23rd Dec 2019 13:18
(Alliance News) - Oilfield services firm Star Phoenix Group Ltd said Monday it is continuing discussions with Wilson Energy Services Inc, the potential buyer of four drilling rigs and related equipment.
Star Phoenix, formally known as Range Resources, had previously extended the sale until Monday.
Wilson Energy carried out the final inspection of the rigs in mid-November and was expected to make a payment of USD3.6 million, around GBP2.7 million, to Star Phoenix.
The energy systems integration company is now expected to pay that amount in addition to late fees of USD3,600 per day imposed from November 23 until the sale is completed.
Shares in Star Phoenix were down 9.0% at 1.82 pence on Monday in London.
By Dayo Laniyan; [email protected]
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