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.
Contact:
Mike Nason
703.419.1421

SOURCE Raytheon Company

Mike Nason of Raytheon Company, +1-703-419-1421