Schlumberger Ltd.'s acquisition of Cameron International Corp., both based in Houston, would create a single company with combined retirement assets of about $17.1 billion.
The transaction, valued at $14.8 billion as of Tuesday, is expected to close in the first quarter of 2016, pending Cameron shareholders' approval, along with regulatory approvals and other customary closing conditions, said a news release from Schlumberger.
Information was unavailable on how the energy service companies' retirement programs would be affected.
Schlumberger had $3.5 billion in U.S. defined benefit assets and $4.1 billion in projected benefit obligations for a funding ratio of about 85% as of Dec. 31, according to its most recent 10-K filing. As of the same date, Schlumberger had $6.8 billion in international defined benefit assets and $7.2 billion in projected benefit obligations for a funding ratio of about 94%, according to the 10-K.
Schlumberger Technology Corp. Savings and Profit Sharing Plan, a defined contribution plan, had $5 billion in assets as of Dec. 31, 2013, according to its most recent Form 5500 filing.
Information on international DC assets could not be learned by press time.
Cameron had $455 million in international defined benefit assets and $509 million in benefit obligations for a funding ratio of about 89% as of Dec. 31, according to its most recent 10-K filing.
Cameron also had about $1.2 billion in defined contribution assets as of Dec. 31, according to its most recent 11-K filing.
A breakout of Cameron's U.S. and international DC assets could not be learned by press time.
In 2013, Cameron and Schlumberger jointly created OneSubsea, Houston. In connection with the joint venture, a new defined contribution plan, OneSubsea LLC Retirement Savings Plan, was formed. The plan had $122.4 million in assets as of Dec. 31, according to it most recent 11-K filing.
Spokesmen for Schlumberger and Cameron could not immediately be reached for additional information by press time.
