Seismic players ION Geophysical and WesternGeco have reached a settlement of the decade-long patent litigation regarding lateral streamer positioning.
The parties have signed a deal where WesternGeco will permanently dismiss the pending lawsuit, grant ION a license to the patents and lift the injunction preventing ION from manufacturing DigiFIN in the United States.
In exchange, ION agreed to pay a settlement value to WesternGeco out of future revenues from the company’s multi-client data library, comprising a small percent of 2D multi-client late sales for a 10-year period and transferring a majority of ION’s revenue share to WesternGeco on the parties’ existing joint multi-client reimaging product offshore Mexico.
The parties also agreed to expand the existing multi-client collaboration opportunities through new arrangements within specific geographies and product offerings.
“I am thrilled to put this lawsuit behind us,” said Chris Usher , ION’s president and CEO.
“The composition of our companies’ portfolios and the competitive landscape have changed dramatically over the timeline of this case. Both parties recognized that collaboration and risk-sharing make more sense going forward, rather than embarking on the new damages case ION was awarded late in 2019.”