Business Irish

Saturday 22 October 2016

Providence Resources trading suspended ahead of court ruling

Published 13/04/2016 | 08:40

The Barryroe field. Photo: PA
The Barryroe field. Photo: PA

Trading in the shares of Irish oil and gas explorer Providence Resources has been temporarily suspended in Dublin and London this morning ahead of an appeals court judgment.

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Drilling firm Transocean is appealing a previous ruling that Providence was not obliged to pay it $19m in connection with drilling activity at the Barryroe field off the Cork coast.

The London commercial court had ruled that Transocean was in breach of contract for failing to maintain various parts of its equipment.

Providence said the court's decision is expected at 10:30am.

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