Providence to cut costs as it awaits key payment

The company plans to leave its current Dublin office before the end of this year and move to a smaller facility, while all of its technical and support staff will be laid off

A drilling rig at Providence Resources’ Barryroe field. Pic: Finbarr O’Rourke

Exploration company Providence Resources has announced plans to slash its cost base by around two-thirds, as it againextended a deadline for the receipt of a crucial €9m payment from a Chinese company.

The company,Apec, is due to drill Providence’s Barryroe oil field off the Cork coast and the payment is part of the contract’s terms. It has been delayed several times, however, since an original deadline in June was missed.

On Monday morning, ...