Petrofac announces that at a meeting of creditors held this morning, the proposed Company Voluntary Arrangement (“CVA”) related to the sale of the Asset Solutions business was approved by 99% of creditors voting and 86% by value of claims. Approval of the CVA was a key condition to the sale of Asset Solutions to CB&I and means the process is continuing as expected.

The acquisition of Asset Solutions by CB&I brings together two complementary businesses and is aligned to CB&I’s long-term growth objectives. Approximately 3,000 Petrofac employees are expected to join CB&I at the close of the transaction.

John Pearson, Chief Operating Officer for Petrofac’s Asset Solutions business, said:

“The significant creditor support for the CVA fulfils the key condition precedent to the sale of Asset Solutions to CB&I. We are confident that CB&I will be an excellent home for Asset Solutions, bringing significant opportunities for our talented people and providing a strong platform to create value for all of our stakeholders.”

About Petrofac Asset Solutions

Petrofac Asset Solutions is a leading provider of operations, maintenance and decommissioning services for onshore and offshore energy assets, globally. Its differentiated integrated services offering unlocks value at every stage of the life cycle.

About CB&I

CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 135+ year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC.