CB&I has announced that it has entered into a definitive agreement to acquire Petrofac’s Asset Solutions business, a leading provider of operations, maintenance, and decommissioning services for onshore and offshore energy assets. The transaction strengthens CB&I’s portfolio by adding a complementary reimbursable contracting model that delivers more predictable cash flow while enhancing the company’s service capabilities. The acquisition also supports CB&I’s strategy to diversify into integrated services, deepen customer relationships, and expand its presence in international markets.
“Asset Solutions’ leadership has demonstrated a strong commitment to operational excellence, customer service, and resilience in challenging conditions,” said Mark Butts, president and chief executive officer of CB&I. “Our companies share aligned management philosophies and industry-leading safety performance. This combination provides cultural alignment, diversification benefits, and clear opportunities to enhance performance while generating stable cash flow, supporting CB&I’s long-term growth objectives.”
The acquisition will diversify CB&I’s revenue streams through a reimbursable contracting model that reduces exposure to market cyclicality and broadens the company’s offerings beyond its traditional lump-sum EPC portfolio.
John Pearson, chief operating officer of Petrofac Asset Solutions, said the transaction positions the business for continued success. “This opportunity allows us to focus on our core strengths, reinforce critical customer relationships, stabilise our supply base, and deliver operational excellence for both current and future projects. Our operational and engineering expertise enables high-value growth opportunities, and our cultural compatibility with CB&I supports a smooth integration.”
Following completion of the transaction, CB&I will operate through two global business units: CB&I Asset Solutions, headquartered in Aberdeen, Scotland, and CB&I Storage Solutions, based in The Woodlands, Texas. Each unit will retain delivery accountability while leveraging CB&I’s corporate functions for strategic alignment, business support, and special initiatives.
James Bennett, senior managing director at Teneo and Joint Administrator of Petrofac Limited, said the transaction represents a positive outcome for the business. “After a rigorous process to identify the best future for Petrofac’s Asset Solutions business, this agreement secures the continuity of operations and preserves the roles of many highly skilled employees. Asset Solutions has a strong future within CB&I, supported by operational alignment and a complementary geographic footprint.”
Completion of the transaction remains subject to customary closing conditions, including approval from certain secured and unsecured creditors of the Asset Solutions business, which is expected by the end of January 2026.
Approximately 3,000 Petrofac employees are expected to join CB&I upon closing, which is anticipated to occur in the first quarter of 2026.
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