Providence Resources in Talks with Creditor after $7M Judgement



Reuters

DUBLIN, April 13 (Reuters) - Irish oil explorer Providence Resources is in talks with its main creditor to ensure it has sufficient resources to fulfil a court order to pay $7 million to drilling provider Transocean, the company said in a statement.

Shares in Providence were suspended on Wednesday on the AIM and ESM sub markets of the London and Dublin stock exchanges ahead of a court of appeal ruling which confirmed an order to pay $7 million, excluding interest and costs.

Providence said in a statement that it was "in active discussions with its financial advisors and current debt provider with the objective of ensuring that the company has the appropriate financial resources to satisfy its obligations to Transocean."

(Reporting by Conor Humphries; editing by Jason Neely)



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