April 09, 2026 [Storage Terminals Magazine]- CB&I has completed the acquisition of Petrofac’s Asset Solutions business, a leading provider of operations, maintenance, wells and decommissioning services for onshore and offshore energy assets. The asset sale agreement was first announced on December 24, 2025.
The acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhanced service capabilities. It also supports CB&I’s diversification into integrated services, expands customer relationships and opens pathways for growth in international markets. Approximately 3,000 Asset Solutions colleagues joined CB&I upon completion of the deal.
Mark Butts, CB&I president and CEO, described the acquisition as the beginning of an exciting new era for the company. He noted that the addition of Asset Solutions brings a complementary business that supports CB&I’s broader diversification strategy and international growth ambitions.
The acquisition provides Asset Solutions with access to CB&I’s debt-free balance sheet and global liquidity, enabling the business to operate from a position of financial strength. This enhanced stability is intended to ensure continuity of service delivery for customers and create a platform for expanding capabilities across key international markets.
John Pearson, COO of CB&I Asset Solutions, described the transaction as a transformative milestone for the team and its customers. He said that with the backing of CB&I’s financial strength, global reach and operational capabilities, the business is well positioned to accelerate its growth ambitions, invest with confidence, expand service offerings and deliver greater value to customers around the world.
The sale was agreed on a debt-free, cash-free basis, with net proceeds from the transaction to be distributed to secured creditors in accordance with the intercreditor agreement entered between Petrofac and its secured creditors.
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