Fri, May 8, 12:59 PM
- Weakness in CB&I (CBI -1.7%) is attributed to news that Toshiba (OTCPK:TOSBF -11.3%), the parent of the company's partner on a nuclear plant construction project, says it will launch an independent investigation committee to examine its accounting for some infrastructure-related projects.
- Toshiba had previously disclosed the formation of a special committee to conduct an internal investigation but has decided instead to have an independent committee further investigate the matter after finding improper accounting on some projects.
- Total capital costs for the nuclear plant project are estimated at $5.2B, or $6.8B including escalation and allowance for funds used during construction.
Thu, May 7, 8:46 AM
Thu, Apr. 23, 4:34 PM
Wed, Apr. 22, 5:35 PM
- ACTG, ALGN, ALTR, AMZN, AWAY, BAS, BCR, BGS, BJRI, BLDR, CB, CBI, COF, CPHD, CVTI, CYN, DGII, DV, EFII, ELY, ETFC, ETH, FET, FICO, FII, FR, FSL, GHL, GIMO, GOOG, HA, HBHC, HBI, HUBG, HWAY, JNPR, KLAC, KN, LSTR, MKTO, MMSI, MSCC, MSFT, MTSN, MXIM, MXWL, N, NEM, NTGR, P, PEB, PFG, QDEL, QLIK, RGA, RHI, RMD, RSG, SBAC, SBUX, SFG, SHOR, SIVB, SPNC, SRCL, SWN, SYA, SYNA, TRN, UIS, VCRA, VRSN, WIRE, WRE
Mon, Apr. 20, 9:47 AM
- CB&I (CBI +1.4%) has received a contract to provide engineering and procurement services for the Afipsky Oil Refinery in Krasnodar, Russia.
- The company's project scope includes early detail services for multiple new process units, as well as hydrogen and sulfur units licensed by CB&I and other associated businesses.
Wed, Apr. 1, 8:18 AM
Thu, Mar. 26, 8:43 AM
- A joint venture between CB&I (NYSE:CBI), Chiyoda International (OTCPK:CHYCF), and Zachry Industrial has been awarded a contract by FLNG Liquefaction 3, valued in excess of $2B, for the construction of the third train of a natural gas liquefaction and export facility in Texas.
- The work includes a double-walled, full-containment 165K cubic meter LNG storage tank, which will be supplied by CB&I.
- Upon completion, the three-train LNG liquefaction facility will have a total LNG capacity in excess of 13.9M tons per year.
Mon, Mar. 16, 11:28 AM
- CB&I (CBI) has been awarded contracts by Naftna Industrija Srbije for the technology license and front end engineering design of a delayed coker unit in Serbia.
- The project scope includes an extensive process planning study for the refinery, which will evaluate how to best integrate the delayed coker with the refinery's existing fluid catalytic cracking unit and hydrocracker.
Fri, Mar. 13, 12:38 PM
- Today's weakness in CBI (CBI -4.6%) appears to be mostly related to news from Scana Corp. (SCG -1.7%) regarding delays and costs related to the construction of nuclear units in South Carolina that CBI is building.
- SCE&G, Scana’s electric utility, said last night that the cost for completing the new nuclear units at the Jenkinsville plant in South Carolina are likely to rise to $11B from its initial $9.8B price tag, and completion of the Unit 2 reactor will be pushed out three years to 2019.
- SCG says the delays and related cost increases are due to design and fabrication issues associated with the production of submodules used in construction of the units, and that it is negotiating with CBI and Westinghouse regarding the responsibility for delay costs.
- Earlier: CB&I's Ballschmiede out as CFO, to be replaced by Flowserve's Taff
Fri, Mar. 13, 10:28 AM
- CB&I (CBI -7.5%) appoints Michael Taff as CFO and executive VP, effective April 1, succeeding the retiring Ronald Ballschmiede.
- Taff has more than 30 years' experience of financial experience, and joins CBI from Flowserve (FLS -3.5%), where he served as senior VP and CFO, after previously serving as CFO of McDermott.
- Ballschmiede had been CBI's CFO and executive VP since 2006, and no reason was given for his retirement.
Wed, Feb. 25, 10:03 AM
Wed, Feb. 25, 9:24 AM
Tue, Feb. 24, 4:36 PM
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.
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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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