Drilling services company Imdex Limited (ASX:IMD) has been unsuccessful in its attempt to revive a patent violation claim against rivals Coretell and Mincrest Holdings (Camteq).
Imdex on Thursday revealed that the appeals court of the Federal Court had rejected the company's appeal against an October judgement.
In that ruling, the Federal Court found that a drilling orientation device patent Imdex holds, via subsidiary Australian Mud Company, could not be expanded to tools with more than one component.
The court has now upheld this finding. The patent that had been the subject of the lawsuit was not declared invalid.
Imdex managing director Bernie Ridgeway said he was “disappointed” by the court's decision. But he said the company is considering its options regarding any further appeal.
Imdex also has another patent application for its core orientation device pending in both the Australian and international patent offices.
The original proceedings were first initiated in July 2007.
IMD shares increased 2.96% in Thursday's trading to $1.915, but this follows a 7% slump from the day before.