CB&I announced it has completed the acquisition of the Asset Solutions business from Petrofac, a provider of operations, maintenance, wells, and decommissioning services for onshore and offshore energy assets. The transaction, previously announced in December 2025, brings approximately 3,000 employees into CB&I and expands the company’s capabilities in integrated energy services.
The deal strengthens CB&I’s portfolio by adding a reimbursable contracting business that is expected to deliver more predictable cash flow while enhancing service offerings across the lifecycle of energy infrastructure. The acquisition also supports CB&I’s broader strategy to diversify into integrated services, deepen customer relationships, and expand its presence in international markets.
With the addition of Asset Solutions, CB&I gains access to expanded operational expertise across global energy assets. The business will now operate with the backing of CB&I’s debt-free balance sheet and liquidity, providing greater financial stability and enabling continued service delivery and investment in growth.
The transaction was completed on a debt-free, cash-free basis, with proceeds to be distributed to Petrofac’s secured creditors in accordance with existing agreements.
CB&I operates through two primary business units, Storage Solutions and Asset Solutions, delivering storage infrastructure and asset management services designed to extend asset life, improve performance, and enhance operational efficiency. The company is owned by a consortium of financial investors led by Mason Capital Management.
KEY QUOTES:
“Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CB&I. This acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhancing service capabilities. It also supports CB&I’s diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets.”
Mark Butts, President and CEO of CB&I
“Joining CB&I marks a transformative milestone for our team and our customers. With the backing of CB&I’s financial strength, global reach, and operational capabilities, the business is exceptionally well positioned to accelerate our growth ambitions. Asset Solutions is now able to invest with confidence, expand service offerings, enhance the reliability and efficiency of the assets we support, and deliver even greater value to customers around the world.”
John Pearson, Chief Operating Officer of CB&I Asset Solutions
