Exploration company Providence Resources has said it is in talks with its main creditor to ensure it has sufficient resources to fulfil a court order to pay $7m to drilling provider Transocean.
Shares in Providence were suspended today on the AIM and ESM sub-markets of the London and Dublin stock exchanges ahead of the London court of appeal ruling.
The ruling confirmed an order to pay $7m, excluding interest and costs, to Transocean.
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."
Providence has been in dispute with Transocean, the provider of a drilling unit at its Barryroe field off the Cork coast, for some time.
In today's statement, Providence said the parties and their legal advisors are currently in the process of agreeing the final amount payable to Transocean (together with any costs and interest thereon) and the terms of payment.
"Accordingly, at this time the company cannot confirm the final amount payable to Transocean, nor the terms or timing of such payment," it added.
It also said that pending clarification of such matters, and noting its existing financial resources, it has requested the continued suspension of its shares from trading in Dublin and London.
