Sale of Petrofac Asset Solutions to CB&I: Company Voluntary Arrangement

Following the announcement on 24 December 2025 of the agreed sale of Petrofac’s Asset Solutions business to CB&I, Petrofac today announces that a meeting of Petrofac Facilities Management Limited’s creditors will be held at 10:00 on 30 January 2026 to vote on a proposed Company Voluntary Arrangement (“CVA”) related to the sale. 

The CVA is intended to compromise certain creditor claims to enable the completion of the sale. Trade creditors, employees and certain other parties are not affected by the CVA. Operations will continue as normal during the CVA process and Asset Solutions will continue to serve its customers and work with suppliers as usual.

The acquisition by CB&I will secure the future of the Asset Solutions business. Approval of the CVA is a requirement for completion of the sale of Asset Solutions to CB&I. All eligible creditors are strongly encouraged to vote in favour of the proposal.

Creditors entitled to vote will receive CVA documents and voting instructions from Teneo Financial Advisory Limited as Nominees in respect of the CVA.  

John Pearson, Chief Operating Officer for Petrofac’s Asset Solutions business, said:

“The agreed sale of Asset Solutions to CB&I is a strong outcome for the business and for around 3,000 colleagues who are expected to move across on completion. After more than two years of restructuring, this CVA is the final step to deliver that outcome, and we are asking creditors to support it so the sale can complete.”