-- CB&I said on Friday it had completed the acquisition of Petrofac's Asset Solutions business, expanding its capabilities in operations, maintenance, and decommissioning services across global energy markets.
The deal, first announced in Dec, covers a business providing services for both onshore and offshore energy assets.
Mark Butts, CEO of CB&I, said the acquisition is expected to strengthen the company's portfolio by adding a complementary reimbursable contracting business, helping generate more predictable cash flow while broadening its service offering.
"This acquisition supports our diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets," Butts said in a statement.
CB&I said the deal gives the Asset Solutions unit access to its balance sheet and liquidity, which would support operational stability and future expansion across key markets.
The sale was agreed on a debt-free, cash-free basis. Petrofac said net proceeds from the transaction would be distributed to secured creditors in line with an existing intercreditor agreement.