Varel International Energy Services, a long-standing provider of drilling and downhole solutions, today (October 21) announced that it has settled its litigation with Taurex Drill Bits, including claims of intellectual property infringement for specific drill bit technology.
Based in Oklahoma, Taurex Drill Bits designs, manufactures, rents, and sells matrix polycrystalline diamond compact (PDC) bits and roller cone bits, used in drilling and completion operations.
The litigation between Varel and Taurex began on May 1, 2020 upon a lawsuit filed for patent infringement based on Taurex’s Bore Haug Drill Bit.
Varel the very next month sued Taurex in the Southern District of Texas federal court as well as the International Trade Commission (ITC proceeding filed on June 4, 2020).
However, on September 22, Varel and Taurex reached a business resolution and settled the disputes asserting infringement of Varel’s US Patent No. 10,538,970 intellectual property.
"We are pleased to have this settlement complete as we continue to preserve the proprietary value our people have worked so hard to protect. We can now redirect more necessary attention towards further serving our customers with the industry-leading SlipStream drill bit platform," remarked Varel CEO Derek Nixon.
"We are confident that customers and business partners will find this resolved dispute helpful when assessing future needs for drill out and milling operations. It will also allow the companies to focus on their individual strengths and allow fair competition in the marketplace," he stated.
Founded in 1947, Varel International Energy Services is one of the world’s largest independent manufacturers and suppliers of downhole drilling and completions products to the energy sector.
Headquartered in Houston, TX, VIES services oil & gas, renewable energy, and industrial markets with its comprehensive suite of roller cone and fixed cutter drill bits, as well as a complete portfolio of primary cementing equipment.
The company employs more than a 1,000 people and has manufacturing facilities in Houston, Texas; Matamoros, Mexico, Aberdeen, Scotland, Ibos, France, Dammam, Saudi Arabia and Kurgan, Russia, as well as sales offices throughout the world.
Ken Ripple, Patent Manager of Varel, said: "We are an innovative company with a proud history of vigorously enforcing its intellectual property, and this case was no different. This particular resolution enables both respective companies to serve their customers in a fair and prudent manner."
This settlement comes on the heels of various new technology developments and forthcoming commercial launches within the Varel drilling and downhole solutions portfolio.-TradeArabia News Service