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February 16, 2018

Investors

CB&I Announces Methanol FEED Award in Louisiana

02/05/2018

THE WOODLANDS, Texas, Feb. 5, 2018 /PRNewswire/ -- CB&I (NYSE: CBI) today announced it has been awarded a contract by IGP Methanol LLC. The scope of work includes FEED services to produce a binding lump sum price for the Gulf Coast Methanol complex to be located in Myrtle Grove, Louisiana. The complex will consist of four identical methanol trains and associated utilities. Each methanol train will have a capacity of 1.8 million tons per year of methanol production from natural gas. The FEED contract also includes terms for exclusive selection of CB&I for the engineering, procurement and construction (EPC) of each of the four methanol trains.

The Louisiana Department of Environmental Quality (LDEQ) issued a Title V air-quality operating permit for the grassroots complex on Jan. 4, 2018. When complete, Gulf Coast Methanol will produce 7.2 million tons of methanol per year, making it the world's largest permitted methanol production facility.

Alongside the selection of CB&I as its FEED and EPC contractor, IGP and its partners in China and the U.S. have selected project partners for natural gas supply, gas transportation, oxygen and nitrogen supply, as well as storage and loading.

"CB&I looks forward to partnering with IGP for this significant methanol project by providing FEED services with the exclusive opportunity to execute full EPC for each of the four methanol trains at a later date," said Duncan Wigney, CB&I's Executive Vice President of Engineering & Construction. "This award further establishes our position in the methanol market and is another example of CB&I's integrated portfolio being leveraged by our customers with the benefit of working through a single point of contact."

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 18.71
Change: +0.04 +0.21% )
Volume: 1,149,594
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