Disclosure of shareholding

Reference is made to the announcement in Prospector Offshore Drilling S.A. ("PROS") today 19 December 2012 regarding Mr. Øystein Stray Spetalens disclosure of large shareholding in PROS. The announcement states that Mr. Spetalen, through affiliated companies, owns 5.5% of PROS.

Saga Tankers ASA ("SAGA") is considered as an associated company to Mr. Spetalen, who owns 64,5% of SAGA and is the Chairman of the Board of Directors.

SAGA owns 2.2 million shares in Prospector Offshore Drilling S.A. purchased at NOK 12,50 per share, representing 2.33% of the company. The PROS-shares owned by SAGA has not been acquired from Mr. Spetalen or any of his affiliated companies.

Oslo, 19 December 2012

This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.