CB&I is acquiring Petrofac’s Asset Solutions business. This strategic move significantly expands its service offerings. The acquisition integrates offshore operations and decommissioning services into CB&I’s portfolio. Approximately 3,000 employees will join CB&I as part of the deal.
Expanding Service Capabilities
This acquisition broadens CB&I’s operational scope. It specifically adds expertise in offshore operations. Furthermore, the company gains new capabilities in decommissioning services. These additions enhance CB&I’s overall service portfolio.
The integration of Petrofac’s Asset Solutions business brings a substantial workforce. Three thousand experienced professionals will now operate under the CB&I umbrella. This influx of talent supports the newly acquired service lines.
Strengthening International Market Presence
The strategic acquisition aims to strengthen CB&I’s footprint in international energy markets. It allows the company to compete more effectively globally. Consequently, CB&I can pursue a wider range of projects.
This move positions CB&I for growth in key regions. It reinforces the company’s commitment to expanding its global reach. The acquisition provides a solid platform for future international ventures.
Diversifying Revenue and Operations
CB&I traditionally focused on Engineering, Procurement, and Construction (EPC) work. However, this acquisition diversifies its revenue streams. The company now moves beyond its core EPC activities.
The deal significantly expands CB&I’s Operations & Maintenance (O&M) services. This enhances the company’s ability to provide end-to-end solutions. Customers will benefit from a more comprehensive service offering. CB&I now offers a broader range of support throughout an asset’s lifecycle.
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