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Rockwell Automation and oil and gas industry giant, Schlumberger, reached an agreement to create a joint venture, Sensia, a fully integrated digital oilfield automation solutions provider.

The Sensia joint venture will create an integrated provider of measurement solutions, domain expertise, and automation to the oil and gas industry.

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The plan is to offer scalable, cloud and edge-enabled process automation, including information and process safety solutions.

From intelligent systems to fully engineered lifecycle management automation solutions, the goal of the joint venture is to help users drive efficiency gains.

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“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 chief executive of Rockwell Automation. “Sensia will be uniquely positioned to connect disparate assets and reduce manual processes with secure, scalable solutions that are integrated into one technology platform.

“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,” said Paal Kibsgaard, chairman and chief executive at Schlumberger.

Under the terms of the agreement, Sensia will operate as an independent entity, with Rockwell Automation owning 53 percent and Schlumberger owning 47 percent of the joint venture.

Sensia is expected to generate annual revenue of $400 million, and will employ 1,000 workers 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. He is currently director global technology – systems and solutions business at Rockwell.

As part of the transaction, Rockwell will make a $250 million payment to Schlumberger at closing, which will be funded by cash on hand.

The transaction is expected to close, and the joint venture will begin serving customers, this summer.

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