SDLP - Seadrill Partners LLC Announces Pricing of Public Offering of 10,400,000 Common Units
London, United Kingdom, March 12, 2014 - Seadrill Partners LLC ("Seadrill
Partners" or the "Company") (NYSE: SDLP) announced today that it priced its
offering of 10,400,000 common units representing liability company interests in
a public offering at a price of $30.60 per common unit. The Company has granted
the underwriters a 30-day option to purchase up to an additional 1,560,000
common units.
In addition, and concurrently with the closing of the public offering, Seadrill
Limited ("Seadrill") has agreed to purchase directly from the Company 1,633,987
common units at a price of $30.60 per unit.
The Company intends to use the net proceeds from the public offering and the
concurrent private placement to Seadrill to fund its portion of the purchase
price in connection with the previously announced proposed acquisition by
Seadrill Capricorn Holdings LLC of the entities that own and operate the
drillship, the West Auriga (the "Auriga Acquisition").
Seadrill Partners was formed by Seadrill to own, operate and acquire offshore
drilling rigs under long-term contracts. Its current fleet consists of four
semi-submersible rigs (the West Capricorn, the West Aquarius, the West Leo and
the West Sirius), one drillship (the West Capella), two tender rigs (the T-15
and the T-16), and one semi-tender (the West Vencedor).
Goldman, Sachs & Co., BofA Merrill Lynch, Credit Suisse, Morgan Stanley, RBC
Capital Markets and Wells Fargo Securities are acting as the joint bookrunning
managers in connection with the offering of common units.
Copies of the preliminary prospectus supplement and accompanying base prospectus
related to this offering may be obtained from the offices of: Goldman, Sachs &
Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282,
Telephone: 866-471-2526, Facsimile: 212-902-9316, Email: prospectus-
ny@ny.email.gs.com; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn:
Prospectus Department or Email dg.prospectus_requests@baml.com; Credit Suisse
Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York,
NY 10010, telephone: 1-800-221-1037 or email at newyork.prospectus@credit-
suisse.com; Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, NY 10014; RBC Capital Markets, LLC, Three World Financial
Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Telephone:
877-822-4089; or Wells Fargo Securities, Attention: Equity Syndicate Department,
375 Park Avenue, New York, New York, 10152, Telephone: 800-326-5897, Email:
cmclientsupport@wellsfargo.com.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The common units in the
public offering will be offered and sold pursuant to an effective registration
statement on Form F-3 previously filed with the Securities and Exchange
Commission (the "SEC") (File No. 333-192053). This offering may be made only by
means of a prospectus supplement and accompanying base prospectus, which will be
filed with the SEC.
 The statements in this press release that are not historical facts may be
forward-looking statements. These forward looking statements, which include
statements related to the public offering of common units, the concurrent
private placement and the use of proceeds therefrom, are based upon the current
beliefs and expectations of Seadrill Partners' management and are subject to
risks and uncertainties, which could cause actual results to differ from the
forward looking statements. The information set forth herein should be read in
light of such risks. Seadrill Partners does not assume any obligation to update
the information contained in this press release.
Questions should be directed to:
Graham Robjohns: Chief Executive Officer
Rune Magnus Lundetræ: Chief Financial Officer
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Partners LLC via GlobeNewswire
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