CB&I Agrees to Acquire Petrofac Asset Solutions Business
December 24, 2025
CB&I has agreed to acquire Petrofac Asset Solutions, adding operations, maintenance and decommissioning services to its portfolio as it seeks to diversify revenues and expand internationally.
The deal will see CB&I take over Petrofac’s Asset Solutions business, which provides services for onshore and offshore energy assets, strengthening CB&I’s offering with a reimbursable contracting model that delivers more predictable cash flow.
CB&I said the acquisition would reduce exposure to the cyclicality of lump-sum engineering, procurement and construction work while broadening its service capabilities and customer relationships.
Following completion, CB&I will operate two global business units - CB&I Asset Solutions, based in Aberdeen, Scotland, and CB&I Storage Solutions, based in the Woodlands, Texas. Both units will retain delivery accountability while using CB&I’s corporate functions for strategic and business support.
Completion of the transaction is subject to creditor approvals, which are expected by the end of January 2026. Around 3,000 Petrofac employees are expected to join CB&I when the deal closes, anticipated in the first quarter of 2026.
"Asset Solutions' leadership demonstrates pride in operational excellence, commitment to customers, and resilience through challenging circumstances. Our organizations share similar management philosophies and industry-leading safety performance.
“With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation. These factors collectively support CB&I's long-term growth objectives,” said Mark Butts, CB&I President and Chief Executive Officer.
"We are excited about this opportunity to focus on our core strengths, reaffirm critical customer relationships, stabilize our supply base and deliver operational excellence for our current and future projects.
"We have the operational and engineering talent required to deliver high-value growth opportunities and expand differentiated services. Our cultural compatibility with CB&I enhances our integration and supports a smooth transition,” added John Pearson, Petrofac Asset Solutions Chief Operating Officer.
