CB&I has announced the completion of an asset sale agreement to acquire Petrofac’s Asset Solutions business, a leading provider of operations, maintenance, wells and decommissioning services for onshore and offshore energy assets.

“Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CB&I,” said Mark Butts, CB&I President and CEO. “This acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting 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.”

The acquisition provides Asset Solutions with access to CB&I’s strong, debt‑free balance sheet and global liquidity, enabling the business to operate from a position of financial strength. This enhanced stability ensures continuity of service delivery for customers and creates a solid platform for expanding capabilities across key markets internationally.

“Joining CB&I marks a transformative milestone for our team and our customers,” said John Pearson, Chief Operating Officer of CB&I Asset Solutions. “With the backing of CB&I’s financial strength, global reach, and operational capabilities, the business is exceptionally well positioned to accelerate our growth ambitions. Asset Solutions is now able to invest with confidence, expand service offerings, enhance the reliability and efficiency of the assets we support, and deliver even greater value to customers around the world.”

The sale has been agreed on a debt-free cash-free basis. The net proceeds from the transaction will be distributed to secured creditors in accordance with the intercreditor agreement entered between Petrofac and secured creditors.

KeyFacts Energy Industry Directory: CB&I   l   Petrofac