Petrofac jobs saved two months after firm plunged into administration | UK | News
Thousands of jobs in the North Sea will be saved with the acquisition of energy services company Petrofac following the Christmas Eve announcement. American company CB&I announced on Christmas Eve that it had struck a deal to acquire the firm’s asset solutions business, transferring 3,000 staff to its payroll, with the deal expected to occur in the first quarter of 2026. Around 2,000 of the thousands of people Petrofac employs in the UK work in Aberdeen.
This comes after Petrofac announced in October that it had appointed administrators following the expiry of its renewable energy contract in the Netherlands. “Our organizations share similar management philosophies and industry-leading safety performance,” said Mark Butts, president and chief executive of Texas-based CB&I.
“With this combination, we see strong cultural fit, diversity benefits and clear opportunities to improve performance and deliver stable cash flow generation. Collectively, these factors support CB&I’s long-term growth objectives.”
James Bennett, Petrofac’s joint manager, said the deal was a “very positive outcome”.
He said: “This is a very positive outcome, following a rapid and rigorous process to find the best home for Petrofac’s Asset Solutions business, and secures the future of its operations and the role of a large number of highly qualified individuals.
“Asset Solutions has an exciting future as part of CB&I with strong operational alignment and complementary geographic footprint.”
Petrofac group CEO Tareq Kawash said: “This is a fantastic result for the Asset Solutions business and supports the job security of 3,000 talented team members.
“CB&I is a strong business with clear growth ambitions, now supported by the addition of Asset Solutions’ integrated services offering.
“I would like to thank the Asset Solutions team, our customers and our supply base for their support as we work to secure the future of the business.”
Petrofac was founded in Texas in 1981. It designs and builds oil, gas and renewable project facilities and is involved in various operations in the North Sea for companies such as BP and Shell.
