ABERDEEN, Scotland / THE WOODLANDS, Texas (Dec. 24, 2025) — CB&I has agreed to acquire Petrofac’s Asset Solutions business in a Christmas Eve deal that both companies say will secure the future of a major operations, maintenance, and decommissioning provider serving onshore and offshore energy assets. The transaction is expected to bring roughly 3,000 Petrofac employees into CB&I when it closes, currently targeted for the first quarter of 2026, subject to creditor approvals anticipated by the end of January 2026.
The acquisition is significant not only for its workforce impact, but for what it signals about the North Sea’s industrial direction: as mature basins shift from expansion to late-life operations and decommissioning, the services market is consolidating around companies that can deliver long-duration, safety-critical work with predictable cash flow and global reach.
What happened on December 24, 2025
Three separate streams of reporting landed on December 24, 2025, all pointing to the same core development:
- CB&I’s official announcement: CB&I confirmed it has entered into a sale agreement to buy Petrofac’s Asset Solutions business, positioning the move as a diversification play—expanding beyond CB&I’s traditional engineering, procurement and construction work into integrated, reimbursable service contracts.
- Petrofac’s confirmation and deal mechanics: Petrofac confirmed the agreement and disclosed expected net proceeds to the administrators and the intended distribution pathway to secured creditors.
- Industry coverage focused on the North Sea: Energy Voice framed the transaction as a U.S. buyer snapping up a key Petrofac North Sea unit on Christmas Eve, highlighting job implications and the Aberdeen footprint.
Together, the reports outline a deal structured to preserve operating capability while supporting Petrofac’s wider restructuring process.
Deal snapshot: buyer, business, timeline, and what’s disclosed
Buyer: CB&I, an energy infrastructure contractor best known for designing and building storage facilities, tanks, and terminals, with more than 60,000 structures completed across a 135+ year history. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC, according to the company.
Target: Petrofac’s Asset Solutions business, described as a leading provider of operations, maintenance, and decommissioning services for onshore and offshore energy assets, with an integrated services offering spanning the lifecycle of infrastructure.
People impact: Approximately 3,000 Petrofac employees are expected to join CB&I at closing.
Closing expectations: Targeted for Q1 2026, with creditor approvals expected by end of January 2026.
Financial terms: CB&I did not disclose the purchase price in its announcement. Petrofac said the sale consideration is agreed on a debt-free, cash-free basis, and that administrators expect ultimate net proceeds in the range of US$45 million to US$55 million, subject to deductions that will be finalized closer to completion.
That “net proceeds” range is a key detail for stakeholders watching Petrofac’s restructuring: it indicates what may flow to secured creditors after adjustments rather than the headline valuation of the unit.
Why CB&I wants Petrofac Asset Solutions
CB&I’s messaging on the acquisition is clear: this is about shifting the company’s mix toward a steadier earnings profile.
CB&I said Asset Solutions brings a reimbursable contracting model that can deliver “predictable cash flow” and reduce cyclicality versus more traditional fixed-price, lump-sum EPC work. In practical terms, reimbursable service contracts—where costs are charged to clients with agreed margins and performance frameworks—can be less exposed to the schedule, scope, and cost overrun risks that have made some mega-project EPC work notoriously volatile. CB&I+1
CB&I President and CEO Mark Butts described “strong cultural alignment” and opportunities to “deliver stable cash flow generation,” pointing to safety performance and management philosophy as key integration themes. CB&I+1
CB&I also framed the deal as a route to broader customer relationships and international market growth, leveraging Asset Solutions’ operating footprint and lifecycle services.
What Petrofac gains: proceeds, job security, and breathing room in restructuring
From Petrofac’s perspective, the announcement emphasized continuity for people and clients—while also providing specifics on how sale proceeds are expected to move through the restructuring framework.
Petrofac Group Chief Executive Tareq Kawash called the agreement “a great outcome” for the business and said it supports job security for the 3,000 employees in Asset Solutions. Petrofac
The company also stated that administrators expect the net proceeds (US$45m–US$55m) to be distributed to secured creditors in line with an intercreditor agreement dated 26 October 2021.
Importantly, Petrofac added that it continues to advance options for alternative restructuring and M&A solutions regarding Petrofac Emirates, its UAE-based operating division focused on engineering and construction activities in the UAE and internationally—suggesting additional portfolio outcomes may still be ahead.
The Aberdeen angle: CB&I sets up a dedicated Asset Solutions business unit in Scotland
One of the most consequential operational details is the planned structure post-close.
CB&I said that after completion it will operate two global business units:
- CB&I Asset Solutions, based in Aberdeen, Scotland
- CB&I Storage Solutions, based in The Woodlands, Texas
Each unit will keep delivery accountability while leveraging corporate functions for broader support and strategic alignment, CB&I said.
For the UK and North Sea ecosystem, the Aberdeen designation matters. Aberdeen has long been the operational heart of offshore services in the UK Continental Shelf, and the decision to anchor the newly branded unit there reinforces the basin’s pivot toward long-term operations, maintenance, integrity management, and decommissioning work.
A deal shaped by administration: how Petrofac got here
The sale lands against the backdrop of Petrofac’s recent financial distress and restructuring actions.
In late October 2025, Reuters reported that Petrofac said it planned to appoint administrators after losing a major Dutch contract, with the administration described as affecting the group’s holding company while operations continued as the company explored restructuring and M&A options with creditors.
Petrofac’s own restructuring updates in November underscored that operations would continue to trade while the company advanced alternative restructuring and M&A solutions with key creditors.
This context helps explain why the CB&I transaction is structured with creditor approvals as explicit conditions and why the announcement language is heavily oriented toward stability, continuity, and preservation of skilled roles.
What happens next: approvals, integration, and customer continuity
Based on what the companies disclosed, the next steps are likely to focus on three tracks:
1) Creditor approvals and closing conditions
CB&I said closing is subject to conditions including approvals from certain secured and unsecured creditors, expected by end of January 2026, with closing anticipated in Q1 2026.
2) Transition planning for 3,000 employees
Both sides emphasized job security and transition readiness. Asset Solutions COO John Pearson highlighted the intent to stabilize the supply base, reaffirm customer relationships, and deliver operational excellence during the handover.
3) Rebranding and operating model execution
CB&I has already signaled the brand architecture—CB&I Asset Solutions and CB&I Storage Solutions—suggesting the integration thesis is to preserve focus in delivery while gaining corporate scale advantages.
Why this matters for the wider North Sea services market
Even without disclosed purchase-price headlines, the strategic logic is straightforward: mature oil and gas provinces like the North Sea increasingly demand late-life asset management and decommissioning capabilities, and those are typically multi-year service lines where safety performance, engineering depth, and operational reliability are decisive.
A buyer that can combine traditional infrastructure build expertise (CB&I’s legacy) with lifecycle services (Asset Solutions) is aiming to become more relevant across the full asset timeline—from build, to operate, to retire.
And for the UK, the workforce dimension is hard to ignore. Energy Voice’s framing emphasized that thousands of jobs could be preserved through the sale, reflecting the human stakes of consolidation and restructuring across the offshore supply chain.
Bottom line
On December 24, 2025, CB&I and Petrofac confirmed a Christmas Eve agreement for CB&I to acquire Petrofac’s Asset Solutions business—an acquisition expected to bring about 3,000 employees into CB&I, establish Aberdeen as the base for a dedicated CB&I Asset Solutions unit, and close in Q1 2026 pending creditor approvals expected by end of January 2026.
For CB&I, it’s a portfolio pivot toward integrated, reimbursable lifecycle services and steadier cash flow. For Petrofac, it’s a concrete transaction outcome inside a broader restructuring—one that administrators say could generate US$45 million to US$55 million in expected net proceeds for secured creditors, while
