Ruling on oil rig case 'positive' for Providence

Ruling on oil rig case 'positive' for Providence
Providence chief executive Tony O'Reilly

$1.35m Providence must pay is below what it estimated in interim results

A London court has ruled that exploration company Providence Resources must pay oil rig supplier Transocean around £1.1m or $1.35m.

The case related to the use of a drilling unit on the Barryroe oil field off the south coast of Ireland.

The figure Providence must pay compares with an estimate of around $3.9m in its interim results earlier this year.

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