CB&I, a designer and builder of storage facilities, tanks and terminals owned by a consortium of financial investors led by Mason Capital Management, has expanded its service offerings with the purchase of Petrofac’s Asset Solutions business, a provider of operations, maintenance and decommissioning services for onshore and offshore energy assets.
At CB&I Acquisition completed From Petrofac Asset Solutions business. The net proceeds of the sale, agreed on a debt-free and cash-free basis, will be distributed to the secured creditors in accordance with the inter-creditor agreement entered into by Petrofac and the secured creditors.
Mark PottsCB&I President and CEO commented: “Today we begin an exciting new era for our company as we welcome nearly 3,000 Asset Solutions colleagues to CB&I.
“This acquisition strengthens CB&I’s portfolio with complementary, repayable contract businesses, providing predictable cash flow and enhancing service capabilities. It also supports CB&I’s diversification into integrated services, expands client relationships, and opens paths for growth in international markets.”
The acquisition is seen as providing Asset Solutions with access to CB&I’s strong debt-free balance sheet and global liquidity, enabling the company to operate from a position of financial strength. The company claims that the enhanced stability ensures continuity of service delivery to customers, creating a strong platform for expanding capabilities across key markets internationally.
John PearsonThe Chief Operating Officer of CB&I Asset Solutions confirmed the following: “Joining CB&I represents a transformative milestone for our team and our clients. Supported by CB&I’s financial strength, global reach and operational capabilities, the company is exceptionally well positioned to accelerate our growth ambitions.”
“Asset Solutions is now able to invest with confidence, expand service offerings, enhance the reliability and efficiency of the assets we support, and deliver greater value to clients around the world.”
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