Wed, Feb. 25, 10:03 AM| 25 Comments
Wed, Feb. 25, 9:24 AM| 3 Comments
Tue, Feb. 24, 4:36 PM| 31 Comments
Mon, Feb. 23, 5:35 PM
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Thu, Feb. 19, 8:23 AM
Fri, Jan. 30, 10:35 AM
- Southern Co. (SO -1.7%) says the firms building its new nuclear power plant in Georgia estimate the project will be delayed 18 months, potentially costing it $720M in new charges.
- Westinghouse Electric and Chicago Bridge & Iron (CBI -12.2%) expect the first reactor at Plant Vogtle will be complete in mid-2019, and the second reactor will come online in mid-2020, SO says in an SEC filing; SO already has been in litigation with the two companies over previous delays and cost increases.
- SO does not tally its total costs in the filing but says each month of a delay would cost $40M in new capital and financing charges; if the project stretched an additional 18 months, the total could grow to $720M.
- Deutsche Bank comments that the further delay to be particularly negative for CBI shares and potentially remain an overhang over the near term, given that it may take more than a year to resolve the dispute.
Tue, Jan. 27, 11:59 AM
- The value of new projects obtained by engineering and construction companies could drop 25%-30% in 2015 due to the sharp drop in oil prices, Deutsche Bank says as it downgrades two names in the group, Fluor (FLR -3.1%) and KBR (KBR -3.4%), to Hold from Buy.
- Many energy-related projects that had been boosting the results of E&C companies are no longer economically viable, and oil price volatility will make it difficult for companies to approve new projects even if they can generate acceptable returns at current oil prices, DB analyst Vishai Shah writes.
- Fluor and KBR have the greatest risk of reporting weaker than expected 2015 results, and their valuations are higher than average for the sector, Shah says; however, expectations are low for Chicago Bridge & Iron (CBI -1.7%), whose results could benefit from an acceleration in gas-fired power plant projects this year, the analyst says in maintaining a Buy rating on CBI.
Mon, Jan. 26, 8:26 AM| 13 Comments
Dec. 10, 2014, 8:17 AM| 10 Comments
Dec. 4, 2014, 5:03 PM| 4 Comments
Dec. 1, 2014, 3:48 PM
- Fluor (FLR -2.8%), Chicago Bridge (CBI -5.8%), Primoris Services (PRIM -13.6%) and Quanta Service (PWR -6.5%) are all downgraded to Hold from Buy at BB&T, which says the ongoing decline in oil prices could have a ripple effect throughout the energy infrastructure industry.
- Although shares of each company have been under pressure for several months, the firm says it would wait for the oil situation to stabilize before putting new money to work in any of the names.
Nov. 12, 2014, 9:40 AM| 3 Comments
Nov. 11, 2014, 8:26 AM
- CB&I (NYSE:CBI) has received a contract from Calpine Mid-Merit, an affiliate of Calpine Corp. (NYSE:CPN), for the initial development phase of a 760 MW gas turbine power station in Pennsylvania.
- Separately, CB&I has been awarded a contract valued in excess of $40M by Coffeyville Resources Refining & Marketing for the engineering, procurement, and field construction of a 22M standard cu. ft. per day hydrogen plant at its refinery in Kansas.
Nov. 10, 2014, 8:31 AM
- Arizona Public Service awards CB&I (NYSE:CBI) a contract renewal valued at more than $100M for maintenance and modification services for its fossil power generation facilities in Arizona and New Mexico.
- The award is an extension of CB&I's existing scope of work relating to outage, non-outage, operations and maintenance and capital projects.
Oct. 23, 2014, 4:47 PM| 4 Comments
Oct. 22, 2014, 5:35 PM
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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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