Baker Hughes Inc. announced that it has reached an agreement with National-Oilwell Varco, Inc. regarding outstanding patent infringement claims and counter-claims. Baker Hughes will pay ReedHycalog $70 million in royalties for prior use of certain patented technologies and will pay a minimum of $30 million in royalties for future use.
Baker Hughes announces that its number of active rigs has fallen by 42 since September. The news causes shares to fall as investors lose confidence.