CB&I Awarded Three New Contracts Worth Around US$130m

CB&I has been awarded three new contracts that will add approximately US$130 million to the company's backlog. Each contract was booked during the first quarter of 2007.

Heavy Crude Project
Frontier El Dorado Refining Company has awarded a lump-sum turnkey project to CB&I, valued in excess of US$45 million, to upgrade the delayed coker unit at its El Dorado, Kansas refinery. The project will enable Frontier to modernize to the latest delayed coking technology and give it the ability to run a significantly higher proportion of heavy crude oil.

Oil Sands Terminal Project
Suncor Energy Services Inc. has selected CB&I to design and build a turnkey storage terminal near Fort McMurray, Alberta, Canada as part of an expansion of Suncor's oil sands upgrading capacity. CB&I's full scope of work consists of the engineering, procurement, fabrication and construction of a 10-tank facility, with the initial phase of the contract valued in excess of US$40 million.

Middle East Petrochemical Storage Project
CB&I has been awarded a lump-sum turnkey contract, valued in excess of US$40 million, to design and construct two double-wall tanks at Saudi Kayan Petrochemical Company's new olefins facility in Al-Jubail, Kingdom of Saudi Arabia. CB&I's work scope includes engineering, procurement, fabrication, construction and pre-commissioning of a 60,000 cubic meter double-wall ethylene storage tank, a 30,000 cubic meter double-wall propylene storage tank and associated piping, electrical and instrumentation works.

CB&I also announced that its contract to build two liquefied natural gas tanks at the proposed Bear Head LNG terminal at Port Hawkesbury, Nova Scotia has been cancelled by Anadarko Petroleum Corporation. Anadarko announced in February that it was in the process of mothballing the project. This will not have a material impact on CB&I's financial results.

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Posted 05/04/07

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