CB&I Awarded LNG Project in Australia

CBI Constructors Pty. Ltd., a subsidiary of Chicago Bridge & Iron Company N.V., has been awarded a contract valued at A$126 million (approximately US$65 million) by Woodside Energy Ltd., operator of the North West Shelf Venture onshore gas plant near Karratha, Western Australia.

CB&I will be the mechanical erection contractor for construction of a fourth liquefied natural gas (LNG) production train which has a design capacity of 4.2 million tons per annum, one of the largest capacity units in the world. The Company will mobilize on site in spring 2002 and expects to complete its portion of the project by the end of 2003. Upon full mobilization, CB&I will be the largest contractor on the jobsite.

"We are pleased to continue our association with Woodside in this major capital expansion program," said Gerald Glenn, CB&I's chairman, president and CEO. "CB&I has been operating successfully and continuously in Australia for nearly 50 years and has participated in numerous major resource development projects, including several for Woodside in Western Australia. We are confident our experience in the LNG market around the world will contribute to the safe and on-time completion of this important project."

The managing contractor for the LNG Expansion Project is Kellogg Joint Venture. The six equal participants in the North West Shelf Venture are Woodside Energy Ltd. (operator), BHP Billiton Petroleum (North West Shelf) Pty. Ltd., BP Developments Australia Pty. Ltd., Chevron Australia Pty. Ltd., Japan Australia LNG (MIMI) Pty. Ltd. and Shell Development (Australia) Proprietary Limited.