Raytheon Sells Oil Extraction Technology to Schlumberger

TEWKSBURY, Mass., Jan. 22, 2008 /PRNewswire/ -- Raytheon Company (NYSE: RTN) announced today that it has recently sold its technology for extracting heavy oil to Schlumberger. Details of the transaction were not disclosed.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080122/NETU050 )

The technology, which uses a combination of radio frequency (RF) energy and critical fluids, had been developed as part of a joint development program between Raytheon and CF Technologies.

"Raytheon is expert in applying RF technology to radar and communications systems, and with this agreement we look forward to applying this expertise to the energy industry," said Lee Silvestre , vice president of Raytheon IDS' Mission Innovation group. "Schlumberger is the world leader in bringing new technology to the field for the exploration and production of oil. Its acquisition of this technology is an important milestone in Raytheon's approach to applying proven technology that can unlock new potential in adjacent markets."

Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency, the U.S. Armed Forces and the Department of Homeland Security.

Raytheon Company, with 2006 sales of $19.7 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 72,000 people worldwide.

CF Technologies, Inc., a privately held company with an international reputation as a process innovator in critical fluid technology, has a history of joint developments with other companies, government agencies, and non- profit institutions. The company's headquarters in Hyde Park, Mass., is also the site of its engineering office, test facilities, and fabrication shop.

SOURCE Raytheon Company