Sale of Petrofac Asset Solutions to CB&I - CVA update

Following the rejection of HM Revenue and Customs’ (“HMRC”) challenge to Petrofac Facilities Management Limited’s Company Voluntary Arrangement (“CVA”) at a court hearing on 12 March and today’s publication of the judgement, HMRC has confirmed it will not pursue an appeal.

The successful CVA is a required condition for the sale of Petrofac’s Asset Solutions business to CB&I. Together, Petrofac and CB&I are working to conclude the sale in the shortest possible timeframe - securing the future of 3,000 highly skilled people.