Texas Company Saves UK North Sea Jobs, Secures Energy Future

Texas Company Rescues UK North Sea Jobs: CB&I Acquires Petrofacs Operations ArmA Texas-based company, Chicago Bridge and Iron Company (CB&I), has acquired Petrofacs engineering and operations arm in Aberdeen, UK, saving around three thousand jobs in the North Sea oil industry. The deal, announced on Christmas Eve, comes after Petrofacs parent company fell into administration earlier this year. The North Sea division, which maintains platforms for major oil companies and builds and maintains UK wind farms, was at risk of collapse due to its role in the energy sector. The acquisition ensures job security and provides opportunities for improved performance and steady cash flow. Petrofac, which started in Texas forty-four years ago and listed on the London Stock Exchange in 2005, faced challenges including a corruption scandal and pandemic delays. The acquisition secures the future for operations and skilled workers, providing a fresh start in the energy business.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.