PROS Procentury Corp (MM)

PROS -Prospectus Supplement

Luxembourg, 4 December 2012: Reference is made to the announcement dated 27 November 2012.

Prospector Offshore Drilling S.A. (the "Company" or "PROS") announced on 4 December 2012 that the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF") has approved a supplement to the prospectus dated 20 November 2012 (the " Prospectus Supplement"). The CSSF provided notification that the Prospectus Supplement has been received by the Financial Supervisory Authority of Norway, in compliance with the regulation of the Prospectus Directive.

The Prospectus Supplement concerns information as set out in the Company's announcement on 27 November 2012. Capitalized terms and expressions defined in the prospectus dated 20 November 2012 shall have the same meaning when used herein.

Eligible Shareholders that have applied for Offer Shares in the Subsequent Offering prior to the publication of the Prospectus Supplement have the right to withdraw their application within two business days after the publication of this Prospectus Supplement. Applications that have already been made can accordingly be withdrawn prior to 16:30 hours (CET) on 5 December 2012. Such withdrawal is made by contacting the Managers by telephone on the following telephone or fax number:

The Prospectus Supplement will be available from today on the Company's website www.prospectoroffshoredrilling.com and at www.sebenskilda.no and www.paretosec.com and can be obtained free of charge from the companies listed below:

Prospector Offshore Drilling S.A.
65, Boulevard Grande-Duchesse Charlotte
L-1331 Luxembourg
Luxembourg
Tel: +352 62 13 13 736

Pareto Securities AS ("Pareto")
Dronning Mauds gate 3
P.O. Box 1411 Vika
N-0115 Oslo
Norway
Tel: +47 22 87 87 00
Fax: +47 22 87 87 10

Skandinaviska Enskilda banken Ab (publ) Oslo ("SEB")
Filipstad Brygge 1
N-0115 Oslo
Norway
Tel: +47 21 00 85 00
Fax: +47 21 00 89 06

Pareto and SEB act as Managers in respect of the Subsequent Offering.

About PROS:
PROS is a high specification jack-up drilling contractor. PROS has contracts for the construction of six F&G JU2000E high specification, harsh environment (HS/HE) jack-ups with deliveries commencing Q1 2013; the sale of shares of two of the rig owning subsidiaries is pending. Additionally, PROS has options for six rigs of the same design. Upon deployment, PROS will have the newest fleet of HS/HE jack-ups in the world, operating with the most advanced drilling systems under a proven management team.

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

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