Providence shares in trading halt pending court ruling

Providence shares in trading halt pending court ruling

Irish oil and gas company Providence Resources has requested a temporary suspension in trading of its shares on in London (AIM) and (ESM) in advance of a final court decision regarding a dispute with Transocean.

The oil company in 2014 won a case against Transocean Drilling UK Limited, related to certain cost claims made by Transocean against Providence regarding the use of the semi-submersible drilling unit, the Arctic III, in 2011/12 on Providence’s Barryroe oilfield, offshore Ireland.

The total claim, which was made by Transocean in 2012, amounted to approximately $19 million. Providence then counter claimed against Transocean for breach of contract.

In the ruling brought in December 2014, Hon. Justice Popplewell found that Transocean was in breach of contract for failing to maintain various parts of its subsea equipment and that Transocean were not, therefore, entitled to the amount claimed against Providence. The ruling also supported Providence’s position that Providence was entitled to set off certain spread costs against Transocean’s claim.

Providence said that the final court of appeal decision was due on Wednesday, April 13, adding it would provide more info on the matter “in due course.”

 

 

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