American company CB&I has agreed to acquire Petrofac's Asset Solutions business in a deal announced on Christmas Eve, securing 3,000 jobs across the UK. The acquisition, expected to finalize in the first quarter of 2026, transfers the entire workforce to CB&I's payroll and rescues thousands of roles in the North Sea energy sector.
The deal comes after Petrofac entered administration in October following the collapse of a renewables contract in the Netherlands. Joint administrator James Bennett described the outcome as «a very positive outcome» that «secures the future of its operations and the roles of many highly skilled people.»
Strategic alignment
CB&I president and chief executive Mark Butts welcomed the acquisition, highlighting operational synergies between the companies. «Our organisations share similar management philosophies and industry-leading safety performance,» Butts said. «With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation.»
The companies' compatible operations and geographic footprints make the merger particularly promising. «Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint,» Bennett added.
Relief for workforce
Petrofac group chief executive Tareq Kawash emphasized the positive impact on employees. «This is a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members,» he said. «CB&I is a strong business with clear growth objectives, now bolstered by the addition of Asset Solutions' integrated service offering.»
Kawash thanked the Asset Solutions team, customers and supply base for their support during the process to secure the business's future.
Company background
Petrofac, founded in Texas in 1981, designs and builds facilities for oil, gas and renewables projects while providing engineering, project management and logistical services. The company operates North Sea oil platforms for firms including BP and Shell, with approximately 2,000 employees based in Aberdeen.
The energy services firm was once a FTSE 100 company worth £6 billion at its 2012 peak. However, its fortunes declined following a Serious Fraud Office investigation and a series of profit warnings, ultimately leading to administration this October.
Note: This article was created with Artificial Intelligence (AI).
