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.
