CB&I has completed the acquisition of Petrofac’s Asset Solutions business, which is actively engaged on various decommissioning and abandonment (D&A) assignments in the Gulf of America.
A leading provider of operations, maintenance, wells and decommissioning services for onshore and offshore energy assets, with projects across the globe, the Asset Solutions’ portfolio includes work to decommission the South Pass 60, South Pass 6 and East Breaks 165 fields.
Announcing the closure of the transaction on 9 April, 2026, Mark Butts, CB&I President and CEO, said it marked “an exciting new era for our company” as it welcomed approximately 3,000 Asset Solutions colleagues to the newly-expanded group.
“This acquisition strengthens CB&I’s portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhancing service capabilities,” he said.
“It also supports CB&I’s diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets.”
The acquisition also provides Asset Solutions with access to CB&I’s debt‑free balance sheet and global liquidity, enabling the business to operate from a position of greater financial strength.
John Pearson, Chief Operating Officer of CB&I Asset Solutions, said this enhanced stability ensures continuity of service delivery for customers and creates a solid platform for expanding capabilities across key markets internationally.
“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,” said Pearson.
“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.”
In 2022, Petrofac and Promethean Decommissioning Company (PDC) formed an alliance to decommission the South Pass 60, South Pass 6 and East Breaks 165 fields, offshore Gulf of America.
The legacy offshore fields and assets include nine platforms, 200 wells and 32 pipeline segments.
As the nominated Decommissioning Services Provider, in a contract valued at around US$200mn, the scope of work includes the safe, efficient, and assured decommissioning of the fields.
