CB&I consummated the acquisition of Petrofac Ltd’s Asset Options enterprise, saving jobs for about 3,000 staff, the businesses stated Thursday.
“The sale of Asset Options was achieved in opposition to a tough backdrop, and displays a very good final result for all stakeholders”, Petrofac co-administrator James Bennett stated in a web-based assertion issued by the British vitality engineering firm.
Mark Butts, president and chief govt of The Woodlands, Texas-based CB&I, stated in a separate assertion, “This acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting enterprise, delivering predictable money stream and enhancing service capabilities”.
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“It additionally helps CB&I’s diversification into built-in providers, expands buyer relationships, and opens pathways for development in worldwide markets”, Butts added.
CB&I, owned by a consortium of traders led by Mason Capital Administration LLC, designs and builds bulk liquid storage services, tanks and terminals.
“The acquisition offers Asset Options with entry to CB&I’s robust, debt-free stability sheet and world liquidity, enabling the enterprise to function from a place of monetary power”, CB&I stated. “This enhanced stability ensures continuity of service supply for purchasers and creates a stable platform for increasing capabilities throughout key markets internationally”.
Petrofac, underneath administration since final 12 months, gained a vote by collectors on January 30, 2026 for a “firm voluntary association” (CVA) that will enable it to finish the divestment. Later one of many collectors, HM Income and Customs (HMRC), challenged the CVA however misplaced earlier than a Scottish courtroom and determined to not attraction, based on a Petrofac assertion March 25.
Within the case, HMRC argued the CVA was unfair to the tax company’s claims, tied to historic Nationwide Insurance coverage Contributions (NICs) for staff. The NICs made HMRC an involuntary creditor, based on the Court docket of Session ruling, printed on the web site of the Scottish Courts and Tribunals Service.
Proceeds from the sale to CB&I’d be used to settle creditor claims by means of an allocation plan that prioritizes “secured collectors”, based on the judgment March 25. Petrofac doesn’t deal with HMRC as a secured creditor. HMRC is amongst collectors “whose claims can be compromised and launched by the CVA, in change for a professional rata share of a fund derived from the proceeds of the sale transaction, calculated in accordance with a system set out within the CVA”, Lord Sandison stated within the ruling.
The sale, introduced December 24, 2025, had been agreed on a “debt-free, cash-free” foundation.
On March 17, 2026 Petrofac stated it had signed an settlement to divest its enterprise within the United Arab Emirates to an investor consortium led by Mason Capital Administration and Pearlstone Different (UK) LLP.
“Petrofac Emirates encompasses Petrofac’s core engineering and building (E&C) functionality, together with the E&C execution groups within the UAE, Chennai and Mumbai”, Petrofac stated.
The deal “preserves Petrofac’s execution and engineering functionality and delivers continuity for the contracts at the moment underneath execution”, stated Petrofac chief govt Tareq Kawash.
To contact the creator, electronic mail jov.onsat@rigzone.com
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