CB&I completes acquisition of Petrofac Asset Solutions business

(WO) — CB&I has completed its acquisition of Petrofac’s Asset Solutions business, adding operations, maintenance, wells and decommissioning capabilities across onshore and offshore energy assets. 

The transaction, first announced in December 2025, brings approximately 3,000 employees into CB&I and expands the company’s presence in reimbursable contracting services. The acquired business provides a range of asset lifecycle services, supporting production operations and late-life asset management.

CB&I said the addition strengthens its services portfolio and supports a broader strategy to diversify into integrated offerings, while expanding its international footprint and customer base.

“This acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhancing service capabilities,” said Mark Butts, president and CEO of CB&I.

The Asset Solutions business will operate with access to CB&I’s balance sheet and liquidity, positioning it to continue service delivery while pursuing growth opportunities across key markets.

“Asset Solutions is now able to invest with confidence, expand service offerings and enhance the reliability and efficiency of the assets we support,” said John Pearson, chief operating officer of CB&I Asset Solutions.

The transaction was completed on a debt-free, cash-free basis. Proceeds from the sale will be distributed to Petrofac’s secured creditors in accordance with existing agreements.