PGS Australia Pty Ltd (“PGS”), a wholly owned subsidiary of PGS ASA, filed a lawsuit in Australia against certain subsidiaries of DUG Technology Ltd (“DUG Parties”), Polarcus Limited and certain of its subsidiaries at the time (“Polarcus Parties”) on 16 November 2018. In the lawsuit, PGS alleged infringement of certain of its patents.

PGS, the DUG Parties and Polarcus Parties have now settled this long-standing patent dispute. The settlement terms are confidential but include a cash payment by the DUG Parties to PGS and the grant of a worldwide, royalty-free, non-exclusive license by PGS to DUG and its subsidiaries of the patents in suit in the proceedings.