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Prospector Offshore Drilling SA Announces Details Regarding Agreement for Sale of One of Subsidiaries

Wednesday, 24 Oct 2012 09:37pm EDT 

Prospector Offshore Drilling SA announced that on October 22, 2012 two of the subsidiaries of the Company, Prospector Offshore Drilling Rig Construction S.a r.l. and Prospector Finance S.a r.l. entered into agreement with Tabasco Jackup, S.A. de C.V. a subsidiary of Compania Perforadora Mexico, S.A.P.I. de C.V., for the sale and purchase of 100% of shares of Prospector Rig 2 Owning Company S.a r.l. and the transfer of rights and obligations related to certain intercompany debt. In addition, Prospector Rig Construction and Perforadora entered into an option agreement whereby Prospector Rig Construction grants Perforadora an option to purchase 100% of shares in Rig 4 Owning Company S.a r.l. and rights and obligations related to certain intercompany debt on same terms and conditions as set out in Rig 2 Company Sales Agreement, but with a different total purchase price. The Rig 4 Option Agreement expires on December 6, 2012 and, if exercised, the share purchase agreement for the Rig 4 Company shares would close simultaneously with the closing of the Rig 2 Company Sales Agreement. The total purchase price for Rig 2 Company shares and rights in Rig 2 Loan is USD 63.3 million. If the Rig 4 Option Agreement is exercised, the total purchase price for the Rig 4 Company shares and the rights in the Rig 4 Loan will be USD 48.5 million. 

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