Halliburton Awarded $24 Million from Smith International

Halliburton revealed that a verdict was rendered in its favor by the United States District Court, Eastern District of Texas, Sherman Division, in connection with a patent infringement lawsuit filed against Smith International. The jury awarded Halliburton $24 million in damages.

"Halliburton is pleased with the jury's verdict," said John Gibson, chief executive officer, Halliburton's Energy Services Group. "The Energy Balanced(TM) roller cone drill bit product line has delivered great results for our customers and we intend to offer this technology to any customer anywhere in the world."

Security DBS, Halliburton's drill bit business, filed this lawsuit in September 2002 seeking damages for Smith's infringement of the patented technology. The jury found that Smith's competing bits, known as IDEAS, including Twist and Shout bits, willfully infringed three of Halliburton's patents. The jury also rejected Smith's claims that the patents are invalid.