Polarcus Limited (“Polarcus” or the “Company”)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.
Press Release, October 04, 2013