Rockwell Automation / Schlumberger
Joint venture for the oil and gas industry
Rockwell Automation and Schlumberger, a provider of reservoir characterization, drilling, production and processing technologies for the oil and gas industry, are forming a joint venture called Sensia.
Sensia is intended to create a fully integrated provider with industry expertise in the field of measurement and automation solutions for the oil and gas industry. The offering includes scalable, cloud- and edge-enabled process automation, including information technology and process safety solutions - from simple intelligent systems to comprehensive automation solutions for lifecycle management.
Blake Moret, Chairman and CEO of Rockwell Automation, explains the motivation behind the formation of the new joint venture: "Oilfield operators increase their investment value by safely reducing the time between drilling and production, optimizing the production rate of both conventional and unconventional wells, and extending the lifespan of production equipment. There is currently no provider that offers complete solutions and technology platforms to meet these challenges."
Under the terms of the agreement, Sensia will operate as an independent company, with Rockwell Automation holding 53% and Schlumberger 47% of the shares. Sensia is expected to generate annual revenues of $400 million and employ approximately 1,000 people. The company is headquartered in Houston, Texas. Customers in more than 80 countries are served from there. Allan Rentcome, currently Director Global Technology - Systems and Solutions Business at Rockwell Automation, will serve as Chief Executive Officer.
As part of the transaction, Rockwell Automation will make a cash payment of $250 million to Schlumberger at closing. After obtaining regulatory approvals and other customary formalities, the joint venture plans to begin serving its first customers in the summer of 2019.
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