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CBI Clough JV PNG LNG Gas Plant Contract Approved

CB&ampI CB&I announced today the approval by Esso Highlands Limited of a contract with CB&I in its joint venture with Clough, for the engineering, procurement and construction of the PNG LNG Project's gas conditioning plant, pending final project authorisations. The estimated value of the contract is in excess of $1 billion. Esso Highlands, a subsidiary of Exxon Mobil Corporation, is the operator of the PNG LNG Project.

Clough The contract scope includes the EPC work for the gas conditioning plant, nearby wellheads and associated piping and infrastructure, to be located in the Southern Highlands of Papua New Guinea. The work will be performed by CBI Clough JV, a joint venture between CB&I (65%) and Clough (35%). CBI Clough JV expects approximately 1,200 workers to be employed on this work during peak construction.

"We are pleased to support this important project that builds on our successful history in Papua New Guinea, and further broadens the diversity of our backlog in terms of geography, project size and end markets, which will serve us well going into 2010 and beyond," said Philip K. Asherman, CB&I President and CEO.

The PNG LNG Project is an integrated development that includes gas production and processing facilities, onshore and offshore pipelines and liquefaction facilities. Participating interests are affiliates of Exxon Mobil Corporation (including Esso Highlands Limited as operator, 33.2 percent), Oil Search Limited (29.0 percent), Independent Public Business Corporation (PNG Government, 16.6 percent), Santos Limited (13.5 percent), Nippon Oil Exploration (4.7 percent), Mineral Resources Development Company (PNG landowners, 2.8 percent) and Petromin PNG Holdings Limited (0.2 percent).

Published 09/12/09

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