CB&I has announced a definitive agreement to acquire Petrofac’s Asset Solutions business, a major provider of operations, maintenance, and decommissioning services for onshore and offshore energy assets. 

 

The move is designed to strengthen CB&I’s portfolio with a complementary reimbursable contracting model, boosting predictable cash flow and expanding its service capabilities. The deal also supports CB&I’s diversification into integrated services, extends customer relationships, and opens new opportunities in international markets.

 

“Asset Solutions’ leadership demonstrates pride in operational excellence, commitment to customers, and resilience through challenging circumstances,” said Mark Butts, CB&I President and Chief Executive Officer. 

 

“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.”

 

The acquisition will help CB&I diversify revenue streams through a reimbursable contracting model, reducing cyclicality and expanding its service offerings beyond traditional lump-sum EPC projects.

 

“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,” said John Pearson, Petrofac Asset Solutions Chief Operating Officer. 

 

“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.”

 

Once the transaction closes, CB&I will operate as a single company with two global business units: CB&I Asset Solutions, headquartered in Aberdeen, Scotland, and CB&I Storage Solutions, based in The Woodlands, Texas. Each unit will maintain delivery accountability while leveraging CB&I’s corporate functions for strategic alignment, business support, and special initiatives.

 

“Following a swift and rigorous process to find the best home for Petrofac’s Asset Solutions business, this is a very positive outcome and secures the future of its operations and the roles of many highly skilled people,” said James Bennett, Senior Managing Director at Teneo and Joint Administrator of Petrofac Limited. 

 

“Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.”