SeaEnergy PLC Statement re: Lansdowne Oil and Gas announcement (0917V)
13 Avril 2016 - 1:27PM
UK Regulatory
TIDMSEA
RNS Number : 0917V
SeaEnergy PLC
13 April 2016
SEAENERGY PLC
("SeaEnergy")
Statement re: Lansdowne Oil and Gas announcement
SeaEnergy (AIM: SEA) notes today's further announcement by
Lansdowne Oil and Gas plc, a company in which SeaEnergy holds an
18.67% interest, the text of which is set out below:
"Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the
independent oil and gas company focused on offshore Ireland, notes
Providence Resources release today regarding the Court of Appeal
Ruling which stated:
'Providence Resources provides notification regarding the
litigation between Providence and Transocean Drilling U.K. Limited
("Transocean"), a subsidiary of Transocean Ltd.
'The case relates to certain costs claimed by Transocean against
Providence regarding the use of the semi-submersible drilling unit,
the Arctic III, in 2011/12 on Providence's Barryroe oilfield,
offshore Ireland. The total claim, which was made by Transocean in
2012, amounted to approximately US$19 million. Providence, in
defence of its position, counterclaimed against Transocean. The
Hon. Mr Justice Popplewell, in his judgment of 19 December 2014 in
the Commercial Court in London, found that Transocean was in breach
of contract for failing to maintain various parts of its sub-sea
equipment and that Transocean was not, therefore, entitled to
certain amounts reflecting Transocean's own day rate
remuneration.
'As previously disclosed, Transocean sought and was granted the
right to appeal one aspect of Mr Justice Popplewell's judgment,
which specifically related to whether Providence was entitled to
set off certain spread costs against Transocean's claim. The appeal
of this aspect of the judgment turned on the Court of Appeal's
interpretation of the wording of the consequential loss clause in
the rig contract (Mr. Justice Popplewell had found that Providence
was entitled to set off certain spread costs). The appeal was heard
in March 2016.
'In a judgment handed down today, 13 April 2016, the Court of
Appeal has granted Transocean's appeal on the set off point. All
other aspects of Mr Justice Popplewell's judgment remain in force,
including the finding that Transocean was in breach of
contract.
'Providence estimates the financial implications of the Court of
Appeal's judgment will result in the payment of approximately US$7
million (excluding interest and costs) to Transocean. 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.'
"Lansdowne, through its 20% interest in the Barryroe Field, will
need to raise capital to meet any liabilities arising from the
court ruling and for its on-going working capital requirements. As
a result, the Company has requested the continued suspension of its
shares from trading on AIM pending clarification of the Company's
financial position. In the meantime, the Company is 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 under the Barryroe
Joint Venture Agreement and meet its on-going working capital
requirements.
"On the basis of this issued judgment, Lansdowne will now make a
provision for its net amount in its Financial Accounts for the year
ending 31 December 2015.
"Further updates will be issued in due course."
For further information contact:
Steven Bertram
Finance and Commercial Director
Tel: +44 1224 748480
Claire Fleming
Corporate Communications & Research Manager
Tel: +44 7880 358920
Tim Feather/Liam Gribben
Nominated Adviser and Broker
WH Ireland Limited
Tel: 0113 394 6600
Notes
About SeaEnergy PLC:
SeaEnergy PLC is an innovation-led offshore energy services
business, based in Aberdeen, Scotland
and listed on the London Stock Exchange's AIM Market.
R2S Visual Asset Management system (delivered by SeaEnergy
subsidiary Return To Scene) provides photographic capture and three
dimensional modelling of oil & gas installations, linking these
images to asset management databases for major international oil
operators, allowing them to improve the performance of their assets
whilst providing operational efficiencies.
R2S Forensic is an interactive software system that enhances
planning, investigation and collaboration through the power of
visual imagery. The R2S Forensic system has revolutionised the
presentation of crime scenes. It creates an information rich walk
through environment which seamlessly links all relevant technical
data.
Return To Scene was acquired by SeaEnergy in August 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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