Document:

EX-4.2

 Exhibit 4.2 
 Execution Version 
  

 
  

OMNIBUS AGREEMENT 
 AMONG 
 SEADRILL LIMITED 

SEADRILL MEMBER LLC 
 SEADRILL PARTNERS LLC 
 SEADRILL OPERATING GP LLC 

SEADRILL OPERATING LP 
 AND 
 SEADRILL CAPRICORN HOLDINGS LLC 

 
  

 

 TABLE OF CONTENTS 

 

									
	ARTICLE I	  
	DEFINITIONS	  
				
	 Section 1.1
	 		 	 Definitions
	  	 	1	  
	
	 ARTICLE II
 FIVE-YEAR DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES
	   

  

				
	 Section 2.1
	 		 	 Five-Year Drilling Rig Restricted Businesses
	  	 	6	  
	 Section 2.2
	 		 	 Permitted Exceptions
	  	 	6	  
	
	ARTICLE III	  
	BUSINESS OPPORTUNITIES PROCEDURES	  
				
	 Section 3.1
	 		 	 Procedures
	  	 	8	  
	 Section 3.2
	 		 	 Scope of Prohibition
	  	 	9	  
	 Section 3.3
	 		 	 Enforcement
	  	 	9	  
	
	 ARTICLE IV
 RIGHTS OF FIRST OFFER
	   

  

				
	 Section 4.1
	 		 	 Rights of First Offer
	  	 	10	  
	 Section 4.2
	 		 	 Procedures for Rights of First Offer
	  	 	10	  
	
	 ARTICLE V
 T-15 AND T-16 PURCHASE OPTIONS
	   

  

				
	 Section 5.1
	 		 	 Options to Purchase the T-15 Interests and the T-16 Interests
	  	 	11	  
	 Section 5.2
	 		 	 Procedures
	  	 	12	  
	
	 ARTICLE VI
 INDEMNIFICATION
	   

  

				
	 Section 6.1
	 		 	 Seadrill Indemnification
	  	 	13	  
	 Section 6.2
	 		 	 Limitation Regarding Indemnification
	  	 	14	  
	 Section 6.3
	 		 	 Indemnification Procedures
	  	 	14	  
	
	 ARTICLE VII
 MISCELLANEOUS
	   

  

				
	 Section 7.1
	 		 	 Choice of Law; Arbitration
	  	 	15	  
	 Section 7.2
	 		 	 Notice
	  	 	15	  
	 Section 7.3
	 		 	 Entire Agreement
	  	 	16	  
	 Section 7.4
	 		 	 Termination
	  	 	16	  
	 Section 7.5
	 		 	 Waiver; Effect of Waiver or Consent
	  	 	16	  
	 Section 7.6
	 		 	 Amendment or Modification
	  	 	17	  

  
 i 

									
	 Section 7.7
	 		 	 Assignment
	  	 	17	  
	 Section 7.8
	 		 	 Counterparts
	  	 	17	  
	 Section 7.9
	 		 	 Severability
	  	 	17	  
	 Section 7.10
	 		 	 Gender, Parts, Articles and Sections
	  	 	17	  
	 Section 7.11
	 		 	 Further Assurances
	  	 	17	  
	 Section 7.12
	 		 	 Withholding or Granting of Consent
	  	 	17	  
	 Section 7.13
	 		 	 Laws and Regulations
	  	 	18	  
	 Section 7.14
	 		 	 Negotiation of Rights of Seadrill, Members, Assignees and Third Parties
	  	 	18	  

  
 ii 

 OMNIBUS AGREEMENT 

THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the Closing Date (as defined herein), among Seadrill Limited, a Bermuda
exempted company limited by shares (“Seadrill”), Seadrill Partners LLC, a Marshall Islands limited liability company (the “Company”), Seadrill Member LLC, a Marshall Islands limited liability company
and member of the Company (including any permitted successors and assigns under the Operating Agreement (as defined herein)) (the “Seadrill Member”), Seadrill Operating LP, a Marshall Islands limited partnership
(“Operating LP”), Seadrill Operating GP LLC, a Marshall Islands limited liability company and the general partner of Operating LP (“Operating GP”), and Seadrill Capricorn Holdings LLC, a Marshall
Islands limited liability company (“Holdings LLC” and, together with Operating LP, “OPCO”). 
 R E C I T A L S: 
 1. The Parties desire by their execution of this
Agreement to evidence their understanding, as more fully set forth in Articles II and III, with respect to (a) those business opportunities that the Seadrill Entities (as defined herein) will not pursue during the term of this
Agreement and (b) the procedures whereby such business opportunities are to be offered to the Company Group (as defined herein). 
 2. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article IV, with respect to the Company’s right of first offer relating
to (a) Five-Year Drilling Rigs (as defined herein) that Seadrill might own and (b) limited partner interests of OPCO that Seadrill owns. 
 3. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to the rights of the Company to purchase the
T-15 and the T-16 from Seadrill. 
 4. The Parties desire by their execution of this Agreement to evidence their
understanding, as more fully set forth in Section 5.2(b)(ii), and Article VI, with respect to certain indemnification obligations of Seadrill. 
 In consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below: 
 “AAA” has the meaning given such term in Section 7.1. 

  
 1 

 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreement” means this Omnibus Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 7.6 hereof. 

“Board” means the Board of Directors of the Company. 

“Break-up Costs” means the aggregate amount of any and all additional taxes, flag administration, financing,
legal and other similar costs (except with respect to Section 2.2(b) where Break-up Costs shall be deemed to include only administrative costs associated with transfer and re-flagging, including related legal costs) to the Seadrill
Entities that would be required to transfer Five-Year Drilling Rigs acquired by the Seadrill Entities as part of a larger transaction to a Company Group Member pursuant to Section 2.2(b) or Section 2.2(d)(i). 

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of
the following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following
such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in which the
outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into
or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the
outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the
Exchange Act), other than Seadrill or its Affiliates with respect to the Seadrill Member, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the
then outstanding Voting Securities of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above. 

“Chevron” means Chevron Corporation, which is expected to cause one or more of its Affiliates to be the
contractual counterparty of the T-15 and the T-16 upon their respective completion, delivery and acceptance. 

“Closing Date” means the date of the closing of the initial public offering of common units representing limited
liability company interests in the Company. 
 “Company” is defined in the introduction to this
Agreement. 

  
 2 

 “Company Entities” means the Seadrill Member, the Company, OPCO GP
and OPCO and any Person controlled by any such entity. 
 “Company Group” means the Company, OPCO and
any Person controlled by any such entity. 
 “Company Group Member” means any Person in the Company
Group. 
 “Company Potential Transferee” has the meaning given such term in Section 6.1.

 “Company Sale Assets” has the meaning given such term in Section 6.1. 

“Company Transfer Notice” has the meaning given such term in Section 6.1. 

“Company Transferring Party” has the meaning given such term in Section 6.1. 

“Conflicts Committee” means the Conflicts Committee of the Board. 

“Contribution Assets” has the meaning given such term in Section 6.1. 

“Covered Environmental Losses” means all Losses suffered or incurred by the Company Group by reason of, arising
out of or resulting from: 
 (a) any violation or correction of violation of Environmental Laws; or 

(b) any event or condition relating to environmental or human health and safety matters, in each case, associated with the
ownership or operation by the Company Group or the Seadrill Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on, under, about or migrating to or from the Contribution Assets or the disposal or
release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including, without limitation, the reasonable and documented cost and expense of (i) any investigation, assessment,
evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure, remedial, corrective action or
other plans required or necessary under Environmental Laws and (iii) any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation support work;

 but only to the extent that such violation complained of under clause (a), or such events or conditions included in clause (b),
occurred before the Closing Date; and, provided, that in no event shall Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered Environmental Losses.” 

“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.

  
 3 

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “First Offer Negotiation Period” has the meaning given such term in
Section 4.2(c). 
 “Five-Year Drilling Rig” means any tender rig, drilling rig or drillship
operating under a drilling contract for five or more years (other than a drilling contract among Seadrill Entities), together with the related drilling contract. For purposes of determining the length of the contract for purposes of this Agreement,
the drilling contract shall be deemed to commence on the date of execution of such drilling contract, or the date of execution of an extension related thereto. For the avoidance of doubt, “Five-Year Drilling Rig” shall not include any
jack-up rig. 
 “Hazardous Substances” means (a) each substance defined, designated or classified
as a hazardous waste, hazardous substance, hazardous material, solid waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude oil and any fractions thereof; (c) natural gas,
synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos-containing materials in a friable condition. 
 “Holdings LLC” is defined in the introduction to this Agreement. 
 “Losses” means losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including, without limitation, court
costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided, however, that such term shall not include any special, indirect, incidental or consequential damages. 

“Non-Five-Year Drilling Rig” means any tender rig, drilling rig or drillship that is not a Five-Year Drilling
Rig. For the avoidance of doubt, “Non-Five-Year Drilling Rig” shall not include any jack-up rig. 

“Offer” has the meaning given such term in Section 3.1. 

“Offered Assets” has the meaning given such term in Section 3.1. 

“Offeree” has the meaning given such term in Section 3.1. 

“Offer Period” has the meaning given such term in Section 3.1. 

“OPCO” is defined in the introduction to this Agreement. 

“OPCO Equity Interest” has the meaning given such term in Section 4.1(a). 

“Operating Agreement” means the First Amended and Restated Limited Liability Company Agreement of the Company,
dated as of October 24, 2012, as such agreement is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No amendment or modification to the Operating Agreement subsequent to the Closing Date shall
be given effect for purposes of this Agreement unless consented to by each of the Parties to this Agreement. 

  
 4 

 “Operating GP” is defined in the introduction to this Agreement.

 “Operating LP” is defined in the introduction to this Agreement. 

“Option Assets” has the meaning given such term in Section 5.1. 

“Parties” means the parties to this Agreement and their successors and permitted assigns. 

“Person” means an individual, corporation, partnership, joint venture, trust, limited liability company,
unincorporated organization or any other entity. 
 “Potential Transferee” has the meaning given such
term in Section 4.2(a). 
 “Sale Assets” has the meaning given such term in
Section 4.2(a). 
 “Seadrill Entities” means Seadrill and any Person controlled, directly or
indirectly, by Seadrill, other than the Company Entities. 
 “Seadrill Management” means Seadrill
Management AS, a wholly owned subsidiary of Seadrill. 
 “Seadrill Member” is defined in the
introduction to this Agreement. 
 “Seadrill Potential Transferee” has the meaning given such term in
Section 4.2(b). 
 “Seadrill Sale Assets” has the meaning given such term in
Section 4.2(b). 
 “Seadrill Transfer Notice” has the meaning given such term in
Section 4.2(b). 
 “Seadrill Transferring Party” has the meaning given such term in
Section 4.2(b). 
 “T-15” means the tender rig barge currently under construction that will
operate under a contract with Chevron or any successor to Chevron in accordance with the terms of such contract. 

“T-16” means the tender rig barge currently under construction that will operate under a contract with Chevron or
any successor to Chevron in accordance with the terms of such contract. 
 “T-15 Interests” means all of
Seadrill’s rights, title and interests in the T-15, including shares of capital stock or other equity interest of any Seadrill Entity holding ownership interests in the T-15 and including any drilling contracts or other agreements
relating to the operation or ownership of the T-15 then in effect. 
 “T-16 Interests” means all
of Seadrill’s rights, title and interests in the T-16, including shares of capital stock or other equity interest of any Seadrill Entity holding ownership interests in the T-16 and including any drilling contracts or other
agreements relating to the operation or ownership of the T-16 then in effect. 

  
 5 

 “Transfer” means any transfer, assignment, sale or other disposition
of any (a) Five-Year Drilling Rig by any Seadrill Entity or (b) OPCO Equity Interest by Seadrill; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from a
Seadrill Entity to another Seadrill Entity, or from a Company Group Member to another Company Group Member, (ii) transfers, assignments, sales or other dispositions pursuant to the terms of any related drilling contract or other agreement with
a contractual counterparty; (iii) transfers, assignments, sales or other dispositions pursuant to Article II of this Agreement; or (iv) grants of security interests in or mortgages or liens on such Five-Year Drilling Rigs in favor of a
bona fide third party lender (but not the foreclosing of any such security interest, mortgage or lien). 
 “Transfer
Notice” has the meaning given such term in Section 4.2(a). 
 “Transferring
Party” has the meaning given such term in Section 4.2(a). 
 “Voting
Securities” means securities of any class of Person entitling the holders thereof to vote in the election of members of the board of directors or other similar governing body of the Person. 

ARTICLE II 

FIVE-YEAR DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES 
 Section 2.1 Five-Year Drilling Rig Restricted Businesses. Subject to Section 7.4 and except as permitted by Section 2.2, each of the Seadrill Entities shall be prohibited
from acquiring, owning, operating or contracting Five-Year Drilling Rigs. 
 Section 2.2 Permitted Exceptions.
Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this Agreement shall not prevent any Seadrill Entity from: 
 (a) acquiring, owning, operating or contracting any Non-Five-Year Drilling Rig; 

(b) acquiring one or more Five-Year Drilling Rigs if such Seadrill Entity offers to sell such Five-Year Drilling Rig to the Company for
the acquisition price plus any Break-up Costs in accordance with the procedures set forth in Section 3.1; 
 (c)
putting a Non-Five-Year Drilling Rig under contract for five or more years if such Seadrill Entity offers to sell such Non-Five-Year Drilling Rig to the Company for fair market value (x) after the time it becomes a Five-Year Drilling Rig and
(y) at each renewal or extension of that contract for five or more years, in each case in accordance with the procedures set forth in Section 3.1; 

  
 6 

 (d) acquiring one or more Five-Year Drilling Rigs as part of the acquisition of a
controlling interest in a business or package of assets and owning, operating or contracting such Five-Year Drilling Rig(s); provided, however, that: 

(i) if less than a majority of the value of the business or assets acquired is attributable to Five-Year Drilling Rigs, as
determined in good faith by Seadrill’s board of directors, the Seadrill Entity must offer to sell such Five-Year Drilling Rig(s) to the Company for their fair market value plus any Break-up Costs in accordance with the procedures set forth in
Section 3.1; and 
 (ii) if a majority or more of the value of the business or
assets acquired is attributable to Five-Year Drilling Rigs, as determined in good faith by Seadrill’s board of directors, Seadrill must notify the Company of the proposed acquisition in writing. The Company shall, not later than the 10th calendar day following receipt of such notice, notify Seadrill if it
or any other Company Group Member wishes to acquire any Five-Year Drilling Rig forming part of that business or package of assets in cooperation and simultaneously with the Seadrill Entity acquiring the Non-Five-Year Drilling Rigs forming part of
that business or package of assets. If the Company does not notify Seadrill of its intent to pursue the acquisition within such 10 calendar days, the Seadrill Entity may proceed with the acquisition and then offer to sell Five-Year Drilling Rigs to
the Company as provided in subsection (i) above; 
 (e) acquiring a non-controlling interest in any company, business or
pool of assets; 
 (f) acquiring, owning, operating or contracting any Five-Year Drilling Rig if the Company does not fulfill
its obligation to purchase such Five-Year Drilling Rig in accordance with the terms of any existing or future agreement; 
 (g)
acquiring, owning, operating or contracting any Five-Year Drilling Rig that is subject to an offer to purchase by a Company Group Member as described in paragraphs (b), (c) and (d) above, in each case pending the offer of such
Five-Year Drilling Rig to the Company and the Company’s determination pursuant to Section 3.1 whether to purchase the Five-Year Drilling Rig and, if the Company has determined to purchase or to cause any Company Group Member to
purchase such Five-Year Drilling Rig, pending the closing of such purchase; 
 (h) providing ship management services relating
to any drilling rig or drillship; 
 (i) owning or operating a Five-Year Drilling Rig that Seadrill owns and operates as of the
Closing Date and that is not included in the fleet of tender rigs, drilling rigs or drillships to be contributed to the Company Group on the Closing Date; or 
 (j) acquiring, owning, operating or contracting any Five-Year Drilling Rig if the Company has previously advised Seadrill that it consents to such acquisition, operation or contract. 

  
 7 

 ARTICLE III 
 BUSINESS OPPORTUNITIES PROCEDURES 
 Section 3.1 Procedures. In the
event that a Seadrill Entity acquires, operates or puts under contract Five-Year Drilling Rigs in accordance with Sections 2.2(b), 2.2(c) or 2.2(d)(i), then simultaneously or in any event not later than 30 calendar days after
the consummation of the acquisition or the commencement of operations or drilling contract, such acquiring Party (the “Acquiring Party”) shall notify the Board and offer the Company (an “Offeree”) the opportunity
for any Company Group Member to purchase such Non-Five-Year Drilling Rigs (the “Offered Assets”), for their fair market value (or, in the case of an acquisition in accordance with Section 2.2(b), the acquisition price)
plus, in the case of an acquisition in accordance with Sections 2.2(b),or 2.2(d)(i), any applicable Break-up Costs, in each case on commercially reasonable terms in accordance with this Section 3.1 (the
“Offer”). The Offer shall set forth the Acquiring Party’s proposed terms relating to the purchase of the Offered Assets by the applicable Company Group Member, including any liabilities to be assumed by the applicable Company
Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered
Assets and reasonably requested by the Offeree. As soon as practicable, but in any event, within 30 calendar days after receipt of the Offer, the Offeree shall notify the Acquiring Party in writing that either: 

(a) The Board has elected not to cause any Company Group Member to purchase such Offered Assets, in which event the Acquiring Party and
its Affiliates shall, subject to the other terms of this Agreement (including Section 2.2(b)), be forever free, subject to the provisions of this Agreement, to continue to own, operate and contract such Offered Assets; or 

(b) The Board has elected to cause any Company Group Member to purchase such Offered Assets, in which event the following procedures
shall be followed: 
 (i) After the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree
shall negotiate in good faith regarding the fair market value (or, in the case of an acquisition in accordance with Section 2.2(b), the acquisition price) (and any applicable Break-up Costs) of the Offered Assets that are subject to the
Offer and the other terms of the Offer on which the Offered Assets will be sold to the applicable Company Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets
that are subject to the Offer and the other terms of the Offer during the 30-day period (the “Offer Period”) after receipt by the Acquiring Party of the Board’s election to cause any Company Group Member to purchase the Offered
Assets, the Board shall cause any Company Group Member to purchase the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached. 

(ii) If the Acquiring Party and the Offeree are unable to agree on the fair market value (or, in the case of an
acquisition in accordance with Section 2.2(b), the 

  
 8 

 
acquisition price) (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the
Offeree will engage a mutually agreed-upon investment banking firm, rig broker or other expert advisor prior to the end of the Offer Period to determine the fair market value (or, in the case of an acquisition in accordance with
Section 2.2(b), the acquisition price) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree. In determining the fair market value of the Offered Assets and other terms on which the
Offered Assets are to be sold, the investment banking firm, rig broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree,
respectively, and to all information prepared by or on behalf of the Acquiring Party relating to the Offered Assets and reasonably requested by such investment banking firm, rig broker or other expert advisor. Such investment banking firm, rig
broker or other expert advisor will determine the fair market value (and any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30 calendar days of its
engagement and furnish the Acquiring Party and the Offeree its determination. The fees and expenses of the investment banking firm, rig broker or other expert advisor, as applicable, will be divided equally between the Acquiring Party and the
Offeree. Upon receipt of such determination, the Offeree will have the option, but not the obligation: 
 (A) to
cause any Company Group Member to purchase the Offered Assets for the fair market value (or, in the case of an acquisition in accordance with Section 2.2(b), the acquisition price) (and any applicable Break-up Costs), and on the other
terms determined by the rig broker or investment banking firm, as soon as commercially practicable after determinations have been made; or 
 (B) not to cause any Company Group Member to purchase such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement, be forever free to
continue to own and operate such Offered Assets. 
 Section 3.2 Scope of Prohibition. If any Seadrill Entity or its
Affiliates engages in the ownership or operation of Five-Year Drilling Rigs pursuant to any of the exceptions described in Section 2.2, the Seadrill Entity and its Affiliates may not subsequently expand that portion of their business
other than pursuant to the exceptions contained in such Section 2.2. Except as otherwise provided in this Agreement or the Operating Agreement, each Party and its Affiliates shall be free to engage in any business activity whatsoever,
including those that may be in direct competition with the Seadrill Entities or the Company Group Members. 
 Section 3.3
Enforcement. Each Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set forth in this Article III, and that any breach by any
such Party of its covenants and agreements set forth in 

  
 9 

 
this Article III would result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other remedies which may
be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of Article III of this Agreement. 

ARTICLE IV 

RIGHTS OF FIRST OFFER 
 Section 4.1 Rights of First Offer. 
 (a) The Company Group hereby grants
Seadrill a right of first offer on any proposed Transfer by any Company Group Member of any Five-Year Vessels or any Non-Five-Year Vessels owned or acquired by any Company Group Member. The Seadrill Entities hereby grant the Company a right of first
offer on any proposed Transfer of any (i) Five-Year Drilling Rigs owned or acquired by any Seadrill Entity after the Closing Date, and (ii) partnership interests in Operating LP or limited liability company interests in Holdings LLC (in
each case, “OPCO Equity Interests”) by Seadrill. The Parties acknowledge and agree that nothing in this Section 4.1 shall prevent or restrict the Transfer of the capital stock, equity ownership interests or other
securities of the Seadrill Member or the Company. 
 (b) The Parties acknowledge that all potential Transfers of Five-Year
Drilling Rigs or OPCO Equity Interests pursuant to this Article IV are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements, in
respect of such Five-Year Drilling Rig or OPCO Equity Interests, as applicable. 
 Section 4.2 Procedures for Rights of First
Offer. 
 (a) In the event that a Company Group Member (a “Company Transferring Party”) proposes to
Transfer any Non-Five-Year Drilling Rig (the “Company Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Company Sale Assets to any
non-affiliated third party, such Company Transferring Party shall give Seadrill (a “Company Potential Transferee”), written notice setting forth all material terms and conditions (including, without limitation, the purchase
price or the terms of the drilling contract and a description of the Company Sale Asset(s) on which such Company Transferring Party desires to Transfer the Company Sale Assets) (a “Company Transfer Notice”). 

(b) In the event that a Seadrill Entity (a “Seadrill Transferring Party” and, together with a Company
Transferring Party, a “Transferring Party”) proposes to Transfer any Five-Year Drilling Rig or partnership interests of OPCO (the “Seadrill Sale Assets” and,

  
 10 

 
together with the Company Sale Assets, the “Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering
to Transfer the Seadrill Sale Assets to any non-affiliated third party, such Seadrill Transferring Party shall give the MLP (a “Seadrill Potential Transferee” and, together with a Company Potential Transferee, a
“Potential Transferee”), written notice setting forth all material terms and conditions (including, without limitation, the purchase price or the terms of the drilling contract and a description of the Seadrill Sale Asset(s)
on which such Seadrill Transferring Party desires to Transfer the Seadrill Sale Assets) (a “Seadrill Transfer Notice” and, together with a Company Transfer Notice, each a “Transfer Notice”) 

(c) After delivery of a Transfer Notice, the Transferring Party then shall be obligated to negotiate in good faith for a 30-day period
following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer of such Sale Assets to the Potential Transferee or any of its Affiliates on
the terms and conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer,
such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those included in the Transfer Notice, then the Transferring Party
shall not thereafter Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided above. 
 ARTICLE V 
 T-15 AND
T-16 PURCHASE OPTIONS 
 Section 5.1 Options to Purchase the T-15 Interests and the
T-16 Interests. 
 (a) Seadrill hereby grants to the Company Group the unconditional right and option to purchase for a
respective purchase price to be agreed upon by Seadrill and the Company Group, at any time within 24 months following their respective acceptance by their contract counterparty, all of the T-15 Interests or T-16 Interests (each, an
“Option Asset” and, together, the “Option Assets”). 
 (b) The Parties
acknowledge that the potential transfer of the Option Assets pursuant to this Article V is subject to obtaining any and all written consents of governmental authorities and other third parties and to the terms of all agreements existing as of
the date hereof in respect of the Option Assets including, without limitation, any rights of first refusal of the parties to such agreements to purchase the Option Assets. Seadrill hereby covenants and agrees to use its reasonable efforts to obtain
any such consents required to be obtained by it in connection with the transfer of the Option Assets pursuant to this Article V. 

  
 11 

 Section 5.2 Procedures. 

(a) If a Company Group Member decides to exercise the option to purchase the T-15 Interests or the T-16 Interests, it will
provide written notice to Seadrill of such exercise, the purchase price it proposes to pay for the applicable Option Asset, and the other material terms of the purchase. The decision to purchase the applicable Option Asset, the purchase price to be
paid for the applicable Option Asset, and the other terms of the purchase shall be approved by the Conflicts Committee. If the Company Group Member and Seadrill are unable to agree on the purchase price of the applicable Option Asset and/or the
other material terms, the Company Group Member and Seadrill shall engage a mutually agreed-upon investment banking firm, broker or other expert advisor to determine the fair market value of the applicable Option Asset and/or any other material terms
on which the Company Group Member and Seadrill are unable to agree. In determining the fair market value of the applicable Option Asset and/or the other material terms on which the applicable Option Asset will be sold, the investment banking firm,
broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for the offer submitted by the Company Group Member and Seadrill, respectively, and to all information prepared by or on behalf of the
Company Group Member and Seadrill with respect to the Option Assets and reasonably requested by such investment banking firm, rig broker or other expert advisor. Such investment banking firm, rig broker or other expert advisor will determine the
fair market value of the applicable Option Asset and/or the other terms on which the Company Group Member and Seadrill were unable to agree within 30 calendar days of its engagement and furnish the Company Group Member and Seadrill its determination
in writing. The fees and expenses of the investment banking firm, broker or other expert advisor, as applicable, will be divided equally between the Company Group Member and Seadrill. Upon receipt of such determination, the Company Group Member will
have the option, but not the obligation to purchase the applicable Option Asset for the fair market value and on the other terms determined by the investment banking firm, rigbroker or other expert advisor, as soon as commercially practicable after
determinations have been made. 
 (b) If a Company Group Member chooses to exercise its option to purchase the T-15
Interests or the T-16 Interests under Section 5.2(a), the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the applicable Option Asset pursuant to which Seadrill shall be obligated to sell
the applicable Option Asset to the Company Group Member and the Company Group Member shall be obligated to purchase such Option Asset from Seadrill on the terms either agreed upon or determined in accordance with Section 5.2(a). The
terms of the purchase and sale agreement will include the following: 
 (i) the Company Group Member will deliver
a cash purchase price (unless the Company Group Member and Seadrill agree that the consideration will be paid by means of equity of the Company, an interest-bearing promissory note or other form of consideration); 

(ii) the Company Group will be entitled to the benefit of the indemnification contained in Article VI of this
Agreement for the remaining term of such indemnification with respect to events or conditions associated with the operation of the T-15 and the T-16 and occurring before the date of acquisition of the applicable Option Asset by the
Company Group Member; 

  
 12 

 (iii) Seadrill will provide customary representations and warranties with
respect to title to the applicable Option Asset and any other such matters as the Company Group Member may approve, which approval will not be unreasonably withheld; 

(iv) Seadrill will grant to the Company Group Member the right, exercisable at the Company Group Member’s risk and
expense, to make such surveys, tests and inspections of the T-15 or T-16 as the Company Group Member may deem desirable, so long as such surveys, tests or inspections do not damage the T-15 or T-16 or interfere with the
activities of the Seadrill Entities or Chevron (or its successor, as applicable) thereon and so long as the Company Group Member has furnished Seadrill with evidence that adequate liability insurance is in full force and effect; 

(v) the Company Group Member will have the right to terminate its obligation to purchase the T-15 Interests or the
T-16 Interests under this Article V and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to paragraph (iv) above are, in the reasonable opinion of the
Company Group Member, unsatisfactory; and 
 (vi) neither Seadrill nor the applicable Company Group Member shall
have any obligation to sell or buy the T-15 Interests or the T-16 Interests if any of the consents referred to in Section 5.1(b) above have not been obtained. 

(c) If a Company Group Member chooses or is deemed to have chosen not to exercise its option to purchase the T-15 Interests or the
T-16 Interests at the price determined by the investment banking firm, rig broker or other expert advisor under Section 5.2(a), all future rights to purchase such Option Asset by the Company Group will be extinguished. 

ARTICLE VI 

INDEMNIFICATION 
 Section 6.1 Seadrill Indemnification. Subject to the provisions of Section 6.2 and Section 6.3, Seadrill shall indemnify, defend and hold harmless the Company Group
from and against: (a) any Covered Environmental Losses relating to the assets contributed by the Seadrill Entities to the Company Group prior to or on the Closing Date (the “Contribution Assets”) to the extent that
Seadrill is notified by the Company of any such Covered Environmental Losses within five (5) years after the Closing Date; (b) Losses to the Company Group arising from (i) the failure of the Company Group, immediately after the
Closing Date, to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary to enable the Company Entities to own and operate the Contribution Assets in substantially the same manner
that the Contribution Assets were owned and operated by the Seadrill Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Company Entities or (ii) the failure of the Company Entities to
have by the Closing Date any consent or 

  
 13 

 
governmental permit necessary to allow the Company Entities to own or operate the Contribution Assets in substantially the same manner that the Contribution Assets were owned and operated by the
Seadrill Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Company Entities, in each of clauses (b)(i) and (b)(ii) above, to the extent that Seadrill is notified by the Company of such
Losses within three (3) years after the Closing Date; and (c) all federal, state, foreign and local income tax liabilities attributable to the operation of the Contribution Assets prior to the Closing Date, including any such income tax
liabilities of the Seadrill Entities that may result from the consummation of the formation transactions for the Company Group and the Company, but excluding any federal, state, foreign and local income taxes reserved on the books of the Company
Group on the Closing Date. 
 Section 6.2 Limitation Regarding Indemnification. The aggregate liability of Seadrill
under Section 6.1(a) above shall not exceed $10,000,000. Furthermore, no claim may be made against Seadrill for indemnification pursuant to Section 6.1(a), unless the aggregate dollar amount of all claims for indemnification
pursuant to such section shall exceed $500,000, in which case Seadrill shall be liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000. 

Section 6.3 Indemnification Procedures. 
 (a) The Company Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim for indemnification pursuant to Section 6.1, they will
provide notice thereof in writing to Seadrill specifying the nature of and specific basis for such claim. 
 (b) Seadrill shall
have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against the Company Group that are covered by the indemnification set forth in Section 6.1, including, without limitation,
the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the
consent (which consent shall not be unreasonably withheld) of the Company Group unless it includes a full release of the Company Group from such matter or issues, as the case may be. 

(c) The Company Group Members agree to cooperate fully with Seadrill with respect to all aspects of the defense of any claims covered by
the indemnification set forth in Section 6.1, including, without limitation, the prompt furnishing to Seadrill of any correspondence or other notice relating thereto that the Company Group may receive, permitting the names of the members
of the Company Group to be utilized in connection with such defense, the making available to Seadrill of any files, records or other information of the Company Group that Seadrill considers relevant to such defense and the making available to
Seadrill of any employees of the Company Group; provided, however, that in connection therewith Seadrill agrees to use reasonable efforts to minimize the impact thereof on the operations of the Company

  
 14 

 
Group and further agrees to maintain the confidentiality of all files, records and other information furnished by a Company Group Member pursuant to this Section 6.3. In no event
shall the obligation of the Company Group to cooperate with Seadrill as set forth in the immediately preceding sentence be construed as imposing upon the Company Group an obligation to hire and pay for counsel in connection with the defense of any
claims covered by the indemnification set forth in this Article VI; provided, however, that the Company Group Members may, at their own option, cost and expense, hire and pay for counsel in connection with any such defense.
Seadrill agrees to keep any such counsel hired by the Company Group reasonably informed as to the status of any such defense (including providing such counsel with such information related to any such defense as such counsel may reasonably request)
but Seadrill shall have the right to retain sole control over such defense. 
 In determining the amount of any Loss for which
any of the members of the Company Group is entitled to indemnification under this Agreement, the gross amount of the indemnification will be reduced by (a) any insurance proceeds realized by the Company Group, and such correlative insurance
benefit shall be net of any incremental insurance premium that becomes due and payable by the Company Group as a result of such claim, and (b) all amounts recovered by the Company Group under contractual indemnities from third Persons. The
Company Group hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities; provided, however, that the costs and expenses (including,
without limitation, court costs and reasonable attorneys’ fees) of the Company Group in connection with such efforts shall be promptly reimbursed by Seadrill in advance of any determination of whether such insurance proceeds or other amounts
will be recoverable. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Choice of Law; Arbitration. This
Agreement shall be subject to and governed by the laws of the State of New York. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by final and binding arbitration in New York, New York,
before a single arbitrator, in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). The arbitrator shall be selected by mutual agreement of the parties, if possible. If the parties
fail to reach agreement upon appointment of an arbitrator within 30 days following receipt by one party of the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels of persons submitted by AAA.
Judgment upon any award rendered pursuant to such arbitration may be entered in any court of competent jurisdiction or application may be made to any such court for enforcement of any such award and the entry of whatever orders are necessary for the
enforcement thereof. 
 Section 7.2 Notice. 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 

  
 15 

 
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 parties in the manner provided in this
Section 7.2. 
 Section 7.3 Entire Agreement. This Agreement constitutes the entire agreement of the
parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 
 Section 7.4 Termination. Upon a Change of Control of the Seadrill Member or of the Company, the provisions of Articles II, III and IV, of this Agreement (but not less than all of such
Articles) shall terminate immediately. Upon a Change of Control of Seadrill, the provisions of Articles II, III and IV of this Agreement applicable to Seadrill (but not less than all of such Articles) shall terminate at the time that is the later of
(a) the date on which all of the Company’s outstanding subordinated units have converted to common units of the Company and (b) the date of the Change of Control of Seadrill. 

Section 7.5 Waiver; Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any
obligation or other act of any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a
written instrument duly executed by the party or parties to be bound thereby; provided, however, that the Company may not, without the prior approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that,
in the reasonable discretion of the Board, will adversely affect the holders of common units of the Company. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its
obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to
complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run.

  
 16 

 Section 7.6 Amendment or Modification. This Agreement may be amended or modified
from time to time only by the written agreement of all the parties hereto; provided, however, that the Company may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in the
reasonable discretion of the Board, will adversely affect the holders of common units of the Company. 
 Section 7.7
Assignment. No party shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties hereto. 
 Section 7.8 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be
construed together and shall constitute one and the same instrument. 
 Section 7.9 Severability. If any provision
of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be
affected thereby and shall be enforced to the greatest extent permitted by law. 
 Section 7.10 Gender, Parts, Articles
and Sections. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers
and Section numbers refer to Articles and Sections of this Agreement. 
 Section 7.11 Further Assurances. In
connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or
appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 
 Section 7.12 Withholding or Granting of Consent. Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent
or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 

  
 17 

 Section 7.13 Laws and Regulations. Notwithstanding any provision of this
Agreement to the contrary, no party to this Agreement shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such party to be in violation of any applicable law, statute, rule or
regulation. 
 Section 7.14 Negotiation of Rights of Seadrill, Members, Assignees and Third Parties. The provisions
of this Agreement are enforceable solely by the parties to this Agreement, and no shareholder of Seadrill and no member, assignee or other Person of the Company shall have the right, separate and apart from Seadrill or the Company, as applicable, to
enforce any provision of this Agreement or to compel any party to this Agreement to comply with the terms of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 18 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the
Closing Date. 
  

					
	SEADRILL LIMITED
		
	By:	 	 /s/ Tor Olav Trøim

		 	Name:	 	Tor Olav Trøim
		 	Title:	 	Vice-President and Director

 
					
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )     -    
	Fax:	 	(    )     -    
	Attention:	 	  

					
	
	SEADRILL PARTNERS LLC
		
	By:	 	 /s/ Graham Robjohns

		 	Name:	 	Graham Robjohns
		 	Title:	 	Chief Executive Officer

 
					
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )     -    
	Fax:	 	(    )     -    
	Attention:	 	  

 SIGNATURE PAGES TO 

OMNIBUS AGREEMENT 

 
					
	SEADRILL MEMBER LLC
		
	By:	 	Seadrill Limited, its sole member
		
	By:	 	 /s/ Tor Olav Trøim

		 	Name:	 	Tor Olav Trøim
		 	Title:	 	Vice-President and Director

 
			
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )     -    
	Fax:	 	(    )     -    
	Attention:	 	  

  

					
	SEADRILL OPERATING GP LLC
		
	By:	 	 /s/ Rune Magnus Lundetræ

		 	Name:	 	Rune Magnus Lundetræ
		 	Title:	 	President

 
			
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )     -    
	Fax:	 	(    )     -    
	Attention:	 	  

 SIGNATURE PAGES TO 

OMNIBUS AGREEMENT 

 
					
	SEADRILL OPERATING LP
	
	By: Seadrill Operating GP LLC, its general partner
		
	By:	 	 /s/ Rune Magnus Lundetræ

		 	Name:	 	Rune Magnus Lundetræ
		 	Title:	 	President

 
					
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )    -    
	Fax:	 	(    )    -    
	Attention:	 	  

					
	
	SEADRILL CAPRICORN HOLDINGS LLC
		
	By:	 	 /s/ Robert Hingley-Wilson

		 	Name:	 	Robert Hingley-Wilson
		 	Title:	 	Director

 
					
	
	Address for Notice:
	
	  

	  

	Telephone:	 	(    )    -    
	Fax:	 	(    )    -    
	Attention:	 	  

 SIGNATURE PAGES TO 

OMNIBUS AGREEMENTEX-4.3

 Exhibit 4.3 
 Execution Version 
 MANAGEMENT AND ADMINISTRATIVE SERVICES AGREEMENT

 between 
 Seadrill Management AS 
 and 

Seadrill Partners LLC 

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	1.  	 	 APPOINTMENT AND EFFECTIVE DATE
	  	 	1	  
			
	2.  	 	 BOARD OF DIRECTORS
	  	 	1	  
			
	3.  	 	 SERVICES
	  	 	1	  
			
	4.  	 	 GENERAL CONDITIONS
	  	 	4	  
			
	5.  	 	 COMPENSATION
	  	 	5	  
			
	6.  	 	 INDEMNITY
	  	 	5	  
			
	7.  	 	 NO CONSEQUENTIAL DAMAGES
	  	 	6	  
			
	8.  	 	 CONFIDENTIALITY
	  	 	6	  
			
	9.  	 	 TERM AND TERMINATION
	  	 	7	  
			
	10.	 	 DEFAULT
	  	 	7	  
			
	11.	 	 FORCE MAJEURE
	  	 	8	  
			
	12.	 	 NOTICES
	  	 	8	  
			
	13.	 	 MISCELLANEOUS
	  	 	8	  
			
	14.	 	 GOVERNING LAW AND ARBITRATION
	  	 	9	  

  
 i 

 THIS MANAGEMENT AND ADMINISTRATIVE SERVICES AGREEMENT (the “Agreement”) is entered
into on October 24, 2012 and is effective as of the Effective Date set forth below. 
 BETWEEN: 

 

	(1)	Seadrill Management AS, a Norwegian company (the “Manager”), 

and 
  

	(2)	Seadrill Partners LLC, a Marshall Islands limited liability company (the “Company”) 

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

WHEREAS, the Company wishes to engage the Manager to provide certain management and administrative support services to the Company on the terms
set out herein. 
 NOW THEREFORE, the Parties have agreed as follows: 

 

	1.	APPOINTMENT AND EFFECTIVE DATE 

  

	 	1.1	The Company hereby confirms the appointment of the Manager to provide the general assistance and management services specified in this Agreement (the
“Management Services”) to the Company and the subsidiaries of the Company listed on Schedule 1 to this Agreement, subject to the terms and conditions set forth in this Agreement, and the Manager accepts such appointment.

  

	 	1.2	The effective date of this Agreement shall be June 29, 2012. 

  

	2.	BOARD OF DIRECTORS 

  

	 	2.1	The Manager shall always act in accordance with the direction of the Board of Directors of the Company (the “Board”) in providing the Management
Services under this Agreement. 

  

	 	2.2	The Board may revoke any authorization granted to the Manager at any time in its sole discretion. 

 

	 	2.3	For clarity, no authority of the Board is delegated to the Manager by this Agreement. The Board of the Company expressly retains all authority granted to it
pursuant to the Operating Agreement of the Company, dated June 28, 2012 (as the same may be amended, restated, modified or supplemented from time to time, the “Operating Agreement”). 

 

	3.	SERVICES 

  

	 	3.1	The Manager shall, throughout the term of this Agreement, provide such Management Services as the Company from time to time may specify.

  

	 	3.2	The Manager may, at its discretion, sub-contract any of the services to be provided by the Manager hereunder to other companies within the Seadrill Group and/or
other reputable companies as may be permitted hereunder from time to time, provided, that such company shall be sufficiently resourceful, experienced and qualified to fulfill the Manager’s duties and obligations hereunder, and,
further, provided, that the Manager shall remain in all respects responsible for the due and proper performance by any such subcontractor. The “Seadrill Group” means Seadrill Limited or any subsidiary thereof, except
the Company and its subsidiaries. 

  
 1 

	 	3.3	Without prejudice to the generality of the foregoing, the Manager shall provide the following services to the Company: 

 

	 	3.3.1	Corporate Governance Services 

 The Manager shall assist the Company in the provision of general company secretarial services, including, but not limited to, keeping statutory books and records, convening meetings of the members of the
Company, and meetings of the Boards of Directors and the shareholders of the subsidiaries of the Company and preparing adequate documentation for such meetings. 
  

	 	3.3.2	Company Records 

  

	 	(a)	The Manager shall be responsible for the safekeeping and professional filing of all original corporate documents of the Company and subsidiaries of the Company.

  

	 	(b)	The Manager shall establish and maintain an adequate and accessible archive either (or both) in electronic form or physical form of all documents relevant to the
Company’s business. 

  

	 	3.3.3	Treasury Services 

Subject to the terms of any pooling arrangements which may exist in relation to the Company and its assets: 

 

	 	(a)	The Manager may be authorized to operate the Company’s bank accounts in accordance with such principles as the Board from time to time shall approve. Pursuant to
such authorization, the Manager may be entitled to open bank accounts in the Company’s name and enter into account agreements and all such other contracts or agreements as shall be required by the banks and others for this purpose.

  

	 	(b)	The Manager shall be authorized to collect all amounts due from third parties to the Company on the Company’s behalf and shall be responsible for the establishment
and follow-up of efficient procedures for the purpose of collecting any overdue amounts. 

  

	 	(c)	The Manager shall arrange for the Company to settle its debts and accounts payable to third parties as such fall due, while pursuing a satisfactory solution of any
dispute in relation thereto on the Company’s behalf. 

  

	 	(d)	The Manager shall settle all inter-company accounts between the Company and other companies in the Seadrill Group in accordance with such agreements and other
documentation for payments as shall be in existence from time to time. 

  

	 	3.3.4	Financing 

 The Manager
shall assist the Company in all matters relevant to the financing of the Company’s activities, including the identification of sources of potential financing, negotiation of financing arrangements, and coordination of financing with other
Seadrill Group companies for the benefit of the Company. 

  
 2 

	 	3.3.5	Insurance 

 The Manager
shall arrange to insure the vessels owned by the Company or its subsidiaries in accordance with the general guidelines and policies from time to time in force for coverage, insurers and terms for the insurance of vessels controlled by the Seadrill
Group. 
 The Manager shall provide advice and assistance to the Company in filing and managing claims under all insurance
policies procured for the vessels owned by the company or its subsidiaries (the “Vessels”) and the Company. 
 The
Manager shall provide general advice and assistance to the Company in the procurement of other insurance as may be necessary or prudent in order to comply with legal or contractual requirements, or otherwise prudently insure the risks of the
Company. 
  

	 	3.3.6	Sale and Purchase of Assets 

  

	 	(a)	The Manager shall, in accordance with instructions from the Board, supervise the sale and purchase of assets on the Company’s behalf including the completion of
such transactions. 

  

	 	(b)	In respect of any sale or purchase of an asset, the Manager shall provide assistance which shall include, but not be limited to, arranging the financing in the case of
a purchase and, if necessary, renegotiating existing financing, and in the case of a sale or purchase, arranging other contractual agreements required by the transaction and the general completion of the specific transaction.

  

	 	(c)	The Manager shall assist the Board in reviewing the market for sale and purchase of assets and providing the Company with recommendations in this respect. Any contracts
related to a sale or purchase of an asset shall always be subject to the final approval of the Board. 

  

	 	3.3.7	Accidents—Contingency Plans 

 The Manager shall assist the Company in handling all accidents involving its vessels. In particular, the Manager shall establish a crisis management procedure, shall assist the Company in the development
of a local crisis management procedure, and shall provide other advice and assistance in connection with crisis response, including crisis communications assistance. 
  

	 	3.3.8	Disputes 

 The Manager
shall provide general advice and assistance in the prosecution or defense of any and all legal proceedings by or against the Company, on the Company’s behalf and follow up the same in accordance with such instructions as shall be provided to
the Manager in this respect by the Company. 

  
 3 

	 	3.3.9	Marketing Services 

 The
Manager shall provide advice and assistance in the marketing of the Vessels, including the identification of potential customers, identification of Vessels available for charter opportunities and preparation of bids. 

 

	 	3.3.10	General Administrative Services 

 The Manager shall cause certain of its officers as set forth on Schedule 2 to this Agreement and any of its additional officers or other employees as the Board may from time to time request
(collectively, the “Manager’s Employees”) to perform as officers of the Company in the capacity as set forth on Schedule 2 or provide such general administrative services as may be required by the Company including
accounting services, access to and consolidation of information in the Seadrill Group enterprise resource planning systems, and advice and assistance in the general administration and management of the business, with all of the duties of officers of
the Company as provided by the Board of Directors of the Company pursuant to the terms of the Operating Agreement, subject to the sole direction of the Board of Directors of the Company and subject to Section 9 hereof. 

 

	4.	GENERAL CONDITIONS 

  

	 	4.1	The Manager shall, in performing its duties hereunder, serve the Company in good faith. In exercising the powers and authorities hereby conferred on it, the
Manager shall: 

  

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

  

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

 

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

  

	 	4.2	The Manager shall be entitled to provide management services to other companies or entities. 

Such entities can either be other companies in the Seadrill Group or third party entities. 

 

	 	4.3	The Manager shall not afford preference to any vessel or company under its management but shall, so far as practicable, ensure a fair distribution of service to
all such vessels and companies from time to time under its management. 

 The Manager shall, in the performance of
its services, be entitled to take into consideration its overall responsibility in relation to all matters as may from time to time be entrusted to its management and in particular, but without prejudice to the generality of the foregoing, be
entitled to allocate available supplies, manpower and services between its management assignments in such manner as in the prevailing circumstances the Manager in good faith considers to be fair and reasonable. 

 

	 	4.4	All discounts, commissions and other benefits received by the Manager or any of its employees from third parties as a consequence of the provision of services
hereunder shall be disclosed and credited to the Company. 

  
 4 

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

 Such information shall
be provided to such persons as shall be specifically authorized by the Company. Representatives of the Company’s auditor shall, in relation to the audit of the Company’s accounts, always be considered authorized. 

 

	 	4.6	The Manager shall, upon request, provide the Company with copies of all documents relevant to the Company in its possession and otherwise compile such facts and
records on the basis of such documents as shall, from time to time, be requested by the Company. 

  

	5.	COMPENSATION 

  

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

  

	 	5.2	The Company shall pay to the Manager a management fee equal to 5% of the Costs and Expenses for such calendar quarter (the “Management Fee”),
subject to Section 5.4. 

  

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

  

	 	5.4	The Company shall pay the Management Fee to the Manager less any applicable withholding taxes. 

 

	6.	INDEMNITY 

  

	 	6.1	The Company agrees to indemnify and keep the Manager and its officers, employees, agents and sub-contractors, indemnified against any and all liabilities, costs,
claims, demands, proceedings, charges, actions, suits or expenses of whatsoever kind or character that may be incurred or suffered by any of them howsoever arising (other than by reason of fraud, gross negligence or willful misconduct on the part of
the Manager or any of its officers, employees, agents or sub-contractors,) in connection with the provisions of the Management Services or the performance of its duties hereunder. 

The Manager shall not be required to take any legal action on behalf of the Company unless being fully indemnified (to its reasonable
satisfaction) for all costs and liabilities likely to be incurred or suffered by it as a consequence thereof. 
  

	 	6.2	The indemnities provided by the Company hereunder shall cover all reasonable costs and expenses payable or incurred by the Manager in connection with any claims.

  

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

  

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

  
 5 

	7.	NO CONSEQUENTIAL DAMAGES 

  

	 	7.1	NEITHER THE MANAGER NOR ANY OF ITS AFFILIATES SHALL BE LIABLE FOR INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES SUFFERED BY THE COMPANY, OR FOR PUNITIVE DAMAGES,
WITH RESPECT TO ANY TERM OR THE SUBJECT MATTER OF THIS AGREEMENT, EVEN IF INFORMED OF THE POSSIBILITY THEREOF IN ADVANCE. THIS LIMITATION APPLIES TO ALL CAUSES OF ACTION, INCLUDING, WITHOUT LIMITATION, BREACH OF CONTRACT, BREACH OF WARRANTY,
NEGLIGENCE, STRICT LIABILITY, FRAUD, MISREPRESENTATION AND OTHER TORTS. 

  

	8.	CONFIDENTIALITY 

  

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

  

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

  

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

 

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

  

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

 

	 	(c)	The Company shall be entitled to any equitable remedy available at law or equity, including specific performance, against a breach by the Manager of this obligation.
The Manager shall not resist such application for relief on the basis that the Company has an adequate remedy at law, and the Manager shall waive any requirement for the securing or posting of any bond in connection with such remedy.

  

	 	8.2	All Confidential Information furnished to, or developed by, the Company or any of its employees, directors or sub-contractors pursuant to this Agreement shall be
the property of the Manager, and shall be kept confidential by the Company. 

  

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

 

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

 

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

  

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

 

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

  
 6 

	9.	TERM AND TERMINATION 

  

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

 

	 	(a)	by the Board or pursuant to Section 10.1 hereof upon 90 days’ written notice for any reason in its sole discretion; or 

 

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

  

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

  

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

 

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

  

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

  

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

  

	 	9.2	Notwithstanding the foregoing, the arrangement with respect to the provision of the Management Services by any or all of the Manager’s employees may be
terminated at any time with respect to any or all of such Manager’s employees by the Board in its sole discretion. Such Management Services shall terminate immediately upon delivery by the Board of written notice to the Manager. The termination
of the Management Services with respect to any or all of the Manager’s employees shall not constitute a termination of the other provisions of this Agreement. 

 

	10.	DEFAULT 

  

	 	10.1	Notwithstanding Section 9.1(a), if the Manager shall, by any act or omission, be in breach of any material obligation under this Agreement and such breach
shall continue for a period of 14 days after written notice thereof has been given by the Company to the Manager, the Company shall have the right to terminate this Agreement with immediate effect by notice to the Manager.

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

  
 7 

	11.	FORCE MAJEURE 

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

 

	12.	NOTICES 

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

If to the Company: 
 Seadrill Partners LLC 
 13th Floor 

One America Square 
 17 Crosswall 
 London 

EC3N 2LB 
 United
Kingdom 
 Attn. Chief Executive Officer 
 If to the Manager: 
 Seadrill Management AS 

Løkkeveien 111 
 P.O. Box 110 
 4001 Stavanger, Norway 

Telefax: + 47 51 30 96 88 
 Attn. Managing Director 
 or such other address or telefax number as either Party
may designate to the other Party in writing. 
  

	13.	MISCELLANEOUS 

  

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

 

	 	13.2	The relationship between the parties hereto is that of an independent contractor. Nothing in this Agreement shall be deemed to constitute a partnership between
the Parties. 

  

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

  
 8 

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

  

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

 

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

  

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

  

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

 

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

 

	14.	GOVERNING LAW AND ARBITRATION 

  

	 	14.1	This Agreement shall be governed by and interpreted in accordance with Norwegian law. 

 

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

 [SIGNATURE PAGE FOLLOWS] 

  
 9 

					
	For and on behalf of	 		 	For and on behalf of
	SEADRILL MANAGEMENT AS	 		 	SEADRILL PARTNERS LLC
			
	 /s/ Rune Magnus Lundetræ
	 		 	 /s/ Graham Robjohns

	Signature	 		 	Signature
			
	 RUNE MAGNUS LUNDETRÆ
	 		 	 GRAHAM ROBJOHNS

	Name with block letters	 		 	Name with block letters

 SIGNATURE PAGE TO 

MANAGEMENT SERVICES AGREEMENT 

 SCHEDULE 1 

SUBSIDIARIES 
  

			
	 Subsidiary
	  	 Jurisdiction of Formation

	Seadrill Operating GP LLC	  	Republic of the Marshall Islands
	Seadrill Operating LP	  	Republic of the Marshall Islands
	Seadrill Opco Sub Ltd.	  	Republic of the Marshall Islands
	Seadrill Capricorn Holdings LLC	  	Republic of the Marshall Islands
	Seadrill Capricorn Ltd.	  	United Kingdom
	Seadrill US Gulf LLC	  	Delaware
	Seadrill Mobile Units (Nigeria) Ltd.	  	Nigeria
	Seadrill Deepwater Drillship Ltd.	  	Cayman Islands
	Seadrill Canada Ltd.	  	Newfoundland
	Seadrill China Operations Ltd.	  	Bermuda
	Seadrill Vencedor Ltd.	  	Bermuda

 Schedule 1 

 SCHEDULE 2 

INITIAL MANAGER’S EMPLOYEES 
  

					
	 Name
	  	 Position at the Manager
	  	 Position at the Company

			
	Rune Magnus Lundetræ	  	Chief Financial Officer and Senior Vice President	  	Chief Financial Officer

 Schedule 2

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