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Providence facing payout to Transocean after court ruling

Wed, 13th Apr 2016 12:21

(ShareCast News) - Providence was on shaky ground on Wednesday, having lost an appeal brought against it in a long-running legal battle with Transocean.The AIM-traded company said the case relates to certain costs claimed by Transocean against Providence, over the use of the 'Arctic III' semi-submersible drilling unit in 2011 and 2012 on Providence's Barryroe oilfield, offshore Ireland.Transocean lodged the total claim in 2012, amounting to $19m. Providence subsequently counterclaimed against Transocean.The Honourable Mr Justice Popplewell found in his judgement of 19 December 2014 at the Commercial Court in London, that Transocean was in breach of contract for failing to maintain various parts of the equipment, and that it was therefore not entitled to certain amounts of remuneration.After the judgement, Transocean was granted the right to appeal whether Providence was entitled to set off certain spread costs against Transocean's claim.In the judgement handed down on Wednesday, the Court of Appeal granted Transocean's appeal on the set off point. All other aspects of the original judgement remained in force."Providence estimates the financial implications of the Court of Appeal's judgment will result in the payment of approximately US$7 million (excluding interest and costs) to Transocean," its board said in a statement after the appeal was granted.Pending clarification of the final amount payable, Providence requested the continued suspension of its shares from trading.
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20 Sep 2018 13:35

UPDATE: Providence Resources Inks Amended Barryore Farm-Out Pact

LONDON (Alliance News) - Providence Resources PLC said Thursday that its loss for the first half of the year narrowed as it reduced legal and administrative expenses.For the six months to a

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20 Sep 2018 11:31

Providence Resources Loss Narrows, Inks Amended Barryore Farm-Out Pact

LONDON (Alliance News) - Providence Resources PLC said Thursday that its loss for the first half of the year narrowed as it reduced legal and administrative expenses.Shares in the Irish oil

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18 Jun 2018 13:20

Providence Resources Still In Talks For Potential Newgrange Farm-Out

LONDON (Alliance News) - The Irish-based oil & gas company Providence Resources PLC said Monday it continues commercial discussions in relation to a potential farm-out of equity in the in EL

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10 May 2018 12:44

Providence Resources 2017 Loss Narrows As Porcupine Targets Disappoint

LONDON (Alliance News) - Providence Resources PLC said on Thursday its loss slightly narrowed in 2017 due to lower impairments and higher finance income.The Irish oil and gas firm does not

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18 Apr 2018 12:55

Providence Resources, Partners Seek Conversion Of Irish Licence

LONDON (Alliance News) - Ireland-based oil and gas company Providence Resources PLC said Wednesday that its joint venture partners in the licensing option 16/27 have decided to apply to the to the

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23 Jan 2017 08:39

Providence Resources Gets Irish Consent For Second Phase At FEL 2/14

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9 Nov 2016 16:15

Providence Resources says UK Supreme Court refuses appeal application

(ShareCast News) - Providence Resources said the UK Supreme Court has refused its application to appeal an earlier court ruling in a legal case against Transocean Drilling UK Ltd, a subsidiary of Transocean Ltd. "By order dated 2 November, 2016, the Supreme Court ordered that permission to appeal be

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9 Nov 2016 10:21

Providence Resources Appeal Application Rejected By UK Supreme Court

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21 Oct 2016 10:41

Providence Resources to pay £1.1m to Transocean Drilling UK after court ruling

(ShareCast News) - Providence Resources is to pay Transocean Drilling UK Ltd a sum of $1.1m in relation to a court case brought by the latter over the use of a semi-submersible drilling unit on the Barryroe oilfield, offshore Ireland. This followed a judgement by the Commercial Court in London on 20

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27 Sep 2016 09:35

Providence Resources Taps Ex-Tullow Oil Chair Plunkett As New Chairman

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8 Aug 2016 11:00

Providence Resources receives revised holding in Porcupine Basin

(ShareCast News) - Irish-based oil and gas exploration company Providence Resources updated the market on Frontier Exploration Licence 3/04 on Monday. The AIM-traded firm said the licence lies in 1,500 metre-deep water in the southern Porcupine Basin and is 170 km off the south west coast of Ireland

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20 Jul 2016 09:19

Providence Resources Pays Melody Debt, Sums Owed To Transocean (ALLISS)

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14 Jul 2016 10:24

Providence Resources Reports Weak Uptake Under Open Offer (ALLISS)

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29 Jun 2016 11:45

Providence Resources Loss Widens On Costs, Impairments

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23 Jun 2016 08:21

Providence Teams Up To Secure Area Over Avalon System Offshore Ireland

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