Baker Hughes and National Oilwell Varco Settleadmin
Oilfield services company Baker Hughes Inc. will pay competitor National Oilwell Varco Inc.’s ReedHycalog division at least $100 million to settle a patent dispute.
ReedHycalog will get $70 million for past use of patented technologies and at least $30 million for future use. Baker Hughes said ReedHycalog agreed to pay royalties on certain Baker Hughes patents, but did not disclose a sum.
The disputed patents cover drills with a polycrystalline diamond cutter.