Prospector Offshore Successfully Completes Private Placement

Prospector Offshore Drilling S.A reports that its US $70 million Equity Private Placement has been successfully subscribed for and allocated.

The Company is in the process of applying for a listing on the Oslo Axess (Oslo Stock Exchange). Current timetable for a listing is around February 16, 2011.

Mr. Robert Rose, one of the founders of Prospector Offshore Drilling and CEO, says: We are extremely pleased to see the strong backing of our company by the Skeie Group as well as by a significant number of institutional investors both in Europe and in the United States, and we are looking forward to making our contracts effective with Dalian Industries Shipbuilding and Offshore Company for the construction of our two high-specification/harsh environment JU2000E jackup drilling rigs and to grow the Company into a high quality drilling contractor focusing on high-specification jackups.