PROS Procentury Corp (MM)

PROS - Announces extension of expiry dates for six outstanding rig construction option agreements

Luxembourg, 31 December 2012:  Prospector Offshore Drilling S.A. (the "Company" or "PROS") announced today an agreement with Dalian Shipbuilding Industry Offshore Co., Ltd. ("DSIC Offshore") 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.

About the Company:
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