United Kingdom, Dec. 26 -- Petrofac confirms that it has entered into an Agreement to sell its Asset Solutions business to CB&I. The consideration for the sale has been agreed on a debt-free cash-free basis. The ultimate net proceeds from the transaction will depend on the quantum of various deductions which will only be confirmed closer to completion. However, the administrators of the Company expect the net proceeds to be in the range of US$45m to US$55m. The net proceeds will be distributed to the secured creditors in accordance with the intercreditor agreement entered into between the Company and the secured creditors on 26 October 2021.Completion of the transaction is subject to certain conditions including approval from certain secure...