PROS - Extension of the Book-building period

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PROS - Extension of the Book-building period

Luxembourg, 18 September 2012: Prospector Offshore Drilling S.A. (the "Company" or "PROS") - Reference is made to the stock exchange notice issued yesterday (17 September 2012) regarding a contemplated private placement of USD 60 million in new equity.

The Board of Directors of the Company has decided to extend the book-building period for the private placement until 18 September, 2012 at 1630 CET. The Board of Directors of the Company may, however, at any time resolve to close or extend the book-building period further at its own discretion.

Pareto Securities AS and SEB Enskilda act as Joint Lead Managers and Bookrunners in the private placement.

About PROS:

PROS is a high specification jack-up drilling contractor.  PROS currently has contracts in place for the design, construction and delivery of six F&G JU2000E high specification, harsh environment (HS/HE) jack-up drilling rigs with deliveries commencing in the first quarter of 2013.  PROS has option agreements for six additional rigs of the same design.  Upon deployment, 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