Sunday 22 July 2018

Providence Resources trading suspended ahead of court ruling

The Barryroe field. Photo: PA
The Barryroe field. Photo: PA
Gavin McLoughlin

Gavin McLoughlin

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.

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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