Prospector: Options for Six Rigs Extended (China)

Prospector Offshore Drilling S.A. announced an agreement with Dalian Shipbuilding Industry Offshore Co., Ltd. to extend the expiry dates on three of its rig construction option agreements with DSIC Offshore that were previously due to expire on 31 December 2012.

The first of these rig construction option agreements (“Option Agreement No. 3”) entered into on 19 June 2010 will now expire on 31 March 2013. The second rig construction option agreement (“New Option Agreement No. 1”) entered into on 2 April 2011 will now expire on 31 March 2013. The third outstanding rig construction option agreement (“New Option Agreement No. 2”) entered into on 2 April 2011 will now expire on 31 March 2013.

The Company also announced an agreement with Shanghai Waigaoqiao Shipbuilding Co., Ltd. (“SWS”) to extend the expiry dates on three of its rig construction option agreements with SWS that were previously due to expire on 31 December 2012.

The first of these rig construction option agreements (“Option Agreement No. 1”) entered into on 2 July 2011 will now expire 30 June 2013. The second rig construction option agreement (“New Option Agreement No. 2”) entered into on 2 July 2011 will now 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 June 2013.

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.

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Prospector Offshore Drilling, January 2, 2013