Petrofac confirms that the sale of its Asset Solutions business to CB&I has successfully completed. CB&I has made a separate announcement about the transaction – accessible here.
Tareq Kawash, Group Chief Executive of Petrofac, said:
“The sale of Asset Solutions to CB&I is a great outcome for the business and team. The combination creates a strong diversified player in the industry with exciting prospects.”
John Pearson, Chief Operating Officer for the Asset Solutions business, said:
“Today marks a defining moment in our journey. We are confident that CB&I will be an excellent home for Asset Solutions, bringing financial strength, combined with our extensive asset management experience and agile approach, to ensure continuity of service delivery for customers, and a solid platform for expanding activities across key markets internationally.
“I want to thank our customers and suppliers for their support as we have worked to secure the business’ future. This is not just a new beginning, but a powerful opportunity to deliver excellence and drive growth together.”
James Bennett, Senior Managing Director at Teneo and Joint Administrator of Petrofac Limited, said:
“The sale of Asset Solutions was achieved against a difficult backdrop, and reflects a good outcome for all stakeholders. It has been great working with both CB&I and the Petrofac team to achieve this transaction, and I wish them all the best for the future.”
As per the announcement of 17 March 2026, Petrofac has entered into an Agreement to sell Petrofac Emirates to a consortium of financial investors led by Mason Capital Management LLC (“Mason”) and Pearlstone Alternative (UK) LLP. Progress is continuing to be made to complete the transaction as promptly as possible.
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