Company Announcements

THE WOODLANDS, Texas , April 9, 2026 /PRNewswire/ -- CB&I today announced the completion of an asset sale agreement, previously announced on December 24, 2025, to acquire Petrofac's Asset Solutions business, a leading provider of operations, maintenance, wells and decommissioning services for onshore and offshore energy assets.

"Today we embark on an exciting new era for our company as we welcome approximately 3,000 Asset Solutions colleagues to CB&I," said Mark Butts, CB&I President and CEO. "This acquisition strengthens CB&I's portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhancing service capabilities. It also supports CB&I's diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets."

The acquisition provides Asset Solutions with access to CB&I's strong, debt‑free balance sheet and global liquidity, enabling the business to operate from a position of financial strength. This enhanced stability ensures continuity of service delivery for customers and creates a solid platform for expanding capabilities across key markets internationally.

"Joining CB&I marks a transformative milestone for our team and our customers," said John Pearson, Chief Operating Officer of CB&I Asset Solutions. "With the backing of CB&I's financial strength, global reach, and operational capabilities, the business is exceptionally well positioned to accelerate our growth ambitions. Asset Solutions is now able to invest with confidence, expand service offerings, enhance the reliability and efficiency of the assets we support, and deliver even greater value to customers around the world."

The sale has been agreed on a debt-free cash-free basis. The net proceeds from the transaction will be distributed to secured creditors in accordance with the intercreditor agreement entered between Petrofac and secured creditors.

About CB&I
CB&I delivers integrated storage and asset‑management solutions that help customers operate safely, reliably, and efficiently across the lifecycle of their facilities. Through our two global business units -Storage Solutions, the world leader in tanks, terminals, and storage systems, and Asset Solutions, a leading provider of operations, management, wells and decommissioning services - we combine technical excellence with execution capability to extend asset life, optimize performance, and maximize value. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC. To learn more, visit www.cbi.com.

Forward-Looking Statements 

CB&I cautions that statements in this communication that are forward-looking, and provide other than historical information, involve risks, contingencies, and uncertainties. These forward-looking statements include, among other things, statements about the expected timing and execution of projects, and statements that describe our business strategy, outlook, objectives, plans, intentions, or goals. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are based on various underlying assumptions and are subject to numerous risks, contingencies, and uncertainties, many of which are beyond our control, including, among others: adverse changes in the markets in which we operate or in credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope, or timing of contracts, contract cancellations, change orders, and other modifications or actions by our customers and other business counterparties; changes in industry norms or codes or applicable laws; actions by lenders, other creditors, customers, and other business counterparties of CB&I; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of CB&I's management as of the date hereof. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.

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SOURCE CB&I STS Delaware LLC