Prospector Offshore Drilling :PR-84 PROS Announces extension of expiry dates for three outstanding rig construction option ag...

PROS - Announces extension of expiry dates for three outstanding rig construction option agreements

Luxembourg, 10 July 2013:  Prospector Offshore Drilling S.A. (the "Company" or "PROS") announced today the Company has reached an agreement with Dalian Shipbuilding Industry Offshore Co., Ltd. ("DSIC Offshore") to extend the expiry dates on two of its rig construction option agreements that were previously due to expire on 30 June 2013.  These rig construction option agreements ("New Option Agreement No. One" and "New Option Agreement No. Two"), which were entered into on 2 April 2011, will now expire on 30 September 2013.

The Company also announced an agreement with Shanghai Waigaoqiao Shipbuilding Co., Ltd. ("SWS")to extend the expiry date of its third and last remaining rig construction option agreement with SWS that was previously due to expire on 30 June 2013.  The third outstanding rig construction option agreement ("Option Agreement No. 3") entered into on 2 July 2011 will now expire on 30 December 2013.

About the Company:

PROS is a high specification jack-up drilling contractor.  PROS currently has contracts in place for the design, construction and delivery of six JU2000E high specification, harsh environment ("HS/HE") jack-up drilling rigs.  PROS also has option agreements for the construction of three additional rigs of the same design.  Upon deployment of its rigs, PROS, under its proven management team, will have the newest fleet of HS/HE jack-up rigs in the world, operating with the most advanced drilling systems available in the industry.

This press release contains forward-looking statements that involve risks and uncertainties.  You are cautioned not to put undue reliance on forward-looking statements because actual events and results may differ materially from the expected results described by such forward-looking statements.  Prospector Offshore Drilling S.A. disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Contact:

Robert W. Rose

Chief Executive Officer

Prospector Offshore Drilling S.A.

Tel: [phone]

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Source: Prospector Offshore Drilling via Thomson Reuters ONE

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