Rockwell Automation (NYSE: ROK) and Schlumberger (NYSE: SLB) has announced the closing of their previously-announced joint venture, Sensia, the oil and gas industry’s first digitally enabled, integrated automation solutions provider.
The joint venture leverages Schlumberger’s deep oil and gas domain knowledge and Rockwell Automation’s rich automation and information expertise to address this fast-growing market.
“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,” said Allan Rentcome, Chief Executive Officer of Sensia. “It will make oil and gas production, transportation and processing simpler, safer, and more secure.”
Headquartered in Houston, Texas, Sensia is projected to generate initial annual revenue of $400 million and employ approximately 1,000 employees.
Sensia will operate as an independent entity, with Rockwell Automation owning 53% and Schlumberger owning 47% of the joint venture. Rockwell Automation made a $250 million cash payment to Schlumberger at closing.