Orrick has advised Schlumberger (NYSE: SLB), the world's leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry, on its joint venture with Rockwell Automation (NYSE: ROK). Their new joint venture, Sensia, will be the first fully integrated digital oilfield automation solutions provider.
Under the terms of the agreement, Sensia will operate as an independent entity, with Rockwell Automation owning 53% and Schlumberger owning 47% of the joint venture. As part of the transaction, Rockwell Automation 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 is expected to begin serving customers, in the summer of 2019, subject to regulatory approvals and other customary conditions.
The Orrick team was led by David Ronn and included Matthew Rose, Luisa Muskus, Douglas Lahnborg, Christopher Hebert, Bradford Breen, Samantha Ernst, Mitchel Pahl, Barbara de Marigny, Diana Gillis, Michael Rodgers, Alex Okuliar, Harry Clark, William Parish and Maria Sergeyeva.