PROS Procentury Corp (MM)

PROS - Update on listing of shares issued in private placement in September 2012 and timing of subsequent repair offering

Luxembourg, 31 October 2012: Prospector Offshore Drilling S.A. (the "Company" or "PROS") - Reference is made to the stock exchange notice issued on 18 September 2012 regarding the successfully completed private placement of USD 60 million in new equity.

The stock exchange notice on 18 September 2012 stated that listing and trading of the new shares issued in the private placement are subject to approval of a listing prospectus by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), and that such approval was expected to be given on or about 31 October 2012. Due to unforeseen delays in the CSSF's review of the prospectus, the Company now expects that approval will be obtained in mid to late November 2012 and that the new shares will be transferred to the same ISIN as the existing shares of the Company and start trading immediately thereafter.

In the same stock exchange notice, the Company announced that it will conduct a subsequent repair offering at the same subscription price as in the private placement to existing shareholders as of 18 September 2012 that were not being offered or invited to participate in the private placement. It was further stated that the subscription period for the repair offering was expected to commence on or about 1 November 2012. The Company now has decided to postpone the subscription period for the subsequent repair offering to coincide with the publication of the prospectus referred to above. Consequently, the Company expects the subscription period for the subsequent repair offering to commence once the prospectus has been approved in mid to late November 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 notice issued on 23 October 2012 regarding the potential sale of one of the Company's six rigs and the option for the sale of another of the Company's 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