Prospector Offshore Drilling SA Announces Updates on Delivery of Two Rigs

Prospector Offshore Drilling SA announced, with reference to the announcement on December 5, 2012, an updated delivery schedule for the Company's jack-up rigs (Rigs) under construction in Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore). The Company was, at that time, notified by DSIC Offshore that certain components in the jacking system were not manufactured as per the original specification and will have to be replaced. As a result of these replacements, the Company's first Rig, PROSPECTOR 1, previously expected to be delivered in the first quarter of 2013, is expected to be delivered in the third quarter of 2013. Furthermore, the Company's second Rig, PROSPECTOR 3, is expected to be delivered in the fourth quarter of 2013. The Company has confirmed that the jacking systems for the PROSPECTOR 5 and PROSPECTOR 6, currently under construction in Shanghai at the Shanghai Waigaoqiao Shipbuilding Co., Ltd., were manufactured by a different supplier. The Company does not anticipate any delays in the delivery of those Rigs.