Providence Resources Eyes $7 Million Payment Following Court Ruling
April 13 2016 - 9:09AM
Dow Jones News
By Alex MacDonald
LONDON--Ireland-based oil and gas explorer Providence Resources
PLC(PZQA.DB) said on Wednesday that it would likely have to pay $7
million out of a forecast $19 million to oil and gas drilling
company Transocean Ltd. (RIG) following the conclusion of a U.K.
appeals court ruling.
The court said that Transocean's claim, initially filed in 2012,
had some merit but not full-merit. The court upheld a previous
ruling which concluded that Transocean was in breach of failing to
maintain various parts of sub-sea equipment contract in dispute and
therefore not entitled to full remuneration.
Transocean filed the case in 2012, alleging that Providence owed
$19 million in payments for use of Transocean's Arctic III
semi-submersible offshore rig at the Barryroe oil field in Ireland
between 2011 and 2012.
Providence estimates the financial implications of the Court of
Appeal's judgment will result in the payment of about US$7 million,
excluding interest and costs, to Transocean. The parties and their
legal advisors are currently in the process of agreeing the final
amount. The company therefore cannot confirm the final amount.
-Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
April 13, 2016 08:54 ET (12:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Transocean (NYSE:RIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Transocean (NYSE:RIG)
Historical Stock Chart
From Apr 2023 to Apr 2024
