Buyer of the transactions contemplated hereunder. 

  
 6 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

Seller represents and warrants to the Buyer that as of the date hereof and on the Closing Date: 

Section 4.01 Organization; Good Standing and Authority. Seadrill has been duly incorporated and is validly existing and in good
standing under the laws of Bermuda and has all requisite corporate power and authority to own and operate its assets and conduct its business as described in the 1934 Act Filings. No Insolvency Event has occurred with respect to the Seller and no
events or circumstances have arisen that entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event. 

Section 4.02 Authority and Authorization; Execution and Delivery of this Agreement. The Seller has the full right, power and
authority to enter into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by the Seller pursuant to this
Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on its part, and this Agreement has been duly executed and delivered by the Seller and constitutes a
legal, valid and binding obligation of the Seller enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application
affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court. 

Section 4.03 No Conflicts. The execution, delivery and performance by the Seller of this Agreement will not conflict with or
result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the Seller’s memorandum of association or
bye-laws; (ii) any Encumbrance, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which the Seller is a party or is subject or by which any of its assets or properties may be bound, including
the Financing Agreements; or (iii) any Applicable Laws. 
 Section 4.04 No Consents. Except as have already been obtained
or that will be obtained prior to the Time of Closing, no consent, permit, approval or authorization of, notice or declaration to or filing with any Governmental Authority or any other Person, including those related to any Environmental Laws or
regulations, is required in connection with the execution and delivery by the Seller of this Agreement or the consummation by the Seller of the transactions contemplated hereunder. 

Section 4.05 Legal and Beneficial Title to Equity Interests; No Encumbrances. As of the date hereof, Seller is the record owner of
the Equity Interests and has legal and beneficial title to the Equity Interests, free and clear of any and all Encumbrances, other than any intercompany payables that will be extinguished pursuant to Section 2.05 and those arising under
the T-15 Credit Facility, and, upon (i) conveyance on the Closing Date of the certificates representing the 

  
 7 

 
Equity Interests and (ii) the updating of each of the Seadrill T-15 and SIL share registers, the Buyer will receive, legal and beneficial title to the Equity Interests, free and clear of any
and all Encumbrances, other than those arising under the T-15 Credit Facility. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF 

THE SELLER REGARDING SEADRILL T-15 

The Seller represents and warrants to the Buyer that as of the date hereof and on the Closing Date: 

Section 5.01 Organization; Good Standing and Authority of Seadrill T-15. Seadrill T-15 has been duly incorporated and is validly
existing in good standing under the laws of Bermuda and has all requisite corporate power and authority to own and operate its assets and conduct its business. No Insolvency Event has occurred with respect to Seadrill T-15 and no events or
circumstances have arisen that entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event. Seadrill T-15 is qualified to do business, is in good standing and
has all required and appropriate licenses and authorizations in each jurisdiction in which its failure to obtain or maintain such qualification, good standing, licensing or authorization would have a material adverse effect on the condition
(financial or otherwise), assets, properties, business or prospects of Seadrill T-15. 
 Section 5.02 Capitalization; No
Options. The Equity Interests have been duly authorized and validly issued in accordance with the memorandum of association and bylaws of Seadrill T-15 (the “Seadrill T-15 Governing Documents”) and are fully paid and
non-assessable. There are not outstanding (i) any options, warrants or other rights to purchase any Equity Interests of Seadrill T-15, (ii) any securities convertible into or exchangeable for Equity Interests of Seadrill T-15 or
(iii) any other commitments of any kind for the issuance of Equity Interests of Seadrill T-15 or options, warrants or other securities of Seadrill T-15. 

Section 5.03 Seadrill T-15 Governing Documents. The Seller has supplied to the Buyer true and correct copies of the Seadrill T-15
Governing Documents, as amended to the Closing Date, and no amendments will be made to the Seadrill T-15 Governing Documents prior to the Closing Date without the prior written consent of the Buyer (such consent not to be unreasonably withheld).

 Section 5.04 Loan Documents; Validity of the T-15 Credit Facility. The Seller has supplied to the Buyer true and correct
copies of the T-15 Credit Facility and any related documents, as amended to the Closing Date. The T-15 Credit Facility is a valid and binding agreement of Seadrill T-15 enforceable against it in accordance with its terms and, to the knowledge of the
Seller, the T-15 Credit Facility is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization,
reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court. 

  
 8 

 Section 5.05 No Conflicts. The execution, delivery and performance of this Agreement
will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the Seadrill T-15
Governing Documents; (ii) any Encumbrance, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which Seadrill T-15 is a party or is subject or by which any of its assets or properties may be
bound; (iii) any Applicable Laws; or (iv) give any other party thereto a right to terminate any agreement or other instrument to which Seadrill T-15 is a party or by which it is bound including the T-15 Credit Facility. 

Section 5.06 Title to Rig; Encumbrances. Seadrill T-15 now has, and at the Time of Closing will have, good and marketable title to
the Rig and its equipment, free and clear of any and all Encumbrances, other than any intercompany payables that will be extinguished pursuant to Section 2.05 and those arising under the T-15 Credit Facility and permitted encumbrances under the
T-15 Credit Facility. As of the date hereof, there is $100,500,000 of borrowings outstanding under the T-15 Credit Facility. 

Section 5.07 Litigation. 

(a) There is no action, suit or proceeding to which Seadrill T-15 is a party (either as a plaintiff or defendant) pending before any court or
governmental agency, authority or body or arbitrator; there is no action, suit or proceeding threatened against Seadrill T-15; and, to the best knowledge of the Seller, there is no basis for any such action, suit or proceeding; 

(b) Seadrill T-15 has not been permanently or temporarily enjoined by any order, judgment or decree of any court or any governmental agency,
authority or body from engaging in or continuing any conduct or practice in connection with its business, assets or properties; and 
 (c)
There is not in existence any order, judgment or decree of any court or other tribunal or other agency enjoining or requiring Seadrill T-15 to take any action of any kind with respect to its business, assets or properties. 

Section 5.08 Indebtedness to and from Officers, etc. Seadrill T-15 will not be indebted, directly or indirectly, to any person who
is an officer, director, stockholder or employee of the Seller or any spouse, child, or other relative or any affiliate of the Seller, nor shall any such officer, director, stockholder, employee, relative or affiliate be indebted to Seadrill T-15.

 Section 5.09 Personnel. Seadrill T-15 has no employees. All crew members with respect to the Rig are provided directly or
indirectly by the Manager. 
 Section 5.10 Contracts and Agreements. All material contracts and agreements, written or oral, to
which Seadrill T-15 is a party or by which any of its assets are bound, including the T-15 Credit Facility and the Bareboat Charter Agreement between Seadrill T-15 and Seadrill UK Limited dated December 10, 2012 (the “Seadrill T-15
Contracts”), have been disclosed to the Buyer. 
 (a) Each of the Seadrill T-15 Contracts is a valid and binding agreement of
Seadrill T-15 enforceable against it in accordance with its terms, and to the knowledge of the 

  
 9 

 
Seller, each of the Seadrill T-15 Contracts is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with their terms, except as may be limited
by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and
injunction are in the discretion of a court; 
 (b) Seadrill T-15 has fulfilled all material obligations required pursuant to the Seadrill
T-15 Contracts to have been performed by it prior to the date hereof and has not waived any material rights thereunder; and 
 (c) There has
not occurred any material default on the part of Seadrill T-15 under any of the Seadrill T-15 Contracts, or to the knowledge of the Seller, on the part of any other party thereto, nor has any event occurred that with the giving of notice or the
lapse of time, or both, would constitute any material default on the part of Seadrill T-15 under any of the Contracts nor, to the knowledge of the Seller, has any event occurred that with the giving of notice or the lapse of time, or both, would
constitute any material default on the part of any other party to any of the Seadrill T-15 Contracts. 
 Section 5.11 Compliance
with Law. The conduct of business by Seadrill T-15 or the Rig on the date hereof does not violate any Applicable Laws (including any of the foregoing relating to employment discrimination, environmental protection or conservation, and the
provisions of all international conventions and the rules and regulations issued thereunder applicable to the Rig), the enforcement of which would materially and adversely affect the business, assets, condition (financial or otherwise) or prospects
of Seadrill T-15, nor has Seadrill T-15 received any notice of any such violation. 
 Section 5.12 No Undisclosed Liabilities.
Neither Seadrill T-15 nor the Rig has any Encumbrances, or other liabilities or obligations of any nature, whether absolute, accrued, contingent or otherwise, and whether due or to become due (including any liability for Taxes and interest,
penalties and other charges payable with respect to any such liability or obligation), except for such liabilities or obligations arising under the Seadrill T-15 Contracts or the Drilling Contract. 

Section 5.13 Disclosure of Information. The Seller has disclosed to the Buyer all material information on, and about, Seadrill
T-15 and the Rig and all such information is true, accurate and not misleading in any material respect. Nothing has been withheld from any materials provided by the Seller to the Buyer in connection with the transactions contemplated by this
Agreement that would render such information untrue or misleading. 
 Section 5.14 Insurance. The insurance policies relating to
the Rig are set forth on Schedule A hereto, each of which is in full force and effect and, to the knowledge of the Seller, not subject to being voided or terminated for any reason. 

Section 5.15 U.S Tax Classification. Seadrill T-15 has elected or prior to Closing will elect to be classified for United States
federal income tax purposes as an entity disregarded as separate from Seller on a properly-completed Form 8832 filed with the Internal Revenue Service. This election has been or will be made with an effective date prior to Closing. Once this
election has been made, neither Seller nor Seadrill T-15 will take any action to change the U.S. federal income tax classification of Seadrill T-15 from an entity disregarded as separate from Seller. 

  
 10 

 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF 

THE SELLER REGARDING SIL 

The Seller represents and warrants to the Buyer that as of the date hereof and on the Closing Date: 

Section 6.01 Organization; Good Standing and Authority of SIL. SIL has been duly incorporated and is validly existing in good
standing under the laws of Hong Kong and has all requisite corporate power and authority to own and operate its assets and conduct its business. No Insolvency Event has occurred with respect to SIL and no events or circumstances have arisen that
entitle or could entitle any person to take any action, appoint any person, commence proceedings or obtain any order instigating an Insolvency Event. SIL is qualified to do business, is in good standing and, except as set forth in Section 6.02
of this Agreement, has all required and appropriate licenses and authorizations in each jurisdiction in which its failure to obtain or maintain such qualification, good standing, licensing or authorization would have a material adverse effect on the
condition (financial or otherwise), assets, properties, business or prospects of SIL. 
 Section 6.02 Thailand Permits and
Licenses. As of the date of this Agreement, SIL has applied for all licenses and permits required for SIL to perform its obligations under the Drilling Contract in Thailand. As of the date of commencement of operations under the Drilling
Contract, SIL shall have been granted all permits and licenses required to perform its obligations under the Drilling Contract. 

Section 6.03 Capitalization; No Options. The SIL Equity Interests have been duly authorized and validly issued in accordance with
the memorandum of association and bylaws of SIL (the “SIL Governing Documents”) and are fully paid and non-assessable. There are not outstanding (i) any options, warrants or other rights to purchase any Equity Interests
of SIL, (ii) any securities convertible into or exchangeable for Equity Interests of SIL or (iii) any other commitments of any kind for the issuance of Equity Interests of SIL or options, warrants or other securities of SIL. 

Section 6.04 SIL Governing Documents. The Seller has supplied to the Buyer true and correct copies of the SIL Governing Documents,
as amended to the Closing Date, and no amendments will be made to the SIL Governing Documents prior to the Closing Date without the prior written consent of the Buyer (such consent not to be unreasonably withheld). 

Section 6.05 Drilling Contract and Loan Documents; Validity of the Drilling Contract. The Seller has supplied to the Buyer true
and correct copies of the Drilling Contract and any related documents, as amended to the Closing Date. The Drilling Contract is a valid and binding agreement of SIL enforceable against it in accordance with its terms and, to the knowledge of the
Seller, the Drilling Contract is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with its terms, except as may be limited by 

  
 11 

 
bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that
equitable remedies such as specific performance and injunction are in the discretion of a court. 
 Section 6.06 No Conflicts.
The execution, delivery and performance of this Agreement will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a
default under any provision of: (i) the SIL Governing Documents; (ii) any Encumbrance, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to which SIL is a party or is subject or by which any
of its assets or properties may be bound; (iii) any Applicable Laws; or (iv) give any other party thereto a right to terminate any agreement or other instrument to which SIL is a party or by which it is bound including the Drilling
Contract. 
 Section 6.07 Litigation.  

(a) There is no action, suit or proceeding to which SIL is a party (either as a plaintiff or defendant) pending before any court or
governmental agency, authority or body or arbitrator; there is no action, suit or proceeding threatened against SIL; and, to the best knowledge of the Seller, there is no basis for any such action, suit or proceeding; 

(b) SIL has not been permanently or temporarily enjoined by any order, judgment or decree of any court or any governmental agency, authority
or body from engaging in or continuing any conduct or practice in connection with its business, assets or properties; and 
 (c) There is
not in existence any order, judgment or decree of any court or other tribunal or other agency enjoining or requiring SIL to take any action of any kind with respect to its business, assets or properties. 

Section 6.08 Indebtedness to and from Officers, etc. SIL will not be indebted, directly or indirectly, to any person who is an
officer, director, stockholder or employee of the Seller or any spouse, child, or other relative or any affiliate of the Seller, nor shall any such officer, director, stockholder, employee, relative or affiliate be indebted to SIL. 

Section 6.09 Personnel. There are not pending or, to the knowledge of Seller, threatened against SIL any general labor disputes,
strikes or concerted work stoppages, and, to the knowledge of Seller, there are no demands or proposals that are pending or have been made by any labor union or association with respect to any personnel employed by SIL. 

Section 6.10 Contracts and Agreements. All material contracts and agreements, written or oral, to which SIL is a party or by which
any of its assets are bound, including the Drilling Contract, the T-16 Drilling Contract, and the Bareboat Charter Agreement dated December 10, 2012 between SIL and Seadrill UK Ltd. (the “SIL Contracts”), have been
disclosed to the Buyer. 
 (a) Each of the SIL Contracts is a valid and binding agreement of SIL enforceable against it in accordance with
its terms, and to the knowledge of the Seller, each of the SIL Contracts is a valid and binding agreement of all other parties thereto enforceable against such parties in accordance with their terms, except as may be limited by bankruptcy,
insolvency, liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are
in the discretion of a court; 

  
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 (b) SIL has fulfilled all material obligations required pursuant to the SIL Contracts to have
been performed by it prior to the date hereof and has not waived any material rights thereunder; and 
 (c) There has not occurred any
material default on the part of SIL under any of the SIL Contracts, or to the knowledge of the Seller, on the part of any other party thereto, nor has any event occurred that with the giving of notice or the lapse of time, or both, would constitute
any material default on the part of SIL under any of the SIL Contracts nor, to the knowledge of the Seller, has any event occurred that with the giving of notice or the lapse of time, or both, would constitute any material default on the part of any
other party to any of the SIL Contracts. 
 Section 6.11 Compliance with Law. The conduct of business by SIL or the Rig on the
date hereof does not violate any Applicable Laws (including any of the foregoing relating to employment discrimination, environmental protection or conservation, and the provisions of all international conventions and the rules and regulations
issued thereunder applicable to the Rig), the enforcement of which would materially and adversely affect the business, assets, condition (financial or otherwise) or prospects of SIL, nor has SIL received any notice of any such violation. 

Section 6.12 No Undisclosed Liabilities. Neither SIL nor the Rig has any Encumbrances, or other liabilities or obligations of any
nature, whether absolute, accrued, contingent or otherwise, and whether due or to become due (including any liability for Taxes and interest, penalties and other charges payable with respect to any such liability or obligation), except for such
liabilities or obligations arising under the SIL Contracts. 
 Section 6.13 Disclosure of Information. The Seller has disclosed
to the Buyer all material information on, and about, SIL and the Rig and all such information is true, accurate and not misleading in any material respect. Nothing has been withheld from any materials provided by the Seller to the Buyer in
connection with the transactions contemplated by this Agreement that would render such information untrue or misleading. 
 ARTICLE VII

 REPRESENTATIONS AND WARRANTIES OF 

THE SELLER REGARDING THE RIG 

The Seller represents and warrants to the Buyer that on the date hereof and on the Closing Date: 

Section 7.01 Flag. The Rig is properly registered in the name of Seadrill T-15 under and pursuant to the flag and law of Panama
and all fees due and payable in connection with such registration have been paid. 
 Section 7.02 Classification. The Rig is
entered with American Bureau of Shipping and has the highest classification rating. The Rig is in class without any recommendations or 

  
 13 

 
notation as to class or other requirement of the relevant classification society, and if the Rig is in a port, it is in such condition that it cannot be detained by any port state authority or
the flag state authority for any deficiency. 
 Section 7.03 Maintenance. The Rig has been maintained in a proper and efficient
manner in accordance with internationally accepted standards for good rig maintenance, is in good operating order, condition and repair and is seaworthy and all repairs made to the Rig since its delivery from the shipyard in February 2013 and all
known scheduled repairs due to be made and all known deficiencies have been disclosed to the Buyer. 
 Section 7.04 Liens. The
Rig is not (i) under arrest or otherwise detained, (ii) other than in the ordinary course of business, in the possession of any Person (other than her master and crew) or (iii) subject to a possessory lien. 

Section 7.05 No Blacklisting or Boycotts. No blacklisting or boycotting of any type has been applied or currently exists against
or in respect of the Rig. 
 Section 7.06 No Options. There are not outstanding any options or other rights to purchase the Rig.

 ARTICLE VIII 

PRE-CLOSING MATTERS 

Section 8.01 Covenants of the Seller Prior to the Closing. From the date of this Agreement to the Closing Date, the Seller shall
cause each of Seadrill T-15 and SIL to conduct its business in the usual, regular and ordinary course in substantially the same manner as previously conducted. The Seller shall not permit either SIL or Seadrill T-15 to enter into any material
contracts or other material written or oral agreements prior to the Closing Date, other than such contracts and agreements as have been disclosed to the Buyer prior to the date of this Agreement, without the prior consent of the Buyer (such consent
not to be unreasonably withheld). In addition, the Seller shall not permit either SIL or Seadrill T-15 to take any action that would result in any of the conditions to the purchase and sale of the Equity Interests set forth in Article IX not
being satisfied. Furthermore, the Seller hereby agrees and covenants that it: 
 (a) shall cooperate with the Buyer and use its reasonable
best efforts to obtain, at or prior to the Closing Date, any consents required in respect of the transfer of the rights and benefits under each of the Seadrill T-15 Contracts and the SIL Contracts as a result of the transfer of Equity Interests
under this Agreement; 
 (b) shall use its reasonable best efforts to take or cause to be taken promptly all actions and to do or cause to
be done all things necessary, proper and advisable to consummate and make effective as promptly as practicable the transaction contemplated by this Agreement and to cooperate with the Buyer in connection with the foregoing, including using all
reasonable best efforts to obtain all necessary consents, approvals and authorizations from each Governmental Authority and each other Person that are required to consummate the transaction contemplated under this Agreement; 

  
 14 

 (c) shall take or cause to be taken all necessary corporate action, steps and proceedings to
approve or authorize validly and effectively the purchase and sale of the Equity Interests and the execution, delivery and performance of this Agreement and the other agreements and documents contemplated hereby; 

(d) shall not amend, alter or otherwise modify or permit any amendment, alteration or modification of any material provision of or terminate
the Drilling Contract or any other Seadrill T-15 Contract or SIL Contract prior to the Closing Date without the prior written consent of the Buyer, such consent not to be unreasonably withheld or delayed; 

(e) shall not exercise or permit any exercise of any rights or options contained in the Drilling Contract, without the prior written consent
of the Buyer, not to be unreasonably withheld or delayed; 
 (f) shall observe and perform in a timely manner, all of its covenants and
obligations under the Seadrill T-15 Contracts and SIL Contracts, if any, and in the case of a default by another party thereto, it shall forthwith advise the Buyer of such default and shall, if requested by the Buyer, enforce all of its rights under
such Seadrill T-15 Contracts and SIL Contracts, as applicable, in respect of such default; 
 (g) shall not cause or, to the extent
reasonably within its control, permit any Encumbrances to attach to the Rig other than in connection with the T-15 Credit Facility; and 

(h) shall permit representatives of the Buyer to make, prior to the Closing Date, at the Buyer’s risk and expense, such searches,
surveys, tests and inspections of the Rig as the Buyer may deem desirable; provided, however, that such surveys, tests or inspections shall not damage the Rig or interfere with the activities of the Seller or the Customer thereon and
that the Buyer shall furnish the Seller with evidence that the Buyer has adequate liability insurance in full force and effect. 

Section 8.02 Covenant of the Buyer Prior to the Closing. The Buyer hereby agrees and covenants that during the period of time
after the date of the Agreement and prior to the Closing Date, the Buyer shall, in respect of the Equity Interests to be transferred on the Closing Date, take, or cause to be taken, to the extent not already taken, all necessary limited liability
company action, steps and proceedings to approve or authorize validly and effectively the purchase and sale of the Equity Interests and the execution, delivery and performance of this Agreement and any other agreements and documents contemplated
hereby. 
 ARTICLE IX 

CONDITIONS OF CLOSING 

Section 9.01 Conditions of the Parties. The obligation of the Seller to sell the Equity Interests and the obligation of the Buyer
to purchase the Equity Interests is subject to the satisfaction (or waiver by each of the Seller and the Buyer) on or prior to the Closing Date of the following conditions: 

(a) The Seller shall have received any and all written consents, permits, approvals or authorizations of any Governmental Authority or any
other Person (including with 

  
 15 

 
respect to the Seadrill T-15 Contracts, the SIL Contracts and the Financing Agreements) and shall have made any and all notices or declarations to or filing with any Governmental Authority or any
other Person, including those related to any Environmental Laws or regulations, required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereunder, including the transfer of the
Equity Interests; 
 (b) No legal or regulatory action or proceeding shall be pending or threatened by any Governmental Authority to enjoin,
restrict or prohibit the purchase and sale of the Equity Interests; 
 (c) The Seller and the Buyer shall have entered into the Loan
Agreement substantially in the form set forth on Exhibit I hereto; and 
 (d) The Seller and Seadrill T-15 shall have entered
into the intercompany loan agreement relating to the Rig substantially in the form set forth on Exhibit II hereto. 

Section 9.02 Conditions of the Seller. The obligation of the Seller to sell the Equity Interests is subject to the satisfaction
(or waiver by the Seller) on or prior to the Closing Date of the following conditions: 
 (a) The representations and warranties of the
Buyer made in this Agreement shall be true and correct in all material respects as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case
such representations and warranties shall be true and correct in all material respects, on and as of such earlier date); 
 (b) The Buyer
shall have performed or complied in all material respects with all obligations and covenants required by this Agreement to be performed or complied with by the Buyer by the Closing Date; and 

(c) All proceedings to be taken in connection with the transactions contemplated by this Agreement and all documents incidental thereto shall
be reasonably satisfactory in form and substance to the Seller and its counsel, and the Seller shall have received copies of all such documents and other evidence as it may reasonably request in order to establish the consummation of such
transactions and the taking of all proceedings in connection therewith. 
 Section 9.03 Conditions of the Buyer. The obligation
of the Buyer to purchase and pay for the Equity Interests is subject to the satisfaction (or waiver by the Buyer) on or prior to the Closing Date of the following conditions: 

(a) The representations and warranties of the Seller in this Agreement shall be true and correct in all material respects as of the Closing
Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects, on and as of
such earlier date); 

  
 16 

 (b) The Seller shall have performed or complied in all material respects with all obligations and
covenants required by this Agreement to be performed or complied with by the Seller by the Closing Date; 
 (c) The results of the searches,
surveys, tests and inspections of the Rig referred to in Section 8.01(h) of this Agreement are reasonably satisfactory to the Buyer; 

(d) The Buyer shall have obtained the funds necessary to consummate the purchase of the Equity Interests, and to pay all related fees and
expenses; and 
 (e) All proceedings to be taken in connection with the transaction contemplated by this Agreement and all documents
incidental thereto shall be reasonably satisfactory in form and substance to the Buyer and its counsel, and the Buyer shall have received copies of all such documents and other evidence as it or its counsel may reasonably request in order to
establish the consummation of such transaction and the taking of all proceedings in connection therewith. 
 ARTICLE X 

TERMINATION, AMENDMENT AND WAIVER 

Section 10.01 Termination of Agreement. Notwithstanding anything to the contrary in this Agreement, this Agreement may be
terminated and the purchase and sale of the Equity Interests contemplated by this Agreement abandoned at any time prior to the Closing: 

(a) by mutual written consent of the Seller and the Buyer; 

(b) by the Seller if any of the conditions set forth in Section 9.01 and Section 9.02 shall have become incapable of fulfillment,
and shall not have been waived by the Seller; or 
 (c) by the Buyer if any of the conditions set forth in Section 9.01 and
Section 9.03 shall have become incapable of fulfillment, and shall not have been waived by the Buyer; 
 provided, however, that the
Party seeking termination pursuant to clause (b) or (c) is not then in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement. 

Section 10.02 Amendments and Waivers. This Agreement may not be amended except by an instrument in writing signed on behalf of
each Party hereto. An instrument in writing by the Buyer, on the one hand, or the Seller, on the other hand, may waive compliance by the other with any term or provision of this Agreement that such other Party was or is obligated to comply with or
perform. 

  
 17 

 ARTICLE XI 

INDEMNIFICATION 

Section 11.01 Indemnity by the Seller. Following the Closing, the Seller shall be liable for, and shall indemnify, defend and hold
harmless the Buyer and its officers, directors, employees, agents and representatives (the “Buyer Indemnitees”) from and against: 

(a) any Losses, suffered or incurred by such Buyer Indemnitee by reason of, arising out of or otherwise in respect of any inaccuracy in,
breach of any representation or warranty, or a failure to perform or observe fully any covenant, agreement or obligation of, the Seller in or under this Agreement or in or under any document, instrument or agreement delivered pursuant to this
Agreement by the Seller; 
 (b) any fees, expenses or other payments incurred or owed by the Seller to any brokers, financial advisors or
comparable other persons retained or employed by it in connection with the transaction contemplated by this Agreement; 
 (c) any Losses
suffered as a result of the failure of SIL to obtain required permits or licenses in Thailand necessary to perform its obligations under the Drilling Contract prior to the commencement of operations under the Drilling Contract; and 

(d) any Losses arising out of the T-16 Drilling Contract. 

Section 11.02 Indemnity by the Buyer. Following the Closing, the Buyer shall indemnify the Seller and its affiliates, officers,
directors, employees, agents and representatives (the “Seller Indemnitees”) against and hold them harmless from, any Losses, suffered or incurred by such Seller Indemnitee by reason of, arising out of or otherwise in respect
of any inaccuracy in, breach of any representation or warranty, or a failure to perform or observe fully any covenant, agreement or obligation of, the Buyer in or under this Agreement or in or under any document, instrument or agreement delivered
pursuant to this Agreement by the Buyer. 
 ARTICLE XII 

SPECIAL COVENANTS RELATED TO T-16 DRILLING CONTRACT 

Section 12.01 T-16 Drilling Contract. SIL is party to a contract for offshore drilling services with an effective date of
February 28, 2011, as subsequently amended and novated (the “T-16 Drilling Contract”), between SIL and the Customer. 

Section 12.02 Benefits and Risks. It is the intent of the Parties that the benefits and risks of the T-16 Drilling Contract shall
remain with the Seller. Accordingly, Buyer agrees to cause SIL to pay to Seller to all amounts SIL receives from the Customer or any other third party with respect to the T-16 Drilling Contract relating to dates occurring on or after the Closing
Date, net of (i) any amounts SIL may be required to withhold in accordance with applicable tax or other law, (ii) any costs SIL may incur in relation to SIL’s performance of its obligations under the T-16 Drilling Contract and
(iii) arm’s-length compensation to SIL for any services it performs with respect to the T-16 Drilling Contract. In the event that sums received from the Customer are less than such withholdings and costs, then Seller shall reimburse SIL
for such losses under the T-16 Drilling Contract. 

  
 18 

 Section 12.03 Termination of Special Covenant. The special covenant provided in this
Article 12 shall terminate in the event that Buyer exercises its right to purchase the T-16 drilling rig pursuant to the terms of the Omnibus Agreement between the parties dated as of October 24, 2012. 

Section 12.04 Option to Assign T-16 Drilling Contract. Buyer shall have the option to assign the T-16 Drilling Contract to Seller
or Seller’s nominee at any time. In the event that Buyer elects to assign the T-16 Drilling Contract, Buyer shall provide 30 days prior written notice to Seller of Buyer’s election to assign the T-16 Drilling Contract, and Seller shall
notify Buyer of the nominated Assignee. 
 ARTICLE XIII 

MISCELLANEOUS 

Section 13.01 Further Assurances. From time to time after the date of this Agreement, and without any further consideration, the
Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance
with Applicable Law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are
intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests distributed, contributed and assigned by this Agreement or
intended so to be and (c) to more fully and effectively carry out the purposes and intent of this Agreement. 
 Section 13.02
Powers of Attorney. 
 (a) The Buyer hereby constitutes and appoints Georgina Sousa (the “Buyer
Attorney-in-Fact”) as its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of the Buyer and its successors and assigns, and for the benefit of the Buyer
Attorney-in-Fact to demand and receive from time to time the Equity Interests conveyed by this Agreement (or intended so to be) and to execute in the name of the Buyer and its successors and assigns instruments of conveyance, instruments of further
assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of the Buyer for the benefit of the Buyer Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which
the Buyer Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in and to the Equity Interests, (b) defend and compromise any and all actions, suits or proceedings in respect
of any of the Equity Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the Buyer Attorney-in-Fact shall deem advisable. The Buyer hereby declares that the appointment hereby made and the powers hereby
granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of the Buyer or its successors or assigns or by operation of law. 

  
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 (b) Seller hereby constitutes and appoints Georgina Sousa (the “Seller
Attorney-in-Fact”) as its true and lawful attorney in fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of Seller and its successors and assigns, and for the benefit of the Seller
Attorney-in-Fact to demand and receive from time to time the Equity Interests conveyed by this Agreement (or intended so to be) and to execute in the name of Seller and its successors and assigns instruments of conveyance, instruments of further
assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of Seller for the benefit of the Seller Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which
the Seller Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in and to the Equity Interests, (b) defend and compromise any and all actions, suits or proceedings in respect
of any of the Equity Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the Seller Attorney-in-Fact shall deem advisable. Seller hereby declares that the appointment hereby made and the powers hereby
granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of Seller or its successors or assigns or by operation of law. 

Section 13.03 Headings; References; Interpretation. All Article and Section headings in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. 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. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and
Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use
herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or
matters, whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that
could reasonably fall within the broadest possible scope of such general statement, term or matter. 
 Section 13.04 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 

Section 13.05 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and are
not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement. 

Section 13.06 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute
one agreement binding on the Parties hereto. 
 Section 13.07 Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, United States of America, applicable to contracts made and to be performed wholly within such jurisdiction without giving effect to conflict of law principles thereof other than
Section 5-1401 of the New York General Obligations Law, except to the extent that it is mandatory that the law of some other jurisdiction, wherein the Equity Interests are located, shall apply. 

  
 20 

 Section 13.08 Severability. If any of the provisions of this Agreement are held by
any court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead,
this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the
intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 
 Section 13.09
Integration. This Agreement, the Schedules hereto and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to its subject matter hereof. This Agreement,
the Schedules hereto and the instruments referenced herein contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is
intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties hereto after the date of this Agreement. 

Section 13.10 No Broker’s Fees. No one is entitled to receive any finder’s fee, brokerage, or other commission in
connection with the purchase of the Equity Interests or the consummation of the transactions contemplated by this Agreement. 

Section 13.11 Notices. All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be
in writing and must be given by depositing the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by private-courier, prepaid, or by
telecopier to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next Business Day after receipt if not received during the recipient’s normal business hours. All notices
to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party’s signature to this Agreement, or at such other address as such Party may stipulate to the other Party in the manner provided in
this Section 13.11. 
 [SIGNATURE PAGE FOLLOWS] 

  
 21 

 IN WITNESS HEREOF, each of the Parties hereto has caused this Agreement to be signed as of the
date first above written. 
  

			
	SEADRILL LIMITED
		
	By:	 	 /s/ Fredrik Halvorsen

	Name:	 	 Fredrik Halvorsen

	Title:	 	 CEO

	
	Address for Notice:
	
	Par-la-Ville Place,
	14 Par-la-Ville Road
	Hamilton, HM08
	Bermuda
	Phone: (441) 295-6935
	Fax: (441) 295-3494
	Attention: Georgina Sousa
	
	SEADRILL PARTNERS OPERATING LLC
		
	By:	 	 /s/ Rune Magnus Lundetræ

	Name:	 	 Rune Magnus Lundetræ

	Title:	 	 CFO

	
	Address for Notice:
	
	Par-la-Ville Place, 4th Floor
	14 Par-la-Ville Road
	Hamilton HM 08
	Bermuda
	Phone: (441) 295-6935
	Fax: (441) 295-3494
	Attention: Georgina Sousa

 [SIGNATURE PAGE TO 

PURCHASE AND SALE AGREEMENT] 

 SCHEDULE A 

INSURANCE 
  

SCHEDULE A TO 

PURCHASE AND SALE AGREEMENT 

  
 A-1 

 EXHIBIT I 

FORM OF LOAN AGREEMENT 
  

EXHIBIT I TO 

PURCHASE AND SALE AGREEMENT 

  
 I-1 

 EXHIBIT II 

FORM OF T-15 INTERCOMPANY LOAN AGREEMENT 
  

EXHIBIT II TO 

PURCHASE AND SALE AGREEMENT 

  
 II-1EX-10.6

 Exhibit 10.6 
  

 
 AMENDED AND RESTATED 

REVOLVING LOAN AGREEMENT 

dated as of August 31, 2013 

among 
 Seadrill
Operating LP, 
 Seadrill Capricorn Holdings LLC and 

Seadrill Partners Operating LLC 

as Borrowers 
 and 

Seadrill Limited 
 as Lender

  
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	  	DEFINITIONS; CONSTRUCTION	  	 	4	  
			
	 Section 1.1
	  	Definitions	  	 	4	  
			
	 Section 1.2
	  	Other Definitional Provisions	  	 	9	  
			
	 Section 1.3
	  	Accounting Terms and Principles	  	 	9	  
			
	 ARTICLE II
	  	AMOUNT AND TERMS OF THE LOANS	  	 	9	  
			
	 Section 2.1
	  	Loan Commitment	  	 	9	  
			
	 Section 2.2
	  	Borrowing Procedure	  	 	9	  
			
	 Section 2.3
	  	Optional Reduction and Termination of Loan Commitment	  	 	10	  
			
	 Section 2.4
	  	Repayment of Loans	  	 	10	  
			
	 Section 2.5
	  	Prepayment	  	 	10	  
			
	 Section 2.6
	  	Interest on Loans	  	 	10	  
			
	 Section 2.7
	  	Computation of Interest	  	 	11	  
			
	 Section 2.8
	  	Fees	  	 	11	  
			
	 Section 2.9
	  	Evidence of Debt	  	 	11	  
			
	 Section 2.10
	  	Payments Generally	  	 	11	  
			
	 Section 2.11
	  	Taxes	  	 	12	  
			
	 Section 2.12
	  	Illegality	  	 	12	  
			
	 Section 2.13
	  	No Joint and Several Liability	  	 	12	  
			
	 ARTICLE III
	  	CONDITIONS PRECEDENT TO LOANS	  	 	12	  
			
	 Section 3.1
	  	Conditions to Effectiveness	  	 	12	  
			
	 Section 3.2
	  	Conditions to Making of each Loan	  	 	13	  
			
	 ARTICLE IV
	  	REPRESENTATIONS AND WARRANTIES	  	 	13	  
			
	 Section 4.1
	  	Corporate Existence; Compliance with Law	  	 	13	  
			
	 Section 4.2
	  	Power; Authorization; Enforceable Obligations	  	 	13	  
			
	 Section 4.3
	  	No Legal Bar	  	 	14	  
			
	 Section 4.4
	  	No Material Litigation	  	 	14	  
			
	 Section 4.5
	  	No Default	  	 	14	  
			
	 Section 4.6
	  	Use of Proceeds	  	 	14	  
			
	 ARTICLE V
	  	COVENANTS	  	 	14	  
			
	 Section 5.1
	  	Delivery of Financial Information	  	 	14	  

							
	 Section 5.2
	  	Notice of Default	  	 	15	  
			
	 Section 5.3
	  	Conduct of Business and Maintenance of Existence, etc	  	 	15	  
			
	 ARTICLE VI
	  	EVENTS OF DEFAULT	  	 	15	  
			
	 Section 6.1
	  	Events of Default	  	 	15	  
			
	 ARTICLE VII
	  	MISCELLANEOUS	  	 	17	  
			
	 Section 7.1
	  	Notices	  	 	17	  
			
	 Section 7.2
	  	Waiver; Amendments	  	 	18	  
			
	 Section 7.3
	  	Expenses; Indemnification	  	 	18	  
			
	 Section 7.4
	  	Successors and Assigns	  	 	19	  
			
	 Section 7.5
	  	Governing Law	  	 	19	  
			
	 Section 7.6
	  	Counterparts; Integration	  	 	19	  
			
	 Section 7.7
	  	Survival	  	 	19	  
			
	 Section 7.8
	  	Severability	  	 	20	  

 AMENDED AND RESTATED REVOLVING LOAN AGREEMENT 

THIS AMENDED AND RESTATED REVOLVING LOAN AGREEMENT (this “Agreement”) is made and entered into as of August 31,
2013 by and among Seadrill Limited, a Bermuda company (the “Lender”) and Seadrill Operating LP, a Marshall Islands limited partnership (“Seadrill Operating”), Seadrill Capricorn Holdings LLC, a Marshall Islands
limited liability company (“Seadrill Capricorn”), and Seadrill Partners Operating LLC, a Marshall Islands limited liability company (“Seadrill Partners Operating”, and together with Seadrill Operating and Seadrill
Capricorn, the “Borrowers,” and each, a “Borrower”). 
 W I T N E S S E T H: 

WHEREAS, the Lender, Seadrill Operating, and Seadrill Capricorn entered into a Revolving Loan Agreement, dated as of October 24,
2012 (the “Existing Loan Agreement”), pursuant to which the Lender agreed to make loans to Seadrill Operating and Seadrill Capricorn in an aggregate principal amount of up to $300,000,000 on the terms set forth therein; 

WHEREAS, Seadrill Partners Operating wishes to become a borrower under the Existing Loan Agreement; 

WHEREAS, the Lender, Seadrill Operating, Seadrill Capricorn, and Seadrill Partners Operating now wish to enter into this Agreement to
amend and restate the Existing Loan Agreement at the time, and subject to the conditions, specified herein for the purpose of adding Seadrill Partners Operating as an additional borrower.  

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, (b) with respect to Seadrill Capricorn, $150,000,000, and (c) with respect to Seadrill Partners Operating, $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 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 mean the “Closing Date” as defined in the Existing Loan Agreement. 

“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 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. 

“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. 
 “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. 
 “Restatement Date” shall have the meaning assigned to such
term in Section 3.1. 
 “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. 
 “Seadrill Partners 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. 
 (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 all Borrowers. 
 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 2.4
only 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 (y) the average daily Outstanding Amount of all Loans during the immediately preceding
calendar quarter (or other applicable shorter period). Each Borrower shall pay thirty-three and one-third percent (33 1/3%) of the Commitment Fee, provided that Commitment Fees accruing during the period prior to the Restatement Date, shall be paid
fifty percent (50%) by Seadrill Operating and fifty percent (50%) by Seadrill Capricorn. 
 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. 
 (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 2.11 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. 

ARTICLE III 
 CONDITIONS
PRECEDENT TO LOANS 
 Section 3.1 Conditions to Effectiveness. The amendment and restatement of the Existing
Loan Agreement contemplated by this Agreement shall not become effective until the date (such date, the “Restatement 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 Restatement 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 Restatement Date. 

 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. 
 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. 

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 
 (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 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, 

  
 15 

 
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,
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
		  	Building 11, 2nd Floor
		  	Chiswick Business Park
		  	566 Chiswick High Road
		  	London W4 5YS
		  	United Kingdom
		  	Attn: Mr. Graham Robjohns
		
		  	Seadrill Capricorn Holdings LLC
		  	Building 11, 2nd Floor
		  	Chiswick Business Park
		  	566 Chiswick High Road
		  	London W4 6YS
		  	United Kingdom
		  	Attn: Mr. Graham Robjohns
		
		  	Seadrill Partners Operating LLC
		  	Building 11, 2nd Floor
		  	Chiswick Business Park
		  	566 Chiswick High Road
		  	London W4 5YS
		  	United Kingdom
		  	Attn: Mr. Graham Robjohns
		
	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 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. 
 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. 

Section 7.9 Amendment and Restatement. Effective as of the Restatement Date, (i) this Agreement amends and restates the
Existing Loan Agreement in its entirety and (ii) all Loans outstanding under the Existing Loan Agreement shall be deemed outstanding hereunder. 

[Signature Pages Follow] 

 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 Borrower
		
	By:	 	 /s/ Rune Magnus Lundetræ

		 	Name:	 	Rune Magnus Lundetræ
		 	Title:	 	President
	
	SEADRILL CAPRICORN HOLDINGS LLC,
as Borrower
		
	By:	 	 /s/ Robert Hingley-Wilson

		 	Name:	 	Robert Hingley-Wilson
		 	Title:	 	Director
	
	SEADRILL PARTNERS OPERATING LLC,
as Borrower
		
	By:	 	 /s/ Rune Magnus Lundetræ

		 	Name:	 	Rune Magnus Lundetræ
		 	Title:	 	Director
	
	SEADRILL LIMITED
as Lender
		
	By:	 	 /s/ Kate Blankenship

		 	Name:	 	Kate Blankenship
		 	Title:	 	Director

 EXHIBIT A 

FORM OF NOTICE OF BORROWING 

[DATE] 
 Seadrill Limited 

[Address] 
 Dear Sirs: 

Reference is made to that certain Amended and Restated Loan Agreement, dated as of July     , 2013 (the “Loan
Agreement”), by and among Seadrill Limited, a Bermuda company (the “Lender”) and Seadrill Operating LP, a Marshall Islands limited partnership (“Seadrill Operating”), Seadrill Capricorn Holdings LLC, a
Marshall Islands limited liability company (“Seadrill Capricorn”), and Seadrill Partners Operating LLC, a Marshall Islands limited liability company (“Seadrill Partners Operating” and together with Seadrill
Operating and Seadrill Capricorn, the “Borrowers”). 
 [Seadrill Operating] [Seadrill Capricorn] [Seadrill Partners Operating] hereby
requests the following Loan under the Loan Agreement, and in that connection [Seadrill Operating] [Seadrill Capricorn] [Seadrill Partners Operating] specifies the following information with respect to such Loan: 

 

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

 [Seadrill Operating] [Seadrill Capricorn] [Seadrill Partners Operating] 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. 

 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]
	
	[SEADRILL PARTNERS OPERATING LLC]
	
	as Borrower
		
	By:	 	  

			
		 	Name:	 	
			
		 	Title:

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