PROS Procentury Corp (MM)

Luxembourg, 27 November 2012: Prospector Offshore Drilling S.A. (the "Company" or "PROS") announced today that one of its subsidiaries has entered into an agreement (the "Rig 4 Company Sales Agreement") with Campeche Jackup, S.A. de C.V., a subsidiary of Compañia Perforadora México, S.A.P.I. de C.V. (the "Purchaser"), for the sale and purchase of 100% of the shares and certain intercompany obligations of Prospector Rig 4 Owning Company S.à r.l., the subsidiary that is party to a rig construction contract for the Company's second offshore jack-up drilling rig ("Rig 4").

The Rig 4 Company Sales Agreement is entered into on the basis of an option agreement entered into on   22 October as announced in the Company's stock exchange notice on 23 October 2012 and as further described in the detailed stock exchange notice on 25 October 2012.

The total sales consideration is approximately USD 48.5 million in cash. The closing of the sale and purchase of the shares is subject to the approval of Dalian Shipbuilding Industry Offshore Co., Ltd. ("DSIC-Offshore") the builder of Rig 4. Closing is currently scheduled for December. Assuming the closing of the transaction occurs, the Company anticipates that its net proceeds from the transaction will be approximately USD 46.0 million. The Company also anticipates that it will recognize a gain of approximately USD 23.5 million at closing, based on the first instalment of USD 19.9 million for the shipyard contract with DSIC-Offshore of USD 199 million, project management costs incurred to date, broker commissions, taxes and professional fees related to the Rig 4 Company Sales Agreement.

For further details about the Rig 4 Sales Agreement and Prospector Rig 4 Owning Company S.à r.l., please refer to the Company's detailed stock exchange notice of 25 October 2012.

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. The Company's first rigs are 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. Reference is made to the stock exchange notices issued on 23 October 2012, 25 October 2012 and 27 November 2012 regarding the sale of two of the Company's six rigs.

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