Star Phoenix to start proceedings against LandOcean

Star Phoenix updated the market on the payments outstanding to it and its subsidiaries from LandOcean Energy Services and its affiliates on Friday.

The AIM-traded firm said that it has now entered into a conditional fee agreement with Dentons UK and Middle East.

It said the agreement stipulated that Dentons had agreed to take on the case on a no win-no fee basis, which the board said was an “extremely encouraging and favourable arrangement” in trying to recover the outstanding sums due from LandOcean.

“Dentons are now preparing arbitration proceedings against LandOcean in the London Court of International Arbitration, expected to be filed shortly,” Star Phoenix said in its statement.

“The company will provide a further update to the shareholders upon further material developments.”

At 1153 BST, shares in Star Phoenix were up 6.9% at 1.55p.