NOV Reaches Patent Cross License Agreement

National Oilwell Varco (NOV) has reached a patent cross license agreement with Varel International Energy Services, Inc. and its affiliates ("Varel"). The cross license involves, among other things, ReedHycalog's leached diamond cutter technology and Varel's high energy tumbling technology. ReedHycalog's leached diamond cutter technology is a part of ReedHycalog's broader portfolio of patented diamond technologies which is covered by various ReedHycalog patents.

The cross-license agreement was part of a larger settlement of patent infringement litigation that had been pending in Federal Court in Tyler Texas. ReedHycalog designs, manufactures and sells premium roller cone and fixed cutter drill bits, drilling tools and provides other specialty drilling services for the oil field.

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.