US Supreme Court To Hear Schlumberger Fight Over Patent Damages

The U.S. Supreme Court on Jan. 12 agreed to review a bid by Schlumberger Ltd. (NYSE: SLB), the world’s largest oilfield services provider, to allow companies to recoup profits lost due to patent infringement when patented technology is used overseas.

The case involves a fight over how much rival ION Geophysical Corp. (NYSE: IO) must pay for infringing Schlumberger technology that helps search for oil and gas beneath the ocean floor.

The justices will hear Schlumberger’s appeal of a lower court ruling that barred it from recovering more than $93 million stemming from foreign contracts the Houston-based company said it lost as a result of the infringement.
Source: Oil & Gas Investor