Wheels up for CB&I to bring Petrofac’s Asset Solutions business into its fold

December 25, 2025, by Melisa Cavcic

CB&I, a designer and builder of storage facilities, tanks, and terminals owned by a consortium of financial investors led by Mason Capital Management, has made a play for Petrofac’s Asset Solutions business, a provider of operations, maintenance and decommissioning services for onshore and offshore energy assets. This move is expected to enable the buyer to diversify and enlarge its footprint through integrated solutions, earnings growth, and geographic expansion.

A man seen from behind looking at the sea — Illustration; Source: Petrofac

This sale agreement is perceived to strengthen CB&I’s portfolio with a complementary reimbursable contracting model business, reducing cyclicality, broadening service offering beyond the traditional lump-sum engineering, procurement, and construction (EPC) portfolio, delivering predictable cash flow and enhancing service capabilities, while supporting its diversification into integrated services, expanding customer relationships, and opening pathways for growth in international markets.

Mark Butts, CB&I’s President and Chief Executive Officer, commented: “Asset Solutions’ leadership demonstrates pride in operational excellence, commitment to customers, and resilience through challenging circumstances. 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.”

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

Each business is expected to maintain its own delivery accountability within the firm, enabling focused execution and performance tracking while leveraging its corporate functions for strategic alignment, business support and special initiatives.

John Pearson, Petrofac Asset Solutions’ Chief Operating Officer, remarked: “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.”

The completion of the acquisition is subject to certain conditions, including approval from certain secured and unsecured creditors of the Assets Solutions business which is currently anticipated to be obtained by the end of January 2026. Thanks to this purchase, approximately 3,000 Petrofac employees are expected to join CB&I at the close of the transaction.

James Bennett, Senior Managing Director at Teneo and Joint Administrator of Petrofac Limited, noted: “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.”

Petrofac won a contract extension in September 2025 to continue its work in the UK’s Southern North Sea with ONEgas West, Shell’s UK-operated venture.