Prospector Offshore Drilling : PROS - Prospector Offshore Drilling S.A. announces a potential loss as a result of the Eurozone agreement with Cyprus Luxembourg, 26 March 2013 - Reference is made to the agreement, reported 25 March 2013, for a stabilization package between the government of Cyprus and its international creditors. A subsidiary of Prospector Offshore Drilling S.A. (the "Company" or "PROS") currently has approximately USD 8.1 million on deposit at Cyprus Popular Bank PCL ("Laiki Bank"). The amount was deposited temporarily as part of a reorganization of the Company cash disbursement system for the shipyard projects in China. These measures were scheduled to be completed in the first quarter of 2013. Although the EU and Cyprus have not disclosed any details in this regard at this time, because of the above-referenced agreement, it is uncertain whether the Company will be able to recover the full amount on deposit at Laiki Bank. Although the Company's potential loss at this time is unknown, the Company expects to take a provision to write-off a portion of its deposit at Laiki Bank. 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 contracts in place for the design, construction and delivery of six JU2000E high specification, harsh environment (HS/HE) jack-up drilling rigs. PROS also has option agreements for the construction of four additional rigs 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. Contact: Steven A. Manz Chief Financial 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 ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Prospector Offshore Drilling via Thomson Reuters ONE HUG#1688141
Prospector Offshore Drilling : PROS - Prospector Offshore Drilling S.A. announces a potential loss as a result of the Eurozone
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