Petrofac sees delay in completion of asset solutions sale

Petrofac sees delay in completion of asset solutions sale

Petrofac’s Asset Solutions Sale Proceeds Following CVA Approval

Petrofac’s planned sale of its Asset Solutions business to CB&I has advanced following the approval of a Company Voluntary Arrangement (CVA) by creditors. The CVA, which was required to finalize the transaction, received overwhelming support, with 99% of voting creditors and 86% of claims by value endorsing the proposal. This development clears a key condition for the sale, which was initially announced in December 2025.

The CVA process, initiated to resolve creditor claims and facilitate the sale, was finalized on February 2, 2026. Operations for Asset Solutions have continued uninterrupted during the process, with the business maintaining its service commitments to clients. The acquisition by CB&I is expected to secure the future of the division, which employs approximately 3,000 staff globally. These employees are anticipated to transition to CB&I upon completion of the transaction.

CB&I, a leading designer and builder of energy infrastructure, has positioned the acquisition as a strategic move aligned with its long-term growth objectives. The combined capabilities of CB&I and Petrofac Asset Solutions are expected to enhance service offerings in operations, maintenance, and decommissioning for onshore and offshore energy assets.

John Pearson, Chief Operating Officer for Petrofac’s Asset Solutions business, emphasized that the CVA approval marks a critical milestone in the restructuring process. "This outcome ensures a stable transition," he stated, "for colleagues and stakeholders while delivering on the strategic vision for the business."

With the CVA approved and no further major hurdles identified, the transaction is now expected to proceed toward completion in the coming months. The sale underscores ongoing industry consolidation in the energy services sector, as companies seek to strengthen competitive positions amid evolving market dynamics.

(https://www.petrofac.com/media/news/sale-of-petrofac-asset-solutions-to-cbi-company-voluntary-arrangement/): Petrofac, "Sale of Petrofac Asset Solutions to CB&I," January 30, 2026.
(https://www.euro-petrole.com/sale-of-petrofac-asset-solutions-to-cbi-cva-approved-n-i-29622): Euro-pétrole, "Sale of Petrofac Asset Solutions to CB&I – CVA approved," February 2, 2026.