Polarcus, a UAE-based seismic survey specialist, has entered into a settlement with WesternGeco concerning the lawsuit filed by WesternGeco against Polarcus Limited and Polarcus US Inc for alleged patent infringement through a paid worldwide license for WesternGeco patents relating to steering marine seismic streamers and arrays .
The license fee has been agreed at $40m, payable over 2013-2015 in equal amounts. The settlement involves no admission of liability or the correctness of WesternGeco’s allegations in the case. The detailed terms of the settlement are confidential. The Company intends to pay the settlement amount with cash from operations.
Background
WesternGeco on 15 August 2013 filed a lawsuit against Polarcus US Inc and Polarcus Limited, in the United States federal court in Houston, Texas, alleging that four of WesternGeco’s United States method and apparatus patents regarding control systems for marine seismic streamer steering devices (the “US Patents”) have been infringed by Polarcus through the use of ION Geophysical Corp’s DigiFIN(TM) and Lateral Controller (the “DigiFIN technology”) in Polarcus’s marine seismic data acquisition activities.
DigiFIN technology has on a survey by survey basis been used by Polarcus’ vessels. DigiFIN technology assists in steering and positioning streamers while they are in the water. The devices are strapped on the streamers and controlled from the vessels. [mappress] October 04, 2013