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An important development has emerged for the energy services company Petrofac as thousands of jobs are expected to be preserved following the purchase of a portion of the firm currently in administration. The American firm CB&I has declared that it will acquire Petrofac’s asset solutions division, with the transaction scheduled to be completed in the first quarter of 2026.
Petrofac’s workforce in the UK consists of approximately 3,000 employees, with around 2,000 of these based in Aberdeen. The company entered administration in October due to the failure of a renewables contract in the Netherlands and overall financial difficulties affecting its business.
Tareq Kawash, the group chief executive of Petrofac, described the acquisition as a positive development, emphasizing that it ensures job security for the company’s 3,000 skilled employees. Similarly, James Bennett, acting as joint administrator for Petrofac, expressed optimism about the agreement, calling it “a very positive outcome.” Mark Butts, CB&I’s president and chief executive, noted that the two companies align in terms of management vision and maintain strong safety practices.
Petrofac, originally established in Texas in 1981, specializes in designing and constructing facilities for oil, gas, and renewable energy projects, alongside offering engineering, project management, and logistics services. The company has managed operations on North Sea oil platforms for major companies such as BP and Shell. At its height in 2012, Petrofac was valued at around £6 billion and was a member of the FTSE 100, but has experienced a decline in recent years marked by a Serious Fraud Office investigation and multiple profit warnings. The company also maintains offices in London, Woking, and Great Yarmouth
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