Rockwell Automation and Schlumberger announce Sensia joint venture

Februrary 20, 2019 — Rockwell Automation and Schlumberger, a provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, announced that they have entered into an agreement to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.

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

The Sensia joint venture will be a fully integrated provider of measurement solutions, domain expertise, and automation to the oil and gas industry. It will offer scalable, cloud and edge-enabled process automation, including information and process safety solutions.

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 team members serving customers in more than 80 countries, with global headquarters in Houston, Texas. The management team will be led by Allan Rentcome, who will serve as Chief Executive Officer. He is currently Director Global Technology - Systems and Solutions Business at Rockwell Automation.

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. Following this investment, Rockwell Automation will maintain its strong financial flexibility and continue to support its capital allocation priorities, including organic growth and acquisitions, dividends, and share repurchases, and Rockwell Automation reaffirms its $1 billion share repurchase target for fiscal 2019.

Rockwell Automation will discuss the joint venture during its presentations at the Citigroup Global Industrials Conference on Wednesday, February 20, 2019 and the Barclays Industrial Select Conference on Thursday, February 21, 2019.

About Rockwell Automation

Rockwell Automation Inc. is dedicated to industrial automation and information, making its customers more productive and the world more sustainable. Headquartered in Milwaukee, Wis., Rockwell Automation employs approximately 23,000 people serving customers in more than 80 countries.

About Schlumberger

Schlumberger is a provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies a range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

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