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Thousands of jobs in the North Sea are safe as part of energy services firm Petrofac Ltd looks set to be bought.

CB&I announced on Christmas Eve that it had entered into an agreement to acquire Petrofac’s asset solutions business, transferring 3,000 members of staff to its own payroll when the deal goes through, expected in the first quarter of 2026.

Petrofac, a former London Main Market listing, announced in October that it had appointed administrators after the collapse of a renewables contract in the Netherlands.

Mark Butts, chief executive of Texas-based CB&I, said: ‘Our organisations share similar management philosophies and industry-leading safety performance.

‘With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation.

‘These factors collectively support CB&I’s long-term growth objectives.’

James Bennett, joint administrator for Petrofac, said the deal was ‘a very positive outcome’.

‘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.

‘Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.’

Petrofac Chief Executive Tareq Kawash said: ‘This is a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members.

‘CB&I is a strong business with clear growth objectives, now bolstered by the addition of Asset Solutions’ integrated service offering.’

By Craig Paton, PA Scotland Deputy Political Editor

source: PA

Copyright 2025 Alliance News Ltd. All Rights Reserved.

Boxing Day was a ‘bumper day’ for all UK retail destinations as data shows shopper footfall was up 4.4% on last year, making it the strongest increase in more than a decade, industry analysts said.

The retail sector may end the year on a ‘positive note’ as December 26 saw shoppers flock to high streets, retail parks and shopping centres.

With stores shut on Christmas Day, Boxing Day traditionally sees people stepping back out of their homes to bargain-hunt in the sales.

While there was a slow start for high streets and shopping centres, there was a ‘peak’ in visits to UK retail destinations from 5pm to 11pm, according to retail analysts MRI Software – which counts footfall in more than 660 retail destinations across the UK 24/7 through cameras.

High streets enjoyed a 3.6% increase in footfall on last Boxing Day while retail parks saw an 8.8% uplift.

Shopping centres saw footfall up 2.1% on a year before.

Jenni Matthews, retail analyst at MRI Software, told the Press Association: ‘We did see a slow start to the day for high streets and shopping centres.

‘Retail parks saw an uplift quite early on and that could be reflecting the sort of stores that were open on those sites – so supermarkets, some were open, some weren’t.

‘The fact that much of the uplift came from the evening period suggests that people may have been going out for leisure activities or going out for a bite to eat, or making the most of the events and attractions that are still taking place in some towns and cities across the UK.’

While supermarkets like Sainsbury’s and Tesco were open on Boxing Day, Marks and Spencer, Aldi and Lidl were among others closed.

Matthews said the footfall increase of 4.4% on last year is ‘the strongest increase seen in over 10 years’.

She said the UK saw a ‘slow lead-up’ to Christmas Eve but saw a ‘big boost’ in footfall on December 24, suggesting some shoppers may had ‘left it to the last minute’.

The analyst said many people did their Christmas shopping early on in November.

The boost in activity on Boxing Day was said to have been driven by a ‘peak in visits’ to all UK retail destinations from 5pm to 11pm, averaging an increase of 9.6% on last year.

This compares with an average increase of 3.1% on Boxing Day 2024 from 6am to 5pm.

Coastal towns saw a 16.1% increase in footfall, which may be due to events such as markets held on high streets, according to Matthews.

‘It’s likely to be event-driven because we know that a lot of stores were still shut yesterday,’ Matthews added.

Matthews said that, overall, December 26 ‘proved to be a bumper day for all UK retail destinations’.

‘With a number of stores still shut and not reopening until today, it’s likely that leisure and hospitality establishments may well have benefited from the annual uplift,’ she added.

‘This is an early indicator that the retail sector may well end the year on a positive note given the challenging times faced at the beginning of the year.’

By Georgia Bates, Press Association

source: PA

Copyright 2025 Alliance News Ltd. All Rights Reserved.

(Alliance News) – Boxing Day was a “bumper day” for all UK retail destinations as data shows shopper footfall was up 4.4% on last year, making it the strongest increase in more than a decade, industry analysts said.

The retail sector may end the year on a “positive note” as December 26 saw shoppers flock to high streets, retail parks and shopping centres.

With stores shut on Christmas Day, Boxing Day traditionally sees people stepping back out of their homes to bargain-hunt in the sales.

While there was a slow start for high streets and shopping centres, there was a “peak” in visits to UK retail destinations from 5pm to 11pm, according to retail analysts MRI Software – which counts footfall in more than 660 retail destinations across the UK 24/7 through cameras.

High streets enjoyed a 3.6% increase in footfall on last Boxing Day while retail parks saw an 8.8% uplift.

Shopping centres saw footfall up 2.1% on a year before.

Jenni Matthews, retail analyst at MRI Software, told the Press Association: “We did see a slow start to the day for high streets and shopping centres.

“Retail parks saw an uplift quite early on and that could be reflecting the sort of stores that were open on those sites – so supermarkets, some were open, some weren’t.

“The fact that much of the uplift came from the evening period suggests that people may have been going out for leisure activities or going out for a bite to eat, or making the most of the events and attractions that are still taking place in some towns and cities across the UK.”

While supermarkets like Sainsbury’s and Tesco were open on Boxing Day, Marks and Spencer, Aldi and Lidl were among others closed.

Matthews said the footfall increase of 4.4% on last year is “the strongest increase seen in over 10 years”.

She said the UK saw a “slow lead-up” to Christmas Eve but saw a “big boost” in footfall on December 24, suggesting some shoppers may had “left it to the last minute”.

The analyst said many people did their Christmas shopping early on in November.

The boost in activity on Boxing Day was said to have been driven by a “peak in visits” to all UK retail destinations from 5pm to 11pm, averaging an increase of 9.6% on last year.

This compares with an average increase of 3.1% on Boxing Day 2024 from 6am to 5pm.

Coastal towns saw a 16.1% increase in footfall, which may be due to events such as markets held on high streets, according to Matthews.

“It’s likely to be event-driven because we know that a lot of stores were still shut yesterday,” Matthews added.

Matthews said that, overall, December 26 “proved to be a bumper day for all UK retail destinations”.

“With a number of stores still shut and not reopening until today, it’s likely that leisure and hospitality establishments may well have benefited from the annual uplift,” she added.

“This is an early indicator that the retail sector may well end the year on a positive note given the challenging times faced at the beginning of the year.”

By Georgia Bates, Press Association

source: PA

Copyright 2025 Alliance News Ltd. All Rights Reserved.