Statoil ASA (STO)

[eFinanceMarkets]

Statoil denies patent infringement, maintains Arctic drilling

Statoil (STO +0.9%) says it will keep drilling exploration wells in the Barents Sea using "regular equipment" after a court upheld an injunction in a patent dispute over specialized drilling technology.

STO says the court lifted an injunction on the use of its Cap-X technology in the Blaaman well where drilling was suspended earlier but upheld a ban on the four other Arctic wells it planned to drill this year.

STO says it plans to complete the Blaaman well this summer, while it is currently drilling the Kayak well in the Johan Castberg field by using "regular equipment."