CB&I Acquires Petrofac’s North Sea operations

24 Dec CB&I Acquires Petrofac’s North Sea operations

(Oilandgaspress) CB&I today announced that it has entered into a sale agreement to acquire Petrofac’s Asset Solutions business, a leading provider of operations, maintenance and decommissioning services for onshore and offshore energy assets. The acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting model business, delivering predictable cash flow and enhancing service capabilities. It also supports CB&I’s diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets.

On close of the transaction, CB&I will operate as one company with two global business units, CB&I Asset Solutions based in Aberdeen, Scotland, and CB&I’s existing operations, CB&I Storage Solutions, based in The Woodlands, Texas. Each business will maintain its own delivery accountability within CB&I, enabling focused execution and performance tracking while leveraging CB&I’s corporate functions for strategic alignment, business support and special initiatives.

The acquisition will diversify CB&I’s revenue streams through a reimbursable contracting model, which reduces cyclicality and broadens CB&I’s service offering beyond its traditional lump-sum EPC portfolio.
Approximately 3,000 Petrofac employees are expected to join CB&I at the close of the transaction, anticipated to occur in the first quarter of 2026.

Completion of the transaction is subject to certain conditions including approval from certain secured and unsecured creditors of the Assets Solutions business which is currently expected to be obtained by the end of January 2026.

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