March 18, 2026 [Storage Terminals Magazine]- Petrofac has entered into an agreement to sell Petrofac Emirates to a consortium of financial investors led by Mason Capital Management LLC (“Mason”) and Pearlstone Alternative (UK) LLP.
Petrofac Emirates encompasses Petrofac’s core Engineering & Construction (E&C) capability, including the execution teams based in the UAE, Chennai and Mumbai. The transaction is expected to position Petrofac Emirates as a strong, self-sustaining company with no funded debt on its balance sheet and substantial growth opportunities ahead.
Tareq Kawash, group chief executive of Petrofac, described the deal as a noteworthy turning point in Petrofac Group’s restructuring journey. He noted that the transaction preserves Petrofac’s execution and engineering capability and delivers continuity for contracts currently under execution. Kawash highlighted Mason’s significant experience in the industry and expressed his belief that the transaction would enable Petrofac Emirates to grow ambitiously and build on its extensive track record. He extended his gratitude to the Petrofac team, customers and partners, whose support he said had been critical throughout the process. With Petrofac Emirates’ strong presence and experience in the UAE, Kawash said the business is well positioned for future success both in its home market and across the wider MENA region.
Sam Read, a partner at Mason, stated that the firm’s mission is to empower Petrofac Emirates to achieve its strategic goals, capitalise on new market opportunities, and leverage significant growth potential in the dynamic energy engineering, procurement, and construction (EPC) sector. Read described Petrofac Emirates as having market-leading capabilities and an unmatched track record of delivering for its customers and said Mason looks forward to partnering with the company to help drive continued success.
James Bennett, senior managing director at Teneo and joint administrator of Petrofac Limited, said the announcement was the product of many months’ work aimed at delivering a strong outcome for Petrofac Emirates. He noted that the transaction gives the business a clear path forward under new ownership and supports a smooth transition for customers, suppliers and employees. Bennett expressed gratitude for stakeholders’ continued support and said he looks forward to seeing Petrofac Emirates build a strong platform for the future.
Completion of the transaction remains subject to certain conditions, including customary governance, regulatory and stakeholder approvals, which the parties intend to obtain as promptly as possible.
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