CB&I announced the completion of an asset sale agreement to acquire Petrofac’s Asset Solutions business, a provider of operations, maintenance, wells and decommissioning services for onshore and offshore energy assets.

The acquisition provides Asset Solutions with access to CB&I’s debt free balance sheet and global liquidity, enabling the business to operate from a position of financial strength. 

“Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CB&I,” said Mark Butts, CB&I President and CEO. 

“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,” he said.