The cb&i petrofac acquisition is complete, with CB&I confirming it has taken on approximately 3,000 employees and full operational control of Petrofac’s Asset Solutions business — expanding its capabilities in operations, maintenance, wells management, and decommissioning across onshore and offshore energy assets globally.
What the CB&I Petrofac Acquisition Covers
The Asset Solutions division provides operations and maintenance services, wells management, and decommissioning support to oil and gas operators across both onshore and offshore environments. The business was carved out of Petrofac, which entered administration in 2024 following prolonged financial difficulties and a series of legacy legal issues tied to bribery investigations in the UK and US.
For CB&I, the cb&i petrofac acquisition represents a direct expansion into the asset services market — a segment that complements its established strength in storage tank design, fabrication, and EPC contracting. The deal adds operational headcount and client relationships that CB&I did not previously hold at scale.
CB&I’s Strategic Position After the Deal
CB&I is the world’s leading tank and terminal EPC contractor, with a portfolio spanning liquefied natural gas storage, industrial tank construction, and complex energy infrastructure. Its parent company, McDermott International, has undergone its own restructuring — the 2020 bankruptcy and subsequent separation of CB&I from McDermott’s offshore engineering business gave CB&I a cleaner operational focus on tank and terminal work.
The cb&i petrofac acquisition adds a service layer to that model. Operations and maintenance contracts generate recurring revenue that is structurally different from the project-based income of EPC contracting — a meaningful diversification for a business that has historically been exposed to the timing and margin pressure of large capital projects.
Mark Butts, CB&I president and CEO, confirmed the deal’s completion, describing it as the start of a new era for the company as the Asset Solutions team joins its ranks. The transaction does not include Petrofac’s engineering, procurement and construction operations, which were already wound down or transferred through the administration process.
Petrofac’s Collapse and What Remained
Petrofac had been one of the largest independent EPC contractors in the energy sector, with operations spanning the Middle East, North Africa, and the North Sea. Its collapse followed years of US Department of Justice and UK Serious Fraud Office investigations into the conduct of former executives, combined with cost overruns on several large offshore contracts.
The Asset Solutions division survived as a separable, operationally sound business — providing ongoing services to existing clients rather than executing new capital projects. That stability made it an attractive acquisition target. For the 3,000 employees transferred to CB&I, the deal provides continuity of employment and alignment with a financially stable acquirer.
The full story of the McDermott CB&I merger and separation is relevant context here — CB&I has navigated significant corporate restructuring of its own, and the decision to acquire a services business signals confidence in its current balance sheet and strategic direction.
Implications for Tank Terminal and Energy Asset Operators
For terminal operators and asset owners, the cb&i petrofac acquisition means the combined entity can now offer both the build and the run — EPC contracting for new storage and processing infrastructure, and operations and maintenance services for existing assets. That integrated capability is increasingly valued by operators seeking to reduce the number of contractor relationships they manage.
The decommissioning component is particularly relevant given the volume of ageing North Sea and Gulf of Mexico infrastructure approaching end of life. CB&I now has a defined route into that market through the Petrofac Asset Solutions client base, which includes several major operators across those regions. For more context on the global tank terminal EPC market, see the Top 10 Tank Terminal EPC Companies in North America.
What did CB&I acquire from Petrofac?
CB&I acquired Petrofac’s Asset Solutions business, which provides operations, maintenance, wells management, and decommissioning services for onshore and offshore energy assets. The acquisition adds approximately 3,000 employees to CB&I’s workforce.
Why did Petrofac sell its Asset Solutions division?
Petrofac entered administration in 2024 following long-running bribery investigations by UK and US authorities and cost overruns on major contracts. The Asset Solutions business was sold as part of the administration process. It remained operationally viable and was identified as a separable asset.
How does this acquisition change CB&I’s business model?
CB&I has historically focused on EPC contracting for tank and terminal construction. The cb&i petrofac acquisition adds a recurring-revenue services layer — operations, maintenance, and decommissioning — that diversifies income away from project-based contracting cycles.
What happened to the rest of Petrofac’s business?
Petrofac’s EPC contracting operations were wound down or transferred through the administration process. The Asset Solutions division was the primary viable business unit available for acquisition. CB&I did not acquire Petrofac’s legacy EPC contracts or liabilities.
Who are CB&I’s main competitors in the tank and terminal EPC market?
CB&I competes with Matrix Service Company, Kiewit Corporation, Primoris Services Corporation, and Tarsco in the North American market. Globally it competes with Saipem, Technip Energies, and McDermott International in LNG and complex storage EPC work.