NCS Multistage subsidiary settles outstanding litigation with Boyd & McWilliams

NCS Multistage announced that its subsidiary has settled outstanding litigation with Boyd & McWilliams. Under the settlement agreement, that was executed on the preceding day, the insurance carrier will pay all agreed-upon settlement amounts to the plaintiff, resulting in no cash payments by NCS. As of September 30, the company had accrued a provision for litigation of $40.8M associated with this matter. The company expects to fully offset this provision during the fourth quarter with a benefit from the settlement. In addition, we do not currently have any outstanding litigation related to property damage claims, as previously settled the litigation in Wyoming in August, with such settlement also fully paid by the insurance carrier.