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2014-04-28

Prospector Offshore Drilling: PROS - Announces a Comprehensive New Debt Financing Package

Luxembourg, 28 April 2014:
Prospector Offshore Drilling S.A. (the "Company" or "PROS") announces that
its newly formed subsidiary, Prospector Finance II S.à r.l. has secured a
fully committed Senior Secured Credit Facility (the "Senior Credit
Facility"), subject to documentation, in the amount of USD 270 million.
Prospector Finance II S.à r.l. is also contemplating the issuance of a USD
100 million second lien bond (the "Bond Loan") in the amount of USD 100
million. The net proceeds from the Senior Credit Facility and the
contemplated Bond Loan will be used to fully finance the delivery
ofPROSPECTOR 5

, (expected early June 2014), refinance existing debt secured byPROSPECTOR 1

, and for general corporate purposes. PROSPECTOR 1

is currently on a special standby rate while Total E&P UK Limited's Franklin
Location is being prepared to accept the rig and is expected to commence full
operations in May 2014.

The Senior Credit Facility is being arranged by ABN AMRO Capital USA LLC and
DNB Bank ASA. The interest rate on the five-year Senior Credit Facility will
be L+350bps with a seven and a half year amortization profile. The Senior
Credit Facility will be secured by a first mortgage onPROSPECTOR 1

andPROSPECTOR 5

and will be guaranteed by the Company. All other terms will be customary for
this type of facility.

DNB Markets, Pareto Securities and Swedbank have been appointed as joint lead
managers and bookrunners of the contemplated Bond Loan. The term of the
contemplated Bond Loan will be five-years and the Bond Loan will be secured
by a second lien mortgage onPROSPECTOR 1

andPROSPECTOR 5

and guaranteed by the Company.

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.

About the Company:

PROS is a high specification jack-up drilling contractor. PROS currently has one rig within its fleet and contracts in place for the design, construction and delivery of an additional four JU2000E high specification, harsh environment ("HS/HE") jack-up drilling rigs. PROS also has one option agreement for the construction of an additional rig 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.
For further information, please contact:
Contact:

Robert W. Rose
Chief Executive Officer
Prospector Offshore Drilling S.A.
Tel: +1 281 560 8010
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Release - PDF
http://hugin.info/145297/R/1780528/608787.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prospector Offshore Drilling via Globenewswire

HUG#1780528

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