Settlement of lawsuit filed by WesternGeco
3 Oct 2013
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to the stock exchange notification of 16 August 2013 regarding the lawsuit filed by WesternGeco L.L.C. (“WesternGeco”) against Polarcus.
Polarcus announces that the Company 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.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)