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CB&I Awarded a Redefined FEED Contract for Kashagan Full-Field Project Development in Kazakhstan

CB&ampI CB&I (NYSE: CBI) announced today that, in a joint venture with WorleyParsons and Aker Solutions, it has been awarded an updated front-end engineering and design (FEED) services contract from Shell Development Kashagan B.V. for Phase II of the full-field development of the Kashagan oil field in Kazakhstan. The updated contract, valued at GB£170 million (US$293 million), replaces an earlier GB£90 million contract awarded at the end of 2008.

The contract includes FEED work for both onshore and offshore facilities and pipelines. It also includes options for early works, detail engineering, procurement services, technical assistance and design/system integrity. Work on the project began in November 2008 and is expected to be completed in the second quarter of 2011.

Shareholders in the Joint Venture company (K-WAC Limited) are: CB&I (25%), WorleyParsons Europe Ltd (45%), Aker Engineering & Technology AS (30%).

CB&I designs, engineers and constructs some of the world's largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 16,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies, catalysts and specialty equipment for petrochemical facilities, oil refineries, and gas processing plants.

Published 26/04/2010

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