Marine seismic data company ION Geophysical has said it has settled a decade-long patent litigation with WesternGeco. The litigation was related to ION's use of WesternGeco's patented technology used for lateral streamer positioning.
The companies signed an agreement where WesternGeco will permanently dismiss the pending lawsuit, grant ION a license to the patents and lift the injunction preventing ION from manufacturing DigiFIN tech, based on WesternGeco patent, in the United States, ION Geo said.
DigiFIN technology helps in steering and positioning streamers while they are in the water. The devices are strapped on the streamers and controlled from the vessels.
As part of the settlement, 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, ION said.
"I am thrilled to put this lawsuit behind us," said Chris Usher, ION's President, and Chief Executive Officer. "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.
"The parties have been collaborating since 2016 on multi-client programs and have identified additional areas to work together to create enhanced value for our customers."
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