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.
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
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Source: Prospector Offshore Drilling via Thomson Reuters ONE
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