LONDON (Alliance News) - Shares in Lansdowne Oil & Gas PLC and Providence Resources PLC were suspended on Wednesday morning pending the outcome of the Court of Appeal on the judgement made against Transocean Drilling UK Ltd.
In December 2014, the Commercial Court in London ruled against Transocean in its claim for USD19.0 million in costs for using a semi-submersible drilling unit on Providence's Barryroe oilfield, offshore Ireland in 2011-12. Providence had counter claimed, saying it shouldn't have to pay that amount when the rig wasn't fully fit for purpose.
A judge at the Commercial Court in London ruled that Transocean wasn't due the amount it had claimed because it was in breach of contract for failing to maintain various parts of its sub-sea equipment. It also supported Providence's position that Providence was entitled to set off certain spread costs against Transocean's claim.
A decision is expected on Transocean's appeal at 1030 BST on Wednesday and Providence and Lansdowne both requested their shares be suspended pending the outcome. Lansdowne owns a 20% stake in the Barryroe field.
SeaEnergy PLC noted the Lansdowne announcement as it holds a 19% stake in Lansdowne.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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