NCS Multistage Wins Patent Infringement Case Against TCO

Rhea-AI Summary

NCS Multistage Holdings, Inc. (NASDAQ:NCSM) announced a significant legal victory, as a Texas jury upheld the validity of its patent (U.S. Patent No. 10,465,445) related to the AirLock® casing buoyancy system, awarding NCS approximately $1.9 million in damages for patent infringement by TCO AS. CEO Robert Nipper emphasized the importance of this unanimous verdict in protecting their technology and its value. NCS boasts a portfolio of over 100 patents, reflecting its commitment to innovation in oil and gas well optimization.

Positive

• Jury awarded NCS $1.9 million for patent infringement, enhancing financial position.
• Protection of AirLock® technology reinforces market position and potential revenue.

Negative

• None.

HOUSTON, Aug. 29, 2022 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) announced that a jury in the U.S. District Court for the Western District of Texas, Waco Division has found that an NCS patent, U.S. Patent No. 10,465,445, is valid and infringed by TCO AS’s (“TCO”) TDP-PO casing flotation device. The jury awarded NCS approximately $1.9 million in past damages for infringement of the patent from late 2019.

“We have secured another unanimous jury verdict protecting our AirLock® casing buoyancy system technology from infringement,” said Robert Nipper, NCS’s Chief Executive Officer. “Our AirLock® casing buoyancy system pioneered a new way to float casing in the wellbore and the jury verdict requires TCO to recognize the value of our patented innovation.”

Mr. Nipper continued, “NCS’s portfolio of over 100 issued patents is the result of more than a decade of innovation and continuous improvement by NCS employees and considerable financial investment. We are grateful that a jury of our peers has once again affirmed those efforts by upholding the validity of the patent-in-suit. While our preference is to protect our intellectual property rights through resolution outside of court, we will continue to enforce our rights through the court system if they are not respected. This jury verdict reinforces our continuing drive to deliver innovative technologies that bring enhanced efficiency and value to our customers.”

NCS was represented by Blank Rome LLP, led by Andy Fletcher, Domingo Llagostera, Russell Wong and Megan Wood.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including Argentina, China, the Middle East and the North Sea. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Contact:
Ryan Hummer
Chief Financial Officer
+1 281-453-2222
IR@ncsmultistage.com

 

FAQ

What was the recent jury verdict for NCS Multistage Holdings related to patent infringement?

A Texas jury found that NCS's patent was valid and infringed by TCO AS, awarding NCS approximately $1.9 million in past damages.

How does the patent ruling affect NCSM's market position?

The ruling protects NCS's AirLock® technology, reinforcing its competitive edge and potential for future revenue growth.

What patent was involved in the NCS vs. TCO AS case?

The patent involved is U.S. Patent No. 10,465,445, related to the AirLock® casing buoyancy system.

When was the jury verdict announced for NCSM?

The jury verdict was announced on August 29, 2022.