University College Cork and insurance company Aviva say they will consider the implications of yesterday's decision by the Court of Appeal before making any decision on an appeal to the Supreme Court.
It found that the damage arose from a natural event, that the ESB did not cause the flooding of UCC's buildings and it had no legal duty to avoid unnecessary flooding.
In October 2015, the High Court had found that the ESB was 60% liable for the floods following a 104-day case.
In a statement issued following yesterday's decision, UCC and Aviva said they would consider the implications of the Court's decision with its legal team in the coming days.