Settlement of patent disputes between PGS and EMGS
April 13, 2016: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') announces that PGS and Electromagnetic Geoservices ("EMGS") have entered into a Settlement Agreement settling their patent disputes.
On December 16, 2013 EMGS filed a complaint in the United Kingdom against PGS in the High Court of Justice, Chancery Division, Patents Court. The complaint alleges that the PGS Defendants had infringed EMGS's European patent EP 1256019 ("Refracted Wave Patent"). EMGS also initiated a parallel proceeding before Oslo City Court in Norway on April 4, 2014 relating to PGS' Towed Streamer EM technology for infringement of EMGS's parallel Norwegian patent, NO 324 454 (the "EMGS Patent").
On March 5, 2015, PGS EM Limited filed a complaint in the U.S. District Court for the District of Delaware against EMGS. This complaint alleges that the EMGS Defendants have, at least by their survey activities in the Gulf of Mexico and on the U.S. outer continental shelf and by their interactions with U.S. customers and their importation of certain data products into the U.S., infringed PGS-owned U.S. patent 6,914,433, titled "Detection of Subsurface Resistivity Contrasts with Application to Location of Fluids".
The above disputes have all been settled by the Settlement Agreement. The Settlement Agreement grants PGS a license to the EMGS patent for operation of its Towed Streamer EM system. EMGS is similarly granted a license to the PGS patent. Both licenses are royalty free and valid world-wide for the validity period of the relevant patent.
The Settlement Agreement also opens up for joint EM and seismic surveys in the future.
Both EMGS and PGS support the validity of both the EMGS Patent and the PGS Patent.
Both companies will cover their own legal costs.
FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communications
Mobile: +47 99 24 52 35
Rune Olav Pedersen, EVP & General Counsel
Phone: +47 67 51 57 06
Mobile: +47 90 81 63 37
Petroleum Geo-Services ("PGS" or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.