Thousands of jobs set to be saved at oil and gas firm
Summary
Thousands of jobs at Petrofac, an energy services company, are likely to be saved after its asset solutions business was bought by U.S. company CB&I. Petrofac employs about 3,000 people in the U.K., with a large number in Aberdeen, Scotland. The company had gone into administration due to financial setbacks, including a failed contract and prior investigations.Key Facts
- Petrofac employs around 3,000 people in the U.K., with about 2,000 in Aberdeen.
- The firm faced financial trouble due to a failed renewables contract and other issues.
- U.S.-based CB&I will buy Petrofac's asset solutions business in early 2026.
- The deal is expected to secure jobs for Petrofac's employees.
- Petrofac was once a major company, worth approximately £6 billion in 2012.
- The company's troubles included a Serious Fraud Office investigation and profit warnings.
- CB&I and Petrofac have similar management styles and focus on safety.
- Petrofac provides services for oil, gas, and renewables projects and has operations in the North Sea.
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