NYSE: CBI 14.91
Change: -0.14 -0.93% )
Volume: 1,801,380
April 19, 2018

Investors

CB&I Announces Settlement Agreement with Cameron LNG

12/19/2017

THE WOODLANDS, Texas, Dec. 19, 2017 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has reached a settlement agreement with Cameron LNG relating to the three-train LNG liquefaction project in Hackberry, Louisiana. CB&I is constructing the project through CCJV, a joint venture with Chiyoda International Corporation.

"This settlement with Cameron LNG marks an important milestone in resolving all past commercial issues and aligning all parties toward the successful completion of the project," said Patrick K. Mullen, CB&I's President and Chief Executive Officer. "We appreciate the collaboration of Cameron LNG and look forward to their continued support as we move forward with the safe and on-time completion of this significant energy infrastructure project."

The settlement resolves all known and unknown claims to date (including impacts from Hurricane Harvey) and includes the following key components:

  • Resolves all past commercial issues and increases the certainty of the project schedule, which has all three liquefaction trains producing LNG in 2019 
  • Provides incentive bonus payments related to expedited project completion
  • Waiver of any schedule-related liquidated damages related to the original contract and reestablishment of liquidated damage start dates according to the settlement

About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2016, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

For more information, visit  www.cbi.com (http:// www.cbi.com ). (PRNewsFoto/CB&I)

 

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SOURCE CB&I

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NYSE: CBI 14.91
Change: -0.14 -0.93% )
Volume: 1,801,380
20 minute delay April 19, 2018 04:02 PM