Prospector Offshore Drilling S.A. (PROS) announced today that the company has reached an agreement with Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS) to extend the expiration date of its rig construction option agreement.

This option agreement, which was entered into on 2 July 2011 and was previously due to expire on 31 December 2013, will now expire on 30 June 2014.

The company also announced that two outstanding rig construction option agreements with Dalian Shipbuilding Industry Offshore Co., Ltd., have expired. These option agreements were entered into on 2 April 2011 and expired on 31 December 2013.

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.

Press Release, January 8, 2014