. PROS - Prospector Offshore Drilling S.A. announces a debt financing update Luxembourg, 16 November 2014 - Prospector Offshore Drilling S.A. (the "Company" or "PROS") is pleased to announce that it has received a waiver from its Lenders of certain liquidity requirements in its USD 270 million Senior Credit Facility (the "Credit Facility") and the Company is therefore no longer in breach of any the covenants contained in the Credit Facility. The Lenders have granted the waiver on the basis that Ferncliff TIH 1 AS ("Ferncliff"), one of the Company's largest shareholders, has established a cash deposit of USD 22.65 million as security for the obligations of the Company under the Credit Facility. The waiver has been granted until 31 December 2014 by which time the Company has agreed to meet its liquidity requirements.

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 two rigs within its fleet and contracts in place for the design, construction, and delivery of an additional three JU2000E high specification, harsh environment ("HS/HE") jack-up drilling rigs. 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.

Contact:

Robert W. Rose
Chief Executive Officer Prospector Offshore Drilling S.A. Tel: +1 281 560 8012

Prospector Offshore Drilling S.A.

Société anonyme - 65, Boulevard Grande Duchesse Charlotte, L-1331 Luxembourg

Grand-Duchy of Luxembourg

R.C.S. Luxembourg B 153772

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