Rockwell Automation Inc. and oilfield services major Schlumberger Ltd. closed on the joint venture agreement to form a fully integrated digital oilfield automation solutions provider called Sensia, the companies said Oct. 2.
In accordance with the deal announced Feb. 19, Rockwell Automation made a $250 million cash payment to Schlumberger at closing.
Under the terms of the deal, Sensia will operate as an independent entity with Rockwell Automation holding a 53% stake and the remaining 47% being held by Schlumberger. The venture is expected to generate $400 million in annual revenue and its global headquarters will be located in Houston. Rockwell Automation's director of global technology for the systems and solutions business, Allan Rentcome, will be Sensia's CEO.
"Sensia will make industrial-scale digitalization and seamless automation available to every oil and gas company so their assets can operate more productively and profitably," the CEO said. "It will make oil and gas production, transportation and processing simpler, safer, and more secure."
