Overview
- CB&I has signed an agreement to buy Petrofac’s Asset Solutions unit, with closing targeted for the first quarter of 2026.
- Completion is subject to approval from secured and unsecured creditors, with consent anticipated by the end of January 2026.
- Around 3,000 Petrofac employees are expected to transfer to CB&I when the transaction completes.
- After closing, CB&I will operate two global business units: Asset Solutions headquartered in Aberdeen and Storage Solutions based in The Woodlands, Texas.
- CB&I says the acquisition expands it beyond lump‑sum EPC into reimbursable operations and maintenance services, while administrators describe the outcome as securing the business following Petrofac’s October administration.