Rockwell Automation and Schlumberger Enter Joint Venture Agreement to Create Sensia, the Oil and Gas Industry’s First Fully Integrated Automation Solutions Provider

New joint venture entity will combine Rockwell Automation’s
integrated control and information solutions with Schlumberger’s oil and
gas expertise to help customers maximize the value of their investments.


MILWAUKEE & HOUSTON–(BUSINESS WIRE)–Rockwell Automation (NYSE: ROK), the world’s largest company dedicated
to industrial automation and information, and Schlumberger (NYSE: SLB),
the world’s leading provider of technology for reservoir
characterization, drilling, production, and processing to the oil and
gas industry, announced today 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 the first 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. From
intelligent systems to fully engineered life-cycle management automation
solutions, the joint venture will help customers drive efficiency gains
through measurement and data driven intelligent 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. “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.

“As oil and gas producers strive to improve productivity, we will bring
the value of the Connected Enterprise to life for them. Sensia will
provide complete lifecycle and process automation solutions from well to
terminal, including industry-leading oilfield technology and expertise,”
said Moret.

“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.”

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. Both presentations will be
webcast, and available on the Rockwell Automation website at www.rockwellautomation.com.

About Rockwell Automation

Rockwell Automation (NYSE: ROK), the world’s largest company dedicated
to industrial automation and information, makes 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 (NYSE: SLB) is the world’s leading 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 the industry’s most comprehensive
range of products and services, from exploration through production, and
integrated pore-to-pipeline solutions that optimize hydrocarbon recovery
to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and
The Hague, and reported revenues of $32.82 billion in 2018.

Forward-Looking Statement: This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The opinions, forecasts and projections regarding the
expected benefits of the proposed joint venture; the expected timing of
the completion of the transaction; the parties’ ability to complete the
transaction considering the various regulatory approvals and other
closing conditions; future opportunities for the joint venture and its
products and services; and any other statements regarding the parties’
or the joint venture’s future expectations, beliefs, plans, objectives,
financial conditions, assumptions or future events or performance, are
forward-looking statements within the meaning of the federal securities
laws. These statements are subject to, among other things, satisfaction
of the closing conditions to the proposed transaction, the risk that the
proposed transaction does not occur, negative effects from the pendency
of the proposed transaction, the ability to realize expected benefits
from the proposed transaction, the timing to consummate the proposed
transaction, and other risk factors contained in Rockwell Automation’s
and Schlumberger’s most recent Forms 10-K as well as each company’s
other filings with the SEC available at the SEC’s Internet site (http://www.sec.gov).
Actual results may differ materially from those expected, estimated or
projected. Forward-looking statements speak only as of the date they are
made, and the parties undertake no obligation to publicly update or
revise any of them in light of new information, future events or
otherwise.

Contacts

Investor Relations Contacts:
Simon
Farrant, Vice President of Investor Relations, Schlumberger
Joy V.
Domingo, Manager of Investor Relations, Schlumberger
Tel: +1 (713)
375-3535
investor-relations@slb.com

Steve Etzel, Investor Relations, Rockwell Automation, 414-382-8510, swetzel@ra.rockwell.com

Media Contacts:
Joao Felix,
Schlumberger, Director of Corporate Communication
Tel: +1 (713)
375-3535
communication@slb.com

Ike Umunnah, Rockwell Automation, Director, Global Public Affairs,
414-382-5679, ITUmunna@ra.rockwell.com

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