PROS Procentury Corp (MM)

Luxembourg, 11 December 2012: Prospector Offshore Drilling S.A. (the "Company" or "PROS") announced today that the sale of two of its subsidiaries has been completed.

Reference is made to the Company's stock exchange notices on 23 and 25 October 2012 and on 27 November 2012, regarding the sale and purchase agreements entered into with Tabasco Jackup, S.A. de C.V. and Campeche Jackup, S.A. de C.V. in respect of two of the Company's subsidiaries, each holding one rig under construction at Dalian Shipbuilding Industry Offshore Co., Ltd. (the "Rig 2 Transaction" and the "Rig 4 Transaction").

Both the Rig 2 Transaction and the Rig 4 Transaction have now been completed in accordance with the provisions of the respective sale and purchase agreements. The Company's aggregate net proceeds is approximately USD 106.6 million and the Company will recognize an aggregate gain of approximately USD 62.9 million based on the first instalment under each of the construction contracts, project management costs incurred to date, broker commissions, taxes and professional fees.

About PROS:

PROS is a high specification jack-up drilling contractor. PROS currently has contracts in place for the design, construction and delivery of four F&G JU2000E high specification, harsh environment (HS/HE) jack-up drilling rigs. The Company's first rig is scheduled for delivery commencing in the first quarter of 2013. PROS also has option agreements for the construction of six 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.

Contact:

Steven A. Manz

Chief Financial Officer

Prospector Offshore Drilling S.A.
Tel: +1 281 560 8010

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.