HOUSTON, January 24, 2022--(BUSINESS WIRE)--Nine Energy Service, Inc. (NYSE: NINE) ("Nine" or the "Company") announced today that a jury in the Western District of Texas, Waco Division (the "Court") reached a verdict on January 21, 2022 in the patent litigation regarding the Company’s BreakThru™ Casing Flotation Device and its alleged infringement of a patent held by NCS Multistage Holdings, Inc. ("NCS"). The jury found that Nine infringed on NCS’s patent and awarded NCS damages in the amount of less than $500,000.
The Company strongly disputes the merits of NCS’s case, believes that NCS’s patent is invalid and not infringed, and as such, intends to appeal the Court’s decision. Nine acquired Frac Tech and the Breakthru™ Casing Flotation Device technology in November 2018.
"We intend to vigorously pursue overturning this decision in the appellate court where it will be reviewed by subject-matter experts," said Ann Fox, Nine’s President and Chief Executive Officer. "Technology is a crucial part of Nine’s strategy, and we will continue to protect and defend our products from these claims."
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website at nineenergyservice.com.
Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein, such as those regarding the Company’s plan to appeal the Court’s decision, are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the Company’s ability to manage capital expenditures; the adequacy of the Company’s capital resources and liquidity; and other factors described in the "Risk Factors" and "Business" sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
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Nine Energy Service Investor Contact:
Vice President, Strategic Development, Investor Relations and Marketing