CB&I Announces Strategic Acquisition of Petrofac's Asset Solutions Business

Transaction to diversify and grow business through integrated solutions, earnings growth, and
geographic expansion

THE WOODLANDS, Texas, Dec. 24, 2025 /PRNewswire/ -- CB&I today announced that it has entered into a sale agreement to acquire Petrofac's Asset Solutions business, a leading provider of operations, maintenance and decommissioning services for onshore and offshore energy assets. 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.

"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," said John Pearson, Petrofac Asset Solutions Chief Operating Officer. "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."

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.

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."

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.

Approximately 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.

About CB&I
CB&I is the world's leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 135+ year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC. To learn more, visit www.cbi.com. 

About Petrofac Asset Solutions
Petrofac Asset Solutions is a leading provider of operations, maintenance and decommissioning services for onshore and offshore energy assets, globally. Its differentiated integrated services offering unlocks value at every stage of the life cycle.

Forward-Looking Statements 

CB&I cautions that statements in this communication that are forward-looking, and provide other than historical information, involve risks, contingencies, and uncertainties. These forward-looking statements include, among other things, statements about the expected timing and execution of projects, and statements that describe our business strategy, outlook, objectives, plans, intentions, or goals. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are based on various underlying assumptions and are subject to numerous risks, contingencies, and uncertainties, many of which are beyond our control, including, among others: adverse changes in the markets in which we operate or in credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope, or timing of contracts, contract cancellations, change orders, and other modifications or actions by our customers and other business counterparties; changes in industry norms or codes or applicable laws; actions by lenders, other creditors, customers, and other business counterparties of CB&I; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of CB&I's management as of the date hereof. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.

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SOURCE CB&I STS Delaware LLC