ReedHycalog Litigation Settlement
HOUSTON--(BUSINESS WIRE)--Sept. 5, 2008--In May 2008, ReedHycalog LP, a wholly owned affiliate of National Oilwell Varco, settled its patent infringement lawsuit in the Eastern District of Texas with US Synthetic Corporation regarding ReedHycalog's patented leaching technologies. Pursuant to the confidential agreement between the parties, US Synthetic Corporation is not a licensee under ReedHycalog's leaching technologies. US Synthetic Corporation also agreed to make a one-time lump sum payment to ReedHycalog and agreed that, for the duration of the agreement, US Synthetic Corporation will not sell partially leached diamond cutters (as defined by the Settlement Agreement) to any entity that is not licensed by ReedHycalog. However, US Synthetic can continue selling its partially leached cutters (as defined by the Settlement Agreement) to licensed drill bit manufacturers.
National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
CONTACT: National Oilwell Varco, Houston
Clay Williams, 713-346-7606
SOURCE: National Oilwell Varco