{"id":655073,"date":"2025-12-26T02:20:28","date_gmt":"2025-12-26T02:20:28","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/655073\/"},"modified":"2025-12-26T02:20:28","modified_gmt":"2025-12-26T02:20:28","slug":"thousands-of-north-sea-oil-jobs-saved-under-very-positive-petrofac-deal-for-uk","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/655073\/","title":{"rendered":"Thousands of North Sea oil jobs saved under ‘very positive’ Petrofac deal for UK"},"content":{"rendered":"

Thousands of North Sea oil jobs have been saved in a win for the UK economy after a major firm nearly fell into administration earlier this year.<\/p>\n

Texas-based energy firm CB&I revealed on Christmas Eve that it has struck a deal to purchase Petrofac’s asset solutions division, safeguarding thousands of North Sea positions.<\/p>\n

The acquisition will see approximately 3,000 employees transferred to the American company’s workforce once the transaction concludes.<\/p>\n

It is understood that the deal’s completion is anticipated during the opening quarter of 2026.<\/p>\n

\"North<\/p>\n

Thousands of North Sea oil jobs have been saved <\/p>\n

| PA<\/p>\n

The announcement brings welcome news for workers in the sector, with the deal set to preserve roles across Petrofac’s asset solutions operations.<\/p>\n

CB&I’s move comes as the energy services industry faces ongoing uncertainty, making the job security provided by this agreement particularly significant for affected staff.<\/p>\n

Petrofac entered administration in October after a renewables contract in the Netherlands fell through.<\/p>\n

However, the Department for Energy Security and Net Zero has stressed that the company’s UK operations remain unaffected by the wider corporate difficulties.<\/p>\n

\"EdEd Miliband’s department is conducting the consulation | PA<\/p>\n

At the time, a DESNZ spokesperson stated: “The UK arm of Petrofac has not entered administration and is continuing to operate as normal, as an in-demand business with a highly skilled workforce and many successful contracts.”<\/p>\n

The department attributed the administration to “longstanding issues in their global business” rather than problems with British operations.<\/p>\n

Mark Butts, president and chief executive of CB&I, expressed enthusiasm about the strategic fit between the two organisations following this latest merger.<\/p>\n

“Our organisations share similar management philosophies and industry-leading safety performance,” he said.<\/p>\n

The Texas-based executive highlighted several advantages stemming from the transaction.<\/p>\n

“With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation,” Mr Butts added.<\/p>\n

He emphasised that the acquisition aligns with the company’s broader ambitions.<\/p>\n

“These factors collectively support CB&I’s long-term growth objectives,” Mr Butts shared.<\/p>\n

\"North<\/p>\n

A major North Sea oil giant fell into administration earlier this year <\/p>\n

| GETTY \/ PA <\/p>\n

The deal represents a significant expansion of CB&I’s presence in the North Sea energy sector. James Bennett, joint administrator for Petrofac, described the outcome in positive terms.<\/p>\n

“Following a swift and rigorous process to find the best home for Petrofac’s Asset Solutions business, this is a very positive outcome and secures the future of its operations and the roles of many highly skilled people,” he said.<\/p>\n

Mr Bennett noted that the division has “an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.”<\/p>\n

Petrofac group chief executive Tareq Kawash echoed this sentiment, calling it “a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members.”<\/p>\n","protected":false},"excerpt":{"rendered":"Thousands of North Sea oil jobs have been saved in a win for the UK economy after a…\n","protected":false},"author":2,"featured_media":655074,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,35,1232,12,512,16,15],"class_list":{"0":"post-655073","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-energy","11":"tag-money","12":"tag-news","13":"tag-sgg","14":"tag-uk","15":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115783481626266417","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/655073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=655073"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/655073\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/655074"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=655073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=655073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=655073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}