Baker Hughes, ReedHycalog Reach $100M Settlement

Law360, New York (May 29, 2008, 12:00 AM EDT) -- Baker Hughes Oilfield Operations Inc., one of three defendants in a patent infringement lawsuit over drilling equipment, has reached a $100 million settlement with plaintiff ReedHycalog UK Ltd.

Under the terms of the deal, announced last week, the two companies agreed to cross-license the disputed technologies. Baker Hughes will pay ReedHycalog $70 million in royalties for prior use of the patented technologies and will pay a minimum of $30 million in royalties for future use.

At the same time, ReedHycalog has agreed to pay unspecified royalties...
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