#United States #Petrofac #CBI #Woodlands #Asset Solutions

CBI Completes Acquisition of Petrofac Asset Solutions Business

On April 9, 2026, CBI announced a monumental achievement: the successful completion of its asset sale agreement to acquire Petrofac’s Asset Solutions business. This acquisition, initially revealed on December 24, 2025, positions CBI as a more formidable player in the energy sector by bolstering its service offerings significantly.

Strategic Significance of the Acquisition

Mark Butts, President and CEO of CBI, expressed his enthusiasm about the acquisition, stating, "Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CBI." This acquisition not only fortifies CBI’s portfolio but also introduces a stable reimbursable contracting business model that promises predictable cash flow. The move fits seamlessly into CBI’s strategy to diversify its operations into integrated services, build stronger relationships with existing customers, and tap into growth opportunities in international markets.

The Asset Solutions division specializes in providing operational, maintenance, well services, and decommissioning solutions for both onshore and offshore energy assets. This expertise complements CBI’s existing offerings and enhances the company's overall service capabilities.

Financial Strength and Stability

What sets this acquisition apart is the financial backing that Asset Solutions will now enjoy. With CBI’s robust, debt-free balance sheet and strong global liquidity, the new division can operate efficiently from a position of strength. This newfound financial stability ensures uninterrupted service delivery for customers while laying a solid foundation for future growth. CBI’s commitment to enhancing its service delivery mechanism will help in expanding capabilities across key international markets.

John Pearson, the Chief Operating Officer of CBI Asset Solutions, reflected on this milestone, stating, "Joining CBI marks a transformative milestone for our team and our customers. With the backing of CBI's financial strength, global reach, and operational capabilities, the business is exceptionally well positioned to accelerate our growth ambitions." This sentiment highlights the optimistic outlook for Asset Solutions under the CBI umbrella, especially in terms of investments and new service offerings.

Details of the Transaction

The acquisition transpired on a debt-free and cash-free basis, meaning that it was orchestrated without the burden of Petrofac’s debts. The net proceeds from the sale are set to be distributed to secured creditors as per the intercreditor agreement drawn between Petrofac and its secured creditors. This clause has given CBI the ability to smoothly integrate Asset Solutions and mitigate any potential financial encumbrances, further anchoring the company’s strategic objectives.

About CBI

CBI is a leading provider of integrated storage and asset management solutions catering to the needs of a diverse range of customers across the facility lifecycle. Through its two main business units—Storage Solutions, recognized as the world leader in tanks and terminals, and Asset Solutions, specializing in operational services—CBI focuses on delivering technical excellence and execution capability. Owned by a consortium of financial investors led by Mason Capital Management LLC, CBI is dedicated to enhancing asset life, optimizing performance, and maximizing customer value.

As CBI continues its trajectory of growth, the acquisition of Petrofac's Asset Solutions division marks an important chapter in its story, poised to deliver greater value to stakeholders and customers alike on a global scale.

Conclusion

The completion of the acquisition of Petrofac’s Asset Solutions business signifies a promising future for CBI. With new capabilities, a broader market presence, and enhanced operational efficiencies, the company is set to redefine its service delivery framework, driving innovation and performance in the energy sector.