Document:

Exhibit10.4

    

ADVISORY, TECHNICAL AND ADMINISTRATIVE SERVICES AGREEMENT 
 
 
 
between 
 
 
 
Seadrill Management AME Ltd 
 
 
and 
 
 
 
Seadrill Polaris Ltd

Seadrill Polaris Ltd Management Agreement

CONTENTS
Clause    Page
		
	1.
	SERVICES AND EFFECTIVE DATE    1

		
	2.
	SERVICES    1

		
	3.
	GENERAL CONDITIONS    3

		
	4.
	COMPENSATION    3

		
	5.
	INDEMNITY    4

		
	6.
	CONFIDENTIALITY    5

		
	7.
	TERM AND TERMINATION    5

		
	8.
	DEFAULT    6

		
	9.
	FORCE MAJEURE    6

		
	10.
	NOTICES    7

		
	11.
	MISCELLANEOUS    7

		
	12.
	GOVERNING LAW AND ARBITRATION    7

i

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

THIS ADVISORY, TECHNICAL AND ADMINISTRATIVE SERVICES AGREEMENT (the “Agreement”) is made as of the Effective Date set forth below.
BETWEEN:
		
	(1)
	Seadrill Management AME Ltd., a Bermuda company with branch operations in Dubai (the “Contractor”)

and
		
	(2)
	Seadrill Polaris Ltd., a Bermuda company (the “Company”)

 (hereinafter jointly referred to as the “Parties” and, individually, as a “Party”).
WHEREAS, the Company wishes to engage the Contractor to provide certain advisory, technical and administrative services to the Company on the terms set out herein;
NOW THEREFORE, the Parties have agreed as follows:
		
	1.
	SERVICES AND EFFECTIVE DATE

		
	1.1
	The Contractor shall provide the advisory, technical and general administrative services specified in this Agreement (the “Services”) to the Company subject to the terms and conditions set forth in this Agreement, as may be requested by the Company from time to time.

		
	1.2
	The effective date of this Agreement shall be from 19 June 2015.

		
	2.
	SERVICES

		
	2.1
	The Contractor shall provide the following Services to the Company:

		
	2.1.1
	Operations Services

		
	(a)
	The Contractor shall provide standards for the technical operation of the Company’s vessel (the “Vessel”) and a policy in this respect.

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

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

		
	(ii)
	developing and implementing strategies for long term maintenance of the Vessel;

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

1

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

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

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

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

		
	(c)
	The Contractor shall, as requested, provide audits of contractors of technical services and equipment and crewing services, such audits to include physical inspections.

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

		
	2.1.2
	Technical Supervision

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

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

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

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

		
	2.1.3
	Accidents—Contingency Plans

The Contractor shall assist the Company in handling all accidents involving Vessel owned by the Company in the course of operations.  In particular, the Contractor shall provide 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.
		
	2.1.4
	Financing

The Contractor 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

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

		
	2.1.5
	Disputes

The Contractor 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 Contractor in this respect by the Company.
		
	2.1.6
	Marketing Services

The Contractor shall provide advice and assistance in the marketing of the Company’s Vessel, including the identification of potential customers, identification of Vessels available for charter opportunities and preparation of bids.
		
	2.1.7
	General Administrative Services

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

		
	3.1
	The Contractor shall, in performing its duties hereunder, serve the Company in good faith.  In providing the Services hereunder, the Contractor shall:

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

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

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

		
	3.2
	The Contractor shall be entitled to provide Services to other companies or entities.  Such entities can either be other companies in the Seadrill Group or third party entities.

		
	3.3
	All discounts, commissions and other benefits received by the Contractor and/or its employees from third parties as a consequence of the provision of Services hereunder shall be disclosed and credited to the Company.

		
	3.4
	The Company shall, at any time upon request, be provided with any information from the accounts and records of the Contractor which is relevant and reasonably required for the performance of its obligations vis‐à‐vis the Company hereunder.

Such information shall be provided to such persons as shall be specifically authorized by the Company. Representatives of the Company’s auditor shall, in relation to the audit of the Company’s accounts, always be considered authorized.
		
	3.5
	The Contractor shall, upon request, provide the Company with copies of all documents relevant to the Company in its possession and otherwise compile such facts and records on the basis of such documents as shall, from time to time, be requested by the Company.

		
	4.
	COMPENSATION

3

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

		
	4.1
	Each calendar quarter, the Company agrees to reimburse the Contractor for all costs and expenses reasonably incurred by the Contractor (the “Costs and Expenses”) in connection with the provision of the Services by the Contractor to the Company for such calendar quarter.

		
	4.2
	The Company shall pay to the Contractor a management fee equal to 5% of the Costs and Expenses for such calendar quarter (the “Services Fee”).

		
	4.3
	The Services Fee shall be payable by the Company on a quarterly basis.  Within 30 days following the end of each calendar quarter, the Contractor shall prepare a statement of costs and expenses incurred in providing the Services, setting forth the basis for calculation in such detail as reasonably required.  The Contractor shall then deliver an invoice to the Company for such costs together with the corresponding Services Fee. The Company shall pay undisputed charges within 30 days of receipt of the Contractor’s invoice.

		
	4.4
	The Company shall pay the Services Fee to the Contractor less any applicable withholding taxes.

		
	5.
	INDEMNITY

		
	5.1
	The Contractor shall be under no responsibility or liability for any loss or damage, whether loss of profits or otherwise, to the Company arising out of any act or omission involving any error of judgment or any negligence on the part of the Contractor or any of its officers, employees, agents, and sub-contractors in connection with the performance of the Services under this Agreement, unless the acts or omissions leading to a loss or damage are caused by fraud, or willful misconduct on the part of the Contractor, its officers, employees, agents or subcontractors.

Notwithstanding anything to the contrary, unless the acts or omissions leading to a loss or damage are caused by or due to the fraud of the Contractor, its officers, employees, agents or subcontractors, the Contractor shall not, under any circumstances whatsoever under the agreement, tort or otherwise at law, be liable to compensate the Company for any loss or damage in excess of ten (10) times the annual Services Fee. 
The Company agrees to indemnify and keep the Contractor and its sub‐contractors, together with its sub‐contractors officers and employees, indemnified against any and all liabilities, costs, claims, demands, proceedings, charges, actions, suits or expenses of whatsoever kind or character that may be incurred or suffered by any of them howsoever arising (other than by reason of fraud, gross negligence or willful misconduct on the part of the Contractor or any of its officers, employees, agents, and sub-contractors) in connection with the provision of the Services or the performance of the Services hereunder.
The Contractor shall not be required to take any legal action on behalf of the Company unless being fully indemnified (to its reasonable satisfaction) for all costs and liabilities likely to be incurred or suffered by it as a consequence thereof.
		
	5.2
	The indemnities provided by the Company hereunder shall cover all reasonable costs and expenses payable or incurred by the Contractor in connection with any claims.

		
	5.3
	To the extent the Contractor is entitled to claim any indemnity in respect of amounts paid or discharged by the Contractor pursuant to this Agreement, these indemnities shall take effect as an obligation of the Company to reimburse the Contractor for making such payment or effecting such discharge.

4

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

		
	5.4
	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.

		
	5.5
	None of the parties shall under any circumstance be liable towards the other party for their own indirect or consequential loss or damage.

		
	6.
	CONFIDENTIALITY

		
	6.1
	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 Company, and shall be kept confidential by the Contractor both during and after the term of this Agreement.

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

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

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

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

		
	(iii)
	was already known to contractor at the time of entry into this agreement or which Contractor has received other than as a consequence of this agreement.

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

		
	6.2
	All Confidential Information furnished to or developed by the Contractor or any of its employees, directors or sub‐contractors pursuant to this Agreement shall be the property of the Contractor, and shall be kept confidential by the Company, both during and after the term of this Agreement.

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

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

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

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

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

5

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

		
	7.
	TERM AND TERMINATION

		
	7.1
	This Agreement shall have an initial term of one (1) year and will be automatically extended for one or more periods of 12 months unless terminated by either party with 90 days prior written notice.

		
	7.2
	Upon termination of this agreement, the Contractor shall surrender to the Company any and all books, records, documents and other property in the possession or control of the Contractor relating to this Agreement and to the business, finance, technology, trademark or affairs of the Company and its subsidiaries, and except as required by law, shall not retain any copies of the same.

		
	8.
	DEFAULT

		
	8.1
	Notwithstanding Section 7.1(a), if the Contractor shall, by any act or omission, be in breach of any material obligation under this Agreement and such breach shall continue for a period of 14 days after written notice thereof has been given by the Company to the Contractor, the Company shall have the right to terminate this Agreement with immediate effect by notice to the Contractor.

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

Neither Party shall incur liability of any kind or nature whatsoever in relation to the other Party in the event of a failure to perform any of its obligations hereunder directly or indirectly caused by circumstances beyond the relevant Party’s reasonable control, such as war or war‐like activities, government orders, riots, civil commotion, strike, lock‐out or similar actions, an act of God, peril of the sea or any other similar cause.
		
	10.
	NOTICES

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

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

Attn: Chief Executive Officer

6

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

If to the Contractor:

Seadrill Management AME Ltd.
Arenco Tower, 18th Floor
Dubai Media City, 
Dubai, UAE

Attention: Finance Director

or such other address as either Party may designate to the other Party in writing.
		
	11.
	MISCELLANEOUS

		
	11.1
	The Contractor shall not be entitled to assign its rights and/or obligations under this Agreement unless the prior written consent of the Company has been obtained.  The Contractor may freely subcontract or sub‐license this Agreement, so long as the Contractor remains liable for performance of the Services and its obligations under this Agreement. Contractor shall be entitled to provide the services directly or indirectly through any affiliate of Contractor.

		
	11.2
	The relationship between the parties is that of independent contractor.  Nothing in this Agreement shall be deemed to constitute a partnership or joint venture relationship between the Parties.

		
	11.3
	No term of this Agreement is enforceable by a person who is not a Party to it, except by the affiliates of the Company and/or the Contractor.  The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement.

		
	11.4
	This Agreement shall not be amended, supplemented or modified save by written agreement signed by or on behalf of the Parties.

		
	11.5
	The failure of either party to enforce any term of this Agreement shall not act as a waiver. Any waiver must be specifically stated as such in writing.

		
	11.6
	If any provision herein is held to be void or unenforceable, the validity and enforceability of the remaining provisions herein shall remain unaffected and enforceable.

		
	11.7
	This Agreement shall be binding upon and inure to the benefit of the affiliates of the Company and/or the Contractor.

		
	11.8
	This Agreement may be executed in one or more signed counterparts, facsimile or otherwise, which shall together form one instrument.

		
	12.
	GOVERNING LAW AND ARBITRATION

		
	12.1
	This Agreement shall be governed by and interpreted in accordance with the law in England and Wales.

		
	12.2
	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled exclusively by arbitration in accordance with the provisions of the rules and procedures of the London Court of International Arbitration, in London, England.

7

Seadrill Polaris Ltd Management Agreement

Exhibit 10.4

For and on behalf of        For and on behalf of
SEADRILL MANAGEMENT AME LTD.        SEADRILL POLARIS LTD.

/s/ Silvio Bresciani        /s/ Jonas Ytreland    
Signature        Signature

Silvio Bresciani        Jonas Ytreland, VP Treasury and Financing     
Seadrill Management Ltd
Name with block letters        Name with block letters

8

Seadrill Polaris Ltd Management AgreementExhibit10.5 - Part I

Exhibit 10.5 - Part 1

EXECUTION VERSION 

	
			
	AMENDMENT AND RESTATEMENT AGREEMENT
dated 19 June 2015
to the
USD 420,000,000
TERM LOAN AND REVOLVING CREDIT FACILITIES AGREEMENT
originally dated 28 December 2012 and as previously amended pursuant to amendment agreements dated 28 February 2014, 31 October 2014 and 29 December 2014, respectively
for
Seadrill Polaris Ltd. (previously SFL West Polaris Limited)

as Borrower

Seadrill Limited
as Parent

Ship Finance International Limited 
as Retiring Guarantor

The companies named therein
as Guarantors 

Provided by
 
The banks and financial institutions named herein
as Lenders

with
DNB Bank ASA and Nordea Bank AB, London Branch 
as Bookrunners

and
 
The banks and financial institutions named herein
as Mandated Lead Arrangers

and

DNB Bank ASA
as Agent

	 
	www.bahr.no
	 

#5700341/1

	
		
	

CONTENTS

	Clause
	Page

1.DEFINITIONS AND INTERPRETATIONS    4
2.CONDITIONS PRECEDENT    4
3.REPRESENTATIONS AND WARRANTIES    5
4.AMENDED FACILITY AGREEMENT      5
5.RELEASE OF SECURITY          5
6.CONTINUING OBLIGATIONS                                                                                                 5
7.COSTS AND EXPENSES                                                                                                           6
8.MISCELLANEOUS                                                                                                                     6
9.GOVERNING LAW                                                                                                                     6

Schedule 1 CONDITIONS PRECEDENT
Schedule 2 AMENDED AND RESTATED FACILITY AGREEMENT

#5700341/1    2 (2)

THIS AMENDMENT AND RESTATEMENT AGREEMENT (THE “AGREEMENT”) is dated 19 June 2015 and made between: 
		
	(1)
	Seadrill Polaris Ltd.,(previously SFL West Polaris Limited), organisation number 41813 of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda as borrower (the “Borrower”);

		
	(2)
	Seadrill Limited, of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, organisation number 36832, as parent and guarantor (the “Parent” and/or a “Guarantor”);

		
	(3)
	Ship Finance International Limited of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, as retiring guarantor (the “Retiring Guarantor”); 

		
	(4)
	The companies listed as Intra-Group Charterers or otherwise identified as Guarantors in Schedule 2 (Borrower and Guarantors) to the Amended Facility Agreement, as joint and several guarantors (each a “Guarantor”, together with the Parent, the “Guarantors”); 

		
	(5)
	The banks and financial institutions listed as Mandated Lead Arrangers in Schedule 1 (Lenders and Commitments) of the Amended Facility Agreement, as mandated lead arrangers (the “Mandated Lead Arrangers”).

		
	(6)
	Deutsche Bank AG and Nordea Bank Finland Plc. as hedge counterparties (the “Hedge Counterparties”);

		
	(7)
	DNB Bank ASA and Nordea Bank AB, London Branch as bookrunners (the “Bookrunners”); and

		
	(8)
	DNB Bank ASA of Dronning Eufemias gate 30, 0191 Oslo, Norway as agent (the “Agent”). 

WHEREAS:
		
	(A)
	Pursuant to the term loan and revolving credit facilities agreement originally dated 28 December 2012, as amended, inter alia, by amendment agreements dated 28 February 2014, 31 October 2014 and 29 December 2014, respectively, and entered into by, inter alia, the Borrower as borrower, the Retiring Guarantor as guarantor, the Parent as charter guarantor, and DNB Bank ASA as agent, the Lenders (as defined therein) made available to the Borrower USD 420,000,000 senior secured credit facilities pursuant to the terms of the said agreement (the “Original Facility Agreement”).

		
	(B)
	Pursuant to a letter dated 12 December 2014, the ownership of the Borrower was transferred from the Retiring Guarantor to the Parent. Pursuant to a request letter dated 6 March 2015 (the “Request Letter”), the Borrower has requested that the Retiring Guarantor be released from its obligation as guarantor pursuant to the Original Facility Agreement.

		
	(C)
	In the Request Letter, the Borrower has further requested that the ownership of the Borrower is transferred from the Parent to the company “Seadrill Operating LP”, which is incorporated in the Marshall Islands. 

		
	(D)
	Subject to the terms and conditions of this Agreement, the Lenders consent to the requests set out in the Request Letter, and the Original Facility Agreement shall be amended and restated in the form as set out in Schedule 2 (Form of Amended and Restated Facility Agreement). 

NOW THEREFORE, it is hereby agreed as follows:
DEFINITIONS AND INTERPRETATIONS
Definitions
In this Agreement, unless the context otherwise requires: 
“Amended Facility Agreement” means the Original Facility Agreement, as amended and restated by this Agreement in the form set out in Schedule 2 (Amended and Restated Facility Agreement) hereto.
“Effective Time” means the date defined as such in Clause 2 of this Agreement. 
“Obligors” means the Borrower and the Guarantors and an Obligor means any of them. 
“Seadrill Partners LLC Guarantee” means a separate guarantee provided by Seadrill Partners LLC in favour of the Finance Parties, whereby Seadrill Partners LLC guarantees for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties), limited to the amount of USD 420,000,000.
“Share Charge” means the first priority charge over all the shares, equity interests or membership interest (as applicable) of the Borrower, granted or to be granted by Seadrill Operating LP, replacing the share charge currently provided by the Parent as security for the Obligors' obligations under the Finance Documents in form and substance satisfactory to the Agent (on behalf of the Finance Parties).  
Incorporation of defined terms and Clauses
Unless the context otherwise requires, a term defined in the Original Facility Agreement has the same meaning when used in this Agreement. 
The principles of construction set out in the Amended Facility Agreement shall have effect as if set out in this Agreement. 
In this Agreement any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause of or a Schedule to this Agreement
CONDITIONS PRECEDENT
The provisions of Clause 4 (Amended Facility Agreement) shall be effective from the date the Agent notifies the Borrower and the Lenders that it has received all the documents and other evidence listed Schedule 1 (Conditions Precedent), of this Agreement, each in a form and substance satisfactory to the Agent, (the "Effective Time") acting on behalf of the Lenders. The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied.
REPRESENTATIONS AND WARRANTIES
Each of the Obligors makes the representations and warranties set out in Clause 16 (Representations) of the Original Facility Agreement by reference to the facts and circumstances then existing:
on the date of this Agreement; and
on the Effective Time,
as if references in Clause 16 (Representations) of the Original Facility Agreement were instead to this Agreement and, on the Effective Time, to the Amended Facility Agreement.
AMENDED FACILITY AGREEMENT
With effect from the Effective Time, the Original Facility Agreement shall be amended in the form as set out in Schedule 2 (Amended and Restated Facility Agreement) hereto, and the Finance Parties consents to the amendments as reflected therein.
RELEASE OF SECURITY
With effect from the Effective Time, the following security shall be released:
The Charterer’s Earnings Account Charge; and
the Bareboat Charter Assignment. 
The share pledge agreement provided by Seadrill Limited in favour of the Agent in respect of all shares in the Borrower, shall be released or shall be novated to Seadrill Operating LP, thereby releasing Seadrill Limited’s obligations thereunder. 
Furthermore, on the Effective Time, the Retiring Guarantor be released from all its obligations under the Finance Documents.
All costs associated with such release shall be for the Borrower’s costs, who shall take all actions necessary to effect such release in order to allow for new corresponding security, where applicable, to be efficiently taken by the Agent.
CONTINUING OBLIGATIONS
Continuing obligations and effect
The provisions of the Amended Facility Agreement and the other Finance Documents (including, but not limited to each and all the securities provided and/or created by each of the Obligors in favour of the Finance Parties under such documents) shall, save as amended by this Agreement, continue in full force and effect. All references in the Original Facility Agreement to "this Agreement", "hereof", "hereby", "hereto" and the like shall mean the Amended Facility Agreement.
Continuing security
Each Obligor confirms, agrees and undertakes, that each and all the securities (including, but not limited to guarantees) provided and/or created by each of the Obligors in favour of the Finance Parties under the Original Facility Agreement and the other Finance Documents shall, save as supplemented or amended by this Agreement, continue in full force and effect as security for the Obligors' obligations and liabilities under the Amended Facility Agreement and the other Finance Documents. 
COSTS AND EXPENSES
The provisions of Clause 17 (Costs and expenses) of the Amended Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this Agreement" are references to this Agreement. 
MISCELLANEOUS
Incorporation of terms
The provisions of Clauses 32 (Partial invalidity), 34 (Remedies and waivers), 35.3 (Process Agent), and Clause 35.2 (Jurisdiction) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” and/or the “the Finance Documents” are references to this Agreement.
Additional Finance Document
This Agreement shall constitute a “Finance Document” for the purposes of the Amended Facility Agreement. 
GOVERNING LAW
This Agreement shall be governed by Norwegian law and the legal venue shall be as stated in the Amended Facility Agreement.
*    *    *
SIGNATORIES:
	
	
	The Parent:

Seadrill Limited

By: /s/Jonas Ytreland   
Name: Jonas Ytreland
Title:   VP Treasury and Financing
           Seadrill Management Ltd

	

The Borrower:

	

Seadrill Polaris Ltd.

	

By: /s/Jonas Ytreland   

	Name: Jonas Ytreland

	Title:   VP Treasury and Financing

	            Seadrill Management Ltd

The Retiring Guarantor:

	

Ship Finance International Limited

	

By: /s/ Harald Gurvin   

	Name: Harald Gurvin

	Title:  Attorney-in-fact

	

	 

	The Agent, Lender, Mandated Lead Arranger, Coordinator and Bookrunner:

	DNB Bank ASA

	

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg

	Title:   Attorney in fact

Lender, Bookrunner and Mandated Lead Arranger

Nordea Bank AB, London Branch

By: /s/ Ragnhild Steigberg   
Name: Ragnhild Steigberg
Title:   Attorney in fact

	

The Lenders and Mandated Lead Arrangers:

BNP Paribas  

By: /s/ Ragnhild Steigberg   
Name: Ragnhild Steigberg
Title:   Attorney in fact

	 

	Deutsche Bank AG Filiale Deutschlandgeschäft

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg

	Title:  Attorney in fact

	

	

	

Skandinaviska Enskilda Banken AB (Publ)

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg
Title:  Attorney in fact

	 

	Swedbank AB (Publ)

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg
Title:  Attorney in fact

	The Lenders;

Credit Agricole Corporate and Investment Bank

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg
Title:  Attorney in fact

	ITF International Transport Finance Suisse AG

By: /s/ Ragnhild Steigberg   

	Name: Ragnhild Steigberg
Title:  Attorney in fact

	 

	The Hedge Counterparties
Deutsche Bank AG 
By: /s/ Ragnhild Steigberg   
Name: Ragnhild Steigberg
Title:  Attorney in fact 

Nordea Bank Finland Plc. 
By: /s/ Ragnhild Steigberg   
Name: Ragnhild Steigberg
Title:  Attorney in fact 

Schedule 1 
CONDITIONS PRECEDENT  

		
	1.
	In respect of the the Borrower, the Parent, Seadrill Partners LLC and Seadrill Operating LP:

		
	(a)
	Company Certificate or equivalent; 

		
	(b)
	Certificate of Incorporation, Articles of Association, Memorandum or equivalent documents; 

		
	(c)
	resolutions passed at a board meeting (or a shareholders meeting if required by lawyers of the Agent in the relevant jurisdiction), evidencing:

		
	(i)
	the approval of the terms of, and the transactions contemplated by, this Agreement; and

		
	(ii)
	the authorisation of its appropriate officer or officers or other representatives to execute this Agreement on its behalf; 

		
	(d)
	(unless granted directly by the board pursuant to the resolutions referred to in item (c) above) powers of attorney to its representative(s) for the execution of the relevant Finance Documents (as required by lawyers of the Agent in the relevant jurisdiction); 

		
	(e)
	specimen signatures of the person(s) authorised in the resolutions described in items a) and b) above, together with such identification any Lender may reasonably require to satisfy “know-your-customer” requirement applicable to such Obligor; and

		
	(f)
	 Director’s/ secretary’s certificate confirming true and current copies of documents listed in this Clause 1;

		
	2.
	Authorisations

Evidence that all approvals, authorisations and consents required by any government or other authorities for the Obligors and if applicable its subsidiaries to enter into and perform their obligations under any of the Finance Documents shall have been obtained and remain in effect, and all applicable waiting periods shall have expired without any action being taken by any competent authority which, in the opinion of the Agent, restrains, prevents or imposes materially adverse conditions upon the Obligors to enter into and perform their obligations under the Finance Documents.
		
	3.
	Finance Documents

Each of the Finance Documents, duly signed by all the relevant parties thereto together with evidence that the security created thereunder is legally perfected on first priority in accordance with the terms of the Finance Documents and applicable laws including, but not limited to;
		
	(a)
	The Agreement;

		
	(b)
	The Share Charge (or novation of existing share charge);

		
	(c)
	The Seadrill Partners LLC Guarantee; 

		
	(d)
	The Assignment of Earnings, the consent to which shall be obtained on a commercially best effort basis; 

		
	(e)
	An amendment agreement to the existing Mortgage; 

		
	(f)
	An amendment agreement to the existing Assignment of Insurances; 

		
	(g)
	Any other Finance Document; and

		
	(h)
	such other amendments to any Security Documents or filings of this Agreement as will be necessary in order to verify that the Security Documents remain in full force and effect.

		
	4.
	Miscellaneous

		
	(a)
	Evidence that the Borrower has paid, or will pay on the Effective Time, any fees payable in accordance with this Agreement;  

		
	(b)
	A contract memo from BA-HR on the charter contract between the Borrower and ExxonMobil Deepwater Rig Ltd. for the “West Polaris”; 

		
	(c)
	A copy of the Contribution Agreement (as defined in the Operating Agreement, which term is defined in the Amended Facility Agreement); and

		
	(d)
	Any other documents as reasonably requested by the Agent.

		
	5.
	Legal Opinions: 

		
	(a)
	Legal opinion in form and substance satisfactory to the Lenders relating to Bermuda law issues.

		
	(b)
	Legal opinion in form and substance satisfactory to the Lenders relating to Norwegian law issues.

		
	(c)
	Legal opinion in form and substance satisfactory to the Lenders relating to Marshall Islands law issues. 

		
	(d)
	Legal opinion in form and substance satisfactory to the Lenders relating to Panama law issues.

		
	(e)
	Any such other favourable legal opinions in form and substance satisfactory to the Lenders from lawyers appointed by the Agent on matters concerning a relevant jurisdiction.  

SCHEDULE 2     
 AMENDED AND RESTATED FACILITY AGREEMENT

#5700341/1    3 (3)

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