Thousands of North Sea jobs to be saved as Petrofac division sold
American firm CB&I will take over 3,000 roles when the deal completes
Thousands of jobs in the North Sea are expected to be secured as American energy-services firm CB&I has entered into an agreement to acquire Petrofac's Asset Solutions division.
The deal will see 3,000 staff transferred to CB&I, with completion anticipated in the first quarter of 2026.
Petrofac had appointed administrators in October following the collapse of a renewables contract in the Netherlands.
Mark Butts, president and chief executive of CB&I, said the combination of organisations aligned well in terms of culture, enabling diversification and delivering stable cash flow.
“Our organisations share similar management philosophies and industry-leading safety performance.
"With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation.
"These factors collectively support CB&I's long-term growth objectives.”
Petrofac’s joint administrator, James Bennett, described the agreement as a positive move for the Asset Solutions team.
“Following a swift and rigorous process to find the best home for Petrofac's Asset Solutions business, this is a very positive outcome and secures the future of its operations and the roles of many highly skilled people.
“Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.”
Tareq Kawash, Petrofac's group chief executive, also welcomed the decision, highlighting the benefit to staff.
"This is a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members.
"CB&I is a strong business with clear growth objectives, now bolstered by the addition of Asset Solutions' integrated service offering.
"I want to thank the Asset Solutions team, our customers and supply base for their support as we have worked to secure the business's future.”
The transfer is expected to provide stability for the division while supporting CB&I's strategic vision.
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