Sale of Petrofac Asset Solutions to CB&I – CVA approved

Petrofac announces that at a meeting of creditors held this morning, the proposed Company Voluntary Arrangement (“CVA”) related to the sale of the Asset Solutions business was approved by 99% of creditors voting and 86% by value of claims. Approval of the CVA was a key condition to the sale of Asset Solutions to CB&I and means the process is continuing as expected.

The acquisition of Asset Solutions by CB&I brings together two complementary businesses and is aligned to CB&I’s long-term growth objectives. Approximately 3,000 Petrofac employees are expected to join CB&I at the close of the transaction.

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

“The significant creditor support for the CVA fulfils the key condition precedent to the sale of Asset Solutions to CB&I. We are confident that CB&I will be an excellent home for Asset Solutions, bringing significant opportunities for our talented people and providing a strong platform to create value for all of our stakeholders.”