NOV Inc., Houston, entered into an agreement to purchase a group annuity contract from Principal Life Insurance Co. to transfer about $184 million in U.S. pension plan liabilities.
The oil and gas equipment company entered into an agreement with the insurer Feb. 14 to complete the termination of the National-Oilwell Defined Benefit Plan, according to an 8-K filing with the SEC on Tuesday.
With the signing of the contract, NOV, formerly known as National Oilwell Varco, turned over the responsibility of paying benefits to 3,240 participants to Principal effective May 1, according to the filing.
As of Dec. 31, the National-Oilwell Defined Benefit Plan had $288 million in assets, according to its most recent Form 5500 filing.
Blake McCarthy, vice president, corporate development and investor relations, could not be immediately reached for further information.