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MILWAUKEE & HOUSTON – (BUSINESS WIRE– Rockwell Automation (NYSE: ROK), the world's largest dedicated company
Industrial Automation and Information, and Schlumberger (NYSE: SLB),
world's leading provider of tank technology
characterization, drilling, production and processing of oil and
the gas industry, announced today that they have reached an agreement
to create a new joint venture, Sensia, the first fully integrated company
digital supplier of oilfield automation solutions.
The transaction should be finalized and the joint venture should
begin serving customers in the summer of 2019, subject to regulation
approvals and other customary conditions.
The Sensia joint venture will be the first fully integrated supplier of
measurement solutions, domain expertise and automation of the
gas industry. It will offer evolutionary processes, in cloud and periphery
automation, including information and security solutions for processes. Of
intelligent systems for fully automated life cycle management automation
the joint venture will help customers generate efficiencies
thanks to intelligent automation based on measurement and data.
"Oil field operators seek to maximize the value of their investments in
safely reduce the time between drilling and production, maximizing performance
conventional and unconventional wells, and prolong the life of wells, "
Blake Moret, President and CEO, Rockwell Automation. "Currently not
There is a single provider that offers end-to-end solutions and
technological platform to meet these challenges. Sensia will be
unique position to connect disparate assets and reduce manual costs
processes with secure and scalable solutions that are integrated into a
technological platform.
"As oil and gas producers strive to improve their productivity, we will bring
the value of the company connected to life for them. Sensia is going
provide complete solutions for automating the life cycle and processes
terminal, including state-of-the-art technology and expertise in the oil sector ",
said Moret.
"Sensia will create a leading technology provider that will help
optimization of E & P oilfield assets, "said Paal Kibsgaard,
President and Chief Executive Officer, Schlumberger. "This joint venture is the next step in
our vision to provide our customers with smart, connected devices with
diagnostic capabilities associated with measurement, automation and
analyzes that improve oil operations, facilitate business
decisions and reduce the total cost of ownership throughout the life of a
field."
Under the terms of this agreement, Sensia will operate as an independent business.
Rockwell Automation holds 53% and Schlumberger holds 47%
of the joint venture. Sensia should generate an annual income of
$ 400 million and will employ approximately 1,000 serving team members
customers in more than 80 countries, with a global headquarters located in
Houston, Texas. The management team will be led by Allan Rentcome, who will
will serve as Chief Executive Officer. He is currently world director
Technology – Systems and Solutions at Rockwell Automation.
As part of the transaction, Rockwell Automation will realize $ 250 million
payment to Schlumberger at closing which will be funded in cash on
hand. As a result of 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 buybacks, and Rockwell Automation reaffirms its
A $ 1 billion share repurchase target for fiscal year 2019.
Rockwell Automation will discuss the joint venture during its
presentations at the Citigroup Global Industrials conference on
Wednesday, February 20, 2019 and Barclays Industrial Select
Conference on Thursday 21 February 2019. Both presentations will be
Webcast, available on the Rockwell Automation Web site at www.rockwellautomation.com.
About Rockwell Automation
Rockwell Automation (NYSE: ROK), the world's largest dedicated company
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 in the service of
customers in more than 80 countries.
About Schlumberger
Schlumberger (NYSE: SLB) is the world's leading technology provider
for reservoir characterization, drilling, production and treatment for
the oil and gas industry. Work in more than 85 countries and
employing around 100,000 people who represent more than 140
nationalities, Schlumberger provides the most comprehensive solutions on the market
range of products and services, from exploration to production, and
integrated pipeline to pipeline solutions that optimize hydrocarbon recovery
to provide tank 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".
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. Opinions, forecasts and projections concerning the
the expected benefits of the proposed joint venture; the expected time of
the finalization of the transaction; the ability of the parties to complete the
given the various regulatory and other approvals
closing conditions; future opportunities for the joint venture and its
products and services; and any other statement concerning the statements of the parties.
the future expectations of the joint venture, its convictions, its projects, its objectives,
financial conditions, assumptions, future events or performances,
forward-looking statements within the meaning of the federal securities
laws. These declarations are subject, among other things, to the satisfaction
the closing conditions of the proposed transaction, the risk that the
proposed transaction does not occur, negative effects of suspension
of the proposed transaction, the ability to realize the expected benefits
of the proposed transaction, the moment of consumption of the proposal
transaction, and other risk factors contained in the Rockwell Automation report.
and the most recent Schlumberger 10-K forms, as well as
other SEC filings available on its website (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 published.
done, and the parties assume no obligation to update or
revise one of them in the light of new information, future events or
other.
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