Providence Denied Supreme Court Appeal Against Transocean Ruling
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 refused as the appeal does not raise a point of law of general public importance,” Providence Resources said in a statement.
The decision follows a ruling in April by the commercial court in London, Providence was ordered to pay Transocean $7 million and forced to suspend its shares.
In a follow-up ruling relating to legal costs, the court earlier this month directed Providence to pay about 70 per cent of Transocean’s costs relating to the dispute.
It had sought the Supreme Court’s permission to appeal a Court of Appeal decision handed down on 13 April, 2016.
The litigation arose from the use of the semi-submersible drilling unit, Arctic III, on the Barryroe oilfield offshore Ireland.
“With this matter behind us, we will continue to develop our very significant portfolio of assets offshore Ireland, with a particular focus on the farm-out processes for Barryroe and Spanish Point as well as our preparations for the planned drilling of Druid in 2017,” said chief executive Tony O’Reilly.
At about 16:14 GMT, shares in AIM-listed Providence Resources were flat at 10.38p.
Source: Digital Look
