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Electricalmarketing 3777 Rockwell Schlumberger 770
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Electricalmarketing 3777 Rockwell Schlumberger 770
Electricalmarketing 3777 Rockwell Schlumberger 770
Electricalmarketing 3777 Rockwell Schlumberger 770

Rockwell Forms Joint Venture with Schlumberger on Oilfield Automation

Feb. 21, 2019
Sensia will provide measurement solutions, domain expertise, and automation to the oil and gas industry.

Rockwell Automation and oilfield technology giant Schlumberger have agreed to create a new joint venture, called Sensia, to offer fully integrated digital oilfield automation solutions.

The joint venture is expected to begin serving customers in the summer of 2019, around the time the deal is expected to close, subject to regulatory approvals and other customary conditions.

The Sensia joint venture will be the first fully integrated provider of measurement solutions, domain expertise, and automation to the oil and gas industry, the companies said in a joint press release. It will offer scalable, cloud and edge-enabled process automation, including information and process safety, from intelligent systems to fully engineered life-cycle management automation.

“Oilfield operators strive to maximize the value of their investments by safely reducing the time from drilling to production, optimizing output of conventional and unconventional wells, and extending well life,” said Blake Moret, chairman and CEO, Rockwell Automation, Milwaukee. “Currently, no single provider exists that offers the end-to-end solutions and technology platform that address these challenges. Sensia will be uniquely positioned to connect disparate assets and reduce manual processes with secure, scalable solutions that are integrated into one technology platform.”

Under the terms of the agreement, Sensia will operate as an independent entity, with Rockwell Automation owning 53% and Schlumberger owning 47% of the joint venture. Sensia is expected to generate annual revenue of $400 million, and will employ approximately 1,000 people serving customers in more than 80 countries, with global headquarters in Houston. The management team will be led by Allan Rentcome, who will serve as chief executive officer. He is currently Rockwell’s director of Global Technology - Systems and Solutions Business.

As part of the transaction, Rockwell Automation will make a $250 million payment to Schlumberger at closing, which will be funded by cash on hand.

“Sensia will create a leading technology provider that will further drive optimization of E&P oilfield assets,” said Paal Kibsgaard, Chairman and CEO, Schlumberger. “This joint venture is the next step in our vision to offer our customers smart, connected devices with rich diagnostic capabilities, coupled with measurement, automation and analytics that improve oilfield operations, facilitate business decisions and reduce total cost of ownership throughout the life of a field.”