CB&I Wins Contract for LNG Terminal in China

CB&I has been awarded a lump-sum turnkey contract valued at approximately US$140 million for the design and construction of the terminal system works at a new liquefied natural gas (LNG) import terminal in Fujian Province, Peoples Republic of China. This award follows the Company's announcement in April 2005 of a US$100 million contract to build two 160,000 cubic meter full containment LNG storage tanks at the facility. The terminal will be owned and operated by CNOOC Fujian LNG Co. Ltd., a co-investment of China National Offshore Oil Corporation (CNOOC) and Fujian Investment and Development Corporation.

Located in the city of Xiuyu, Fujian Province, in southeast China, the LNG regasification terminal has Phase I capacity of 2.6 million tonnes of LNG per year with Phase II expansion under planning. The natural gas from the terminal will be provided to gas-fired power plants that will be built during the project's first phase and to household users in five cities in the province.

CB&I's work scope for this latest award includes the turnkey engineering, procurement, construction and commissioning of the terminal system works, which encompasses civil, mechanical, piping, structural, buildings, and electrical and instrumentation work, and includes the marine loading arms and regasification system. The terminal is scheduled for commercial operation in early 2008.

"We are pleased that the owners of the Fujian LNG Terminal have expressed their confidence in CB&I by selecting us to design and build the balance of China's second major LNG import terminal," said Gerald M. Glenn, CB&I's Chairman, President and CEO. "By having responsibility for all elements of the project, we are confident we can meet the aggressive schedule and the owners' goals for safety, reliability and value."

CB&I executes on average more than 700 projects each year and is one of the world's leading engineering, procurement and construction (EPC) companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and approximately 11,000 employees throughout the world, CB&I capitalizes on its global expertise and local knowledge to safely and reliably deliver projects virtually anywhere.

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