Core Viewpoint - Chicago Bridge & Iron Company (CB&I) has acquired Petrofac's Aberdeen-based engineering and operations arm, saving approximately 3,000 jobs in the UK amid financial challenges faced by Petrofac [1][2][3] Group 1: Acquisition Details - The acquisition was announced on Christmas Eve, with CB&I taking over Petrofac's North Sea operations, which are crucial for managing platforms for major oil and gas companies [1][3] - CB&I will not assume any of Petrofac's debts, which were previously estimated at $707.9 million (£560 million) [5] Group 2: Petrofac's Challenges - Petrofac entered administration due to financial difficulties across its global operations, despite its UK arm being profitable [2][3] - The company has faced multiple issues, including a corruption scandal in the 2010s that resulted in a £77 million fine, and disruptions caused by the pandemic that affected cash flow and led to halted debt repayments [6][7][8] - A restructuring deal collapsed earlier this year after a major customer canceled a lucrative contract, prompting the appointment of administrators for Petrofac Limited [8] Group 3: Industry Context - Petrofac's North Sea division plays a significant role in the oil and gas industry and is also involved in building and maintaining UK wind farms, highlighting its importance to the sector and government net zero ambitions [3] - CB&I's CEO emphasized the shared management philosophies and safety performance between the two companies, indicating potential for enhanced performance and stable cash flow generation post-acquisition [4][5]