Supreme Court to hear Schlumberger claims over patent damages

The U.S. Supreme Court today agreed to review a bid by Schlumberger (NYSE:SLB) to allow companies to recoup profits lost due to patent infringement when patented technology is used overseas.

The case involves a fight over how much ION Geophysical (NYSE:IO) must pay for infringing SLB technology that helps search for oil and gas beneath the ocean floor.

The justices will hear SLB’s appeal of a lower court ruling that barred it from recovering more than $93M stemming from foreign contracts the company said it lost as a result of the infringement.