CB&I acquires Petrofac Asset Solutions to expand O&M services

CB&I has signed a sale agreement to acquire Petrofac’s Asset Solutions business, a major provider of operations, maintenance and decommissioning services for offshore and onshore energy assets. The deal will add a reimbursable contracting model to CB&I’s primarily lump-sum EPC portfolio, broadening revenue streams and providing steadier cash flow.

The transaction will also expand CB&I’s presence in international markets and deepen relationships with upstream and midstream operators. Post-close, expected in Q1 2026 pending creditor approvals, approximately 3,000 Petrofac employees will transition to CB&I.

Following integration, CB&I will operate two global business units: CB&I Asset Solutions, headquartered in Aberdeen, Scotland, and CB&I Storage Solutions in The Woodlands, Texas.

CB&I President and CEO Mark Butts said the combination brings “cultural alignment, diversification benefits and opportunities to enhance performance,” while Petrofac Asset Solutions COO John Pearson emphasized that the move will allow the business to “reaffirm critical customer relationships and deliver operational excellence” under new ownership.