Seadrill Operating LP -- Moody's assigns Ba3 CFR to Seadrill Partners LLC; stable outlook

London, 04 February 2014 -- Moody's Investors Service has today assigned a first-time Ba3 corporate family rating (CFR) and a Ba3-PD probability of default rating (PDR) to Seadrill Partners LLC (SDLP). Concurrently, Moody's has assigned a provisional (P)Ba3 rating to the proposed $1.7 billion senior secured term loan due 2021, borrowed by Seadrill Operating LP and Seadrill Partners Finco LLC, subsidiaries of SDLP. Moody's has also assigned a provisional (P)Baa3 to the proposed $100 million first out secured revolving credit facility (RCF) due 2019, borrowed by Seadrill Operating LP, Seadrill Partners Finco LLC, and Seadrill Capricorn Holdings LLC, also a subsidiary of SDLP. The outlook on all ratings is stable.

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