General – Acquisition
CB&I today announced that it has entered into a sale agreement to acquire Petrofac’s Asset Solutions business.
The acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting model 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.
“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.”
The acquisition will diversify CB&I’s revenue streams through a reimbursable contracting model, which reduces cyclicality and broadens CB&I’s service offering beyond its traditional lump-sum EPC portfolio.
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.
Each business will maintain its own delivery accountability within CB&I, enabling focused execution and performance tracking while leveraging CB&I’s corporate functions for strategic alignment, business support and special initiatives.
Completion of the transaction is subject to certain conditions including approval from certain secured and unsecured creditors of the Assets Solutions business which is currently expected to be obtained by the end of January 2026.
