Rockwell Automation and Schlumberger 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.

About Rockwell Automation

Rockwell Automation, Inc. (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. With product sales and services in more than 120 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.