Providence Resources set to save €2.3m in legal costs

Irish exploration firm Providence Resources looks set to save around $2.5m (€2.3m) in additional legal costs, arising from its recently concluded legal battle with drilling services firm Transocean.

Earlier this year, the Tony O’Reilly Jr-led explorer raised $70m, via a company-saving share sale, helping it to pay off all debt, including nearly $7m it was ordered to pay Transocean from a dispute at its Barryroe field in the Celtic Sea.

It was announced yesterday that London’s Commercial Court has ruled that the Irish firm will not have to pay as much additional legal costs as previously thought.