Thousands of jobs set to be saved at oil and gas firm

Thousands of jobs are expected to be saved after part of the energy services company Petrofac was bought out of bankruptcy. In the first quarter of 2026, American company CB&I has announced that it has agreed to acquire the firm's asset solutions market. Petrofac employs 3,000 people in the United Kingdom, including around 2,000 in Aberdeen. Following the failure of a renewables deal in the Netherlands and a wider slump in its fortunes, the company went into administration in October.

This is a great result for the asset solutions industry, supporting job security for 3,000 talented employees,

Petrofac group CEO Tareq Kawash said. The agreement, according to James Bennett, joint administrator for Petrofac, was

a very positive result. Both firms, according to Mark Butts, president and chief executive of Texas-based CB&I,

share common management principles and industry-leading safety results.

Petrofac, a Texas company established in 1981, designs and builds facilities for oil, gas, and renewables projects, as well as providing engineering, project management, and logistical support. It has been involved in the operation of North Sea oil platforms for companies including BP and Shell. At its high point in 2012, the company was worth around £6 billion, but it has since dropped in recent years as a result of a Serious Fraud Office probe and a string of profit warnings. It also has offices in London, Woking, and Great Yarmouth.