Petrofac Ltd.
Petrofac Ltd.
01/30/2026 | Press release | Distributed by Public on 01/31/2026 05:05
Sale of Petrofac Asset Solutions to CB&I – CVA approved
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 ofour stakeholders."
Petrofac Ltd. published this content on January 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 31, 2026 at 11:06 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]