Statoil Says Former Exec Stole Fracking Tech To Form Rival

By Jess Krochtengel (February 14, 2017, 8:13 PM EST) -- A Statoil unit sued its former chief technology officer for trade secrets theft in Texas federal court Monday, claiming he pirated proprietary fracking technology and had his wife file a patent application based on Statoil's confidential information.

Statoil Gulf Services LLC and Reveal Energy Services Inc. — a subsidiary formed in 2016 to further develop and commercialize Statoil's hydraulic fracturing technologies — are seeking an injunction barring Reveal's former CTO from using its trade secrets in a competing venture. They allege Matthew Dawson masterminded a scheme to set up a competing business, Axiom Genesis Inc., using Statoil and Reveal's proprietary technology, and...

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