Major Drilling and Downhole Solutions Provider Announces Settlement of Intellectual Property Lawsuit

Major Drilling and Downhole Solutions Provider Announces Settlement of Intellectual Property Lawsuit

Varel International Energy Services

Varel International Energy Services, a long-standing provider of drilling and downhole solutions, today announced their settled litigation with Taurex Drill Bits, including claims of intellectual property infringement for specific drill bit technology.

 “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.  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,” said Varel CEO, Derek Nixon.

 The litigation between Varel and Taurex began on May