Mon, Nov. 23, 8:28 AM
- A joint venture between CB&I (NYSE:CBI) and CTCI Corp. has received a $2.8B award from Oman Oil Refineries and Petroleum Industries Company for the Liwa Plastics Industrial Complex Project in Sohar, Oman.
- The scope of work includes EPC for a grassroots 880-ktpa ethylene plant, pygas unit and MTBE unit, as well as all the related off-sites and utilities.
Thu, Nov. 5, 4:31 PM
Wed, Nov. 4, 5:35 PM
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Wed, Oct. 28, 3:50 PM
- Chicago Bridge & Iron (NYSE:CBI), which jumped after hours yesterday on news it was selling its nuclear construction business, is up 15.9% today as Credit Suisse says it's time to buy.
- Shares had fallen 22% in the past six months prior to the move.
- Credit Suisse has upgraded shares to Outperform, from Neutral, and raised its price target to $51 from $45. Shares had closed at $38.96, implying 31% upside.
- The Vogle and Summer construction projects had been a significant overhang on CB&I, says Credit Suisse's Jamie Cook, over concerns about fixed-price contracts with delays and overruns. A charge of $1-$1.2B is "large," says Cook, but "we see this as a positive catalyst as the charge is now known, over, and non-cash.”
- As previously noted, CB&I's deal with Westinghouse excludes a variety of CB&I's businesses, including fosil power generation, nuclear/industrial maintenance, the MOX project and Fed decommissioning.
- Previously: Westinghouse picks Fluor to manage nuclear builds; CB&I now up 10.4% (Oct. 27 2015)
- Previously: CB&I selling nuclear construction business to Westinghouse Electric (Oct. 27 2015)
Wed, Oct. 28, 9:12 AM
Tue, Oct. 27, 6:16 PM
- In conjunction with Chicago Bridge & Iron's (NYSE:CBI) sale of its nuclear construction business to Westinghouse Electric, Westinghouse has named Fluor (FLR -3.4%) to manage the construction of the ongoing projects.
- The work will include a pair of large projects: Vogtle Units 3 and 4 in Georgia, and two Generating Units at the V.C. Summer project in South Carolina.
- The company is beginning work immediately under a professional services deal, and management plans for construction will become effective at the close of Westinghouse's acquisition of CB&I's business.
- Fluor will book an award in its Q4 tied to taking on the two projects.
- Meanwhile, CB&I has moved up 10.4% after hours in reaction to the company's plans to sell its construction business. Fluor is flat in postmarket action.
Tue, Oct. 27, 5:49 PM
- Chicago Bridge & Iron (CBI -3.8%) is selling all of its nuclear construction business to partner Westinghouse Electric (OTCPK:TOSYY -2.1%).
- The deal -- in which Westinghouse will fully take over facilities including South Carolina's V.C. Summer project, Georgia's Vogle project and various projects in China -- is expected to close in Q4 and includes CBI's nuclear integrated services.
- "For CB&I shareholders, it provides clarity and increased predictability from our growing backlog of work in markets that are more strategic to our future growth," says CEO Philip Asherman.
- CB&I expects to receive $229M in cash -- $161M on the substantial completion of nuclear projects and $68M on other milestones tied to CB&I's continuing supply contract. CB&I also expects a noncash charge after taxes of $1B-$1.2B from a loss on the transaction.
- The company also said in preliminary Q3 numbers it expects new awards of about $4B, revenues of $3.3B and positive operating cash flow. It reports earnings Nov. 5.
Thu, Oct. 8, 11:04 AM
Mon, Sep. 14, 9:44 AM
Fri, Sep. 11, 10:14 AM
Wed, Sep. 2, 5:24 PM
- CB&I (NYSE:CBI) says it has won the contract to perform early engineering and services work for a petrochemical plant a U.S.-Korean joint venture is planning in Louisiana.
- CBI is the first major contractor brought on board by the joint venture of Axiall and South Korea’s Lotte Chemical that plans to build an ethane cracker plant expected to produce ~1M metric tons/year of ethylene; a final investment decision on moving forward with the project is expected by year's end.
- The companies are not releasing project and contract costs, but new ethane crackers typically are multibillion-dollar projects.
Mon, Aug. 31, 8:27 AM
- CB&I (NYSE:CBI) has been awarded a $300M contract by Sunoco Partners Marketing & Terminals for the expansion of the Marcus Hook Industrial Complex in Pennsylvania.
- The scope of work includes engineering and procurement of four large low-temperature tanks that will be used for the storage of refrigerated ethane, butane and propane.
Thu, Jul. 23, 7:15 PM
- CB&I (NYSE:CBI) -0.5% AH after reporting better than expected Q2 earnings but coming up a bit light on revenue expectations.
- "The business is still real solid, but we had the anticipation of some business that just didn’t drop” in H1, CEO Philip Asherman says, adding that he expects some sizable contracts to come through later this year in the petrochemical sector and with other projects.
- New awards for Q2 totaled $2.8B, with new awards for H1 at $5.9B; backlog remained fairly constant at $29.4B, including an YTD adverse foreign exchange impact of $270M.
- CBI today announced a new contract for more than $100M to help a Louisiana refinery reduce emissions, and another deal for maintenance work at three Canadian oil sands facilities, but does not name the companies.
- Asherman seems excited about CBI’s selection as part of a joint venture for Anadarko Petroleum’s large liquefied natural gas project in Mozambique; the CEO says much of CBI’s efforts will largely be split between the U.S. and Africa going forward.
Thu, Jul. 23, 4:15 PM
Wed, Jul. 22, 5:35 PM
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Mon, Jul. 20, 2:54 PM
- Chevron (CVX -0.2%) faces a potential new round of strikes at the Gorgon liquefied natural gas project in Western Australia after unions won official approval to ballot workers on a potential strike.
- The move risks further delaying the start of production at the project, Australia's biggest single resources venture, beyond its H2 2015 target which already has slid by more than a year from the original schedule.
- Regulators ruled Friday that various unions could hold a protected ballot of employees of U.S. engineering company CB&I (CBI +0.8%), which is fulfilling a $2.3B contract on mechanical, electrical and instrumentation work at the onshore LNG plant under construction.
Chicago Bridge & Iron Company provides conceptual design, technology, engineering, procurement, fabrication, construction and commissioning services to customers in the energy, petrochemical and natural resource industries.
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