Drilling Contractors Settle Patent Suit For $15M

Law360, New York (February 20, 2007, 12:00 AM EST) -- GlobalSantaFe Corp. has agreed to shell out $15 million to resolve a patent dispute with rival offshore drilling contractor Transocean Inc.

According to the settlement, which was announced Tuesday, GlobalSantaFe will pay a one-time license fee of $12 million. In return, it will be allowed to continue using Transocean’s dual activity drilling technology on two ultra-deepwater rigs in the Gulf of Mexico and another deepwater rig that is currently under construction.

GSF will also pay $3 million in royalties for its prior use of the two...
To view the full article, register now.