Petrofac reviewing CVA challenge with advisors and CB&I
TL;DR
Petrofac's CVA for selling its Asset Solutions business to CB&I was approved by creditors, clearing the way for the transaction. The sale, part of a two-year restructuring, aims to secure the business and retain 3,000 employees, with operations unaffected.
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Petrofac reviewing CVA challenge with advisors and CB&I
Petrofac Finalizes CVA for Asset Solutions Sale to CB&I
On January 30, 2026, Petrofac announced that the proposed Company Voluntary Arrangement (CVA) for its Asset Solutions business was approved by creditors, with 99% of voting creditors (by number) and 86% (by value of claims) supporting the proposal. This approval, a critical condition for the sale of the division to CB&I, clears the way for the transaction to proceed as planned. The CVA process, managed by Teneo Financial Advisory Limited as nominees, aimed to resolve creditor claims to facilitate the acquisition while ensuring operations continue uninterrupted.
The sale of Asset Solutions to CB&I, agreed in December 2025, is part of Petrofac's broader restructuring efforts, which have spanned over two years. The transaction is expected to secure the future of the business and retain approximately 3,000 employees, who will transition to CB&I upon completion. John Pearson, Chief Operating Officer of Petrofac's Asset Solutions, emphasized that the CVA approval marked the final step in the restructuring process, enabling the sale to finalize. He noted that CB&I's acquisition aligns with long-term growth strategies and offers opportunities to enhance value for stakeholders.
The CVA does not impact trade creditors, employees, or day-to-day operations, which remain unaffected. Petrofac reiterated that the arrangement prioritizes the continuity of services for clients and collaboration with suppliers. While the CVA required creditor votes, the overwhelming support underscores confidence in the transaction's benefits.
With the CVA approved, the acquisition is now poised to complete, combining Petrofac's Asset Solutions with CB&I's capabilities to create a stronger, integrated entity. The move reflects strategic alignment between the two firms and aims to stabilize the business amid ongoing industry challenges.
Sale of Petrofac Asset Solutions to CB&I – CVA approved: Sale of Petrofac Asset Solutions to CB&I – CVA approved
Sale of Petrofac Asset Solutions to CB&I: Sale of Petrofac Asset Solutions to CB&I
Sale of Petrofac Asset Solutions to CB&I – CVA approved: Sale of Petrofac Asset Solutions to CB&I – CVA approved
Sale of Petrofac Asset Solutions to CB&I: Sale of Petrofac Asset Solutions to CB&I
