US firm CB&I acquires Petrofac’s Asset Solutions business

LONDON, December 26, 2025 – UK-based Petrofac has agreed to sell its Asset Solutions business to US firm CB&I, Petrofac said on Tuesday.

The transaction is expected to be completed in Q1 2026, pending approval from certain creditors. Around 3,000 Petrofac employees are anticipated to transfer to CB&I. Net proceeds are expected to be in the range of USD 45 million-55 million and will be distributed to Petrofac’s secured creditors.

“This is a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members,” Petrofac group chief executive Tareq Kawash said. “CB&I is a strong business with clear growth objectives, now bolstered by the addition of Asset Solutions’ integrated service offering.”

CB&I senior managing director James Bennett said the acquisition ensures the future of the division and preserves jobs, citing “strong operational compatibility and a complementary geographic footprint.”

Petrofac is currently pursuing alternative M&A and restructuring options for its UAE-based engineering and construction unit, Petrofac Emirates.

CB&I is a global provider of infrastructure solutions and energy services, known for its work in storage tanks, EPC contracts and project delivery. Its acquisition of Asset Solutions strengthens its presence in asset management and offshore services.

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