Oil firm cleared of $19m debt

Irish explorer Providence Resources has won a judgment in London’s Commercial Court against having to pay around $19m (€15.5m) in drilling-related costs relating to its headline Barryroe oil and gas field in the Celtic Sea.

The Dublin-based firm— which had provided for the claim in its accounts — is now likely to be able to unwind a significant amount of the provision.

The case refers to a claim by Swiss-based drilling contractor Transocean that it was owed $19m by Providence for the provision of a drilling unit for the 2011 drill at Barryroe.