2012-12-04 08:37:58 -

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accordingly be withdrawn prior to 16:30 hours (CET) on 5 December 2012.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:

  Pareto Securities AS     Skandinaviska Enskilda Banken Ab (publ) Oslo
  Fax: +47 22 83 43 09     Fax: +47 21 00 89 62
  Tel:  +47 22 87 87 00    Tel:  +47 21 00 85 00


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


PROS -Prospectus Supplement: 
 hugin.info/145297/R/1661954/538549.pdf



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     originality of the information contained therein. 
    
Source: Prospector Offshore Drilling via Thomson Reuters ONE
[HUG#1661954]