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 expanded its service offering with the purchase of Petrofac’s Asset Solutions business, a provider of operations, maintenance, and decommissioning services for onshore and offshore energy assets.
CB&I has completed the acquisition of Petrofac’s Asset Solutions business. The net proceeds of the sale, agreed on a debt-free, cash-free basis, will be distributed to secured creditors in accordance with the intercreditor agreement that Petrofac and secured creditors entered into.
Mark Butts , CB&I President and CEO, commented: “Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CB&I.
“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.”
The acquisition is perceived to provide Asset Solutions with access to CB&I’s strong, debt‑free balance sheet and global liquidity, enabling the business to operate from a position of financial strength. The company claims that the enhanced stability ensures continuity of service delivery for customers, creating a solid platform for expanding capabilities across key markets internationally.
John Pearson , Chief Operating Officer of CB&I Asset Solutions, emphasized: “Joining CB&I marks a transformative milestone for our team and our customers. With the backing of CB&I’s financial strength, global reach, and operational capabilities, the business is exceptionally well positioned to accelerate our growth ambitions.
“Asset Solutions is now able to invest with confidence, expand service offerings, enhance the reliability and efficiency of the assets we support, and deliver even greater value to customers around the world.”