Texas-based CB&I said it agreed to acquire Petrofac’s asset solutions business, a provider of operations, maintenance and decommissioning services for onshore and offshore energy assets.

Following the close of the transaction, CB&I will operate as one company with two global business units — CB&I Asset Solutions based in Aberdeen, Scotland, and CB&I’s existing operations, CB&I Storage Solutions, based in The Woodlands, Texas.

About 3,000 Petrofac employees are expected to join CB&I at the close of the transaction, anticipated to occur in the first quarter of 2026.

“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.”

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

“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.”

James Bennett, Senior Managing Director at Teneo and Joint Administrator of Petrofac Limited, said: “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. Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.”