Irish independent explorer Providence Resources has lost a Supreme Court application to appeal a decision which meant it was unable to recoup costs from a drilling campaign in 2011/12.
Providence wanted to appeal a UK Court of Appeal decision made earlier this year over a disagreement with Transocean's UK subsidiary over use of the semisubmersible drilling rig, Arctic III, on the Barryroe oilfield offshore Ireland.
The dispute arose as a result of the failure of equipment on the rig whilst drilling the Barryroe appraisal well, leading to extensive delay and cost over-run, said partner Lansdowne Oil & Gas.
Providence CEO Tony O’Reilly said today: “With this final legal matter now decided, litigation between the parties is ended. With this matter behind us, we will continue to develop our very significant portfolio of assets offshore Ireland, with a particular focus on the farm-out processes for Barryroe and Spanish Point as well as our preparations for the planned drilling of Druid in 2017.”