PROS to Secure Loan for PROSPECTOR 1 Rig Construction

Prospector Offshore Drilling S.A. (PROS) announced today that, further to the announcement made on 12 November 2012, one of the company’s subsidiaries has executed the necessary documentation for the senior secured loan facility with China Development Bank Corporation (“CDB”) for an amount up to USD 129.5 million.
The Loan Facility is fully underwritten by CDB and shall be insured by the China Export & Credit Insurance Corporation. The Loan Facility amount corresponds to approximately 70% of the contract price under the PROSPECTOR 1 construction contract with Dalian Shipbuilding Industry Offshore Co., Ltd. (“DSIC Offshore”). Delivery of PROSPECTOR 1 in China from DSIC Offshore is expected to occur in September 2013.

PROS, August 6, 2013