Further to the announcement of 2 March 2026 confirming a challenge to the Company Voluntary Arrangement (“CVA”) by HM Revenue and Customs (“HMRC”), Petrofac is pleased to confirm that the challenge has been rejected at a hearing in Edinburgh held earlier today on 12 March. The CVA is a required condition for the sale of the Asset Solutions business to CB&I and was approved at a creditors meeting on 30 January by 99% of creditors voting and 86% by value of claims.

Petrofac plans to conclude the sale of the Asset Solutions business to CB&I in the shortest possible timeframe. The sale represents the outcome of a lengthy market testing process and the administrators of Petrofac Limited believe that the transaction is on the best possible terms that can be achieved for all creditors including HMRC.

Petrofac has today asked HMRC to confirm that they will not further challenge the CVA, as ongoing appeals may further delay completion of the transaction. Petrofac is also seeking the support of both the UK and Scottish government to facilitate the swift completion of the sale to CB&I, for the benefit of all stakeholders.

Tareq Kawash, Group Chief Executive, said:

"The CVA is required for CB&I’s acquisition of Petrofac Asset Solutions to proceed as planned, securing a positive future for the business and its 3,000 employees, and we are grateful that the Court has moved swiftly to reject HMRC’s challenge. After many months of uncertainty, time is of the essence to complete the sale to CB&I - an established industry player that will provide an excellent home for Asset Solutions and represents the best outcome for all 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.