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Following the remarks, we will open the call for your questions.Now I am going to turn the call over to the team, but first I want to highlight that with nearly $4 billion in new awards this quarter and a backlog tracking just under $10 billion we have every expectation of finishing the year strong. So as Ron will discuss soon, we are raising the guidance range of earnings per share to $2.40 to $2.50 for the year, and maintain our current outlook on revenue to be in the range of $4.3 billion to $4.7 billion and new awards in the range of $6.6 billion to $7.2 billion for the year. Now I have some summary remarks after the Q&A, but now I’ll ask Lasse and Dan to provide the detail around the markets and operations for CB&I Lummus, Steel Plate Structures and Lummus Technology followed by Ron, who will highlight the financial results. So, Lasse let’s begin with you. Lasse Petterson Thank you, Philip. Good afternoon. Great, and I will begin my comments with new awards this quarter, and then give a brief update on our main ongoing projects. The third quarter awards totaled $3.8 billion which was the highest ever and that brings some backlog to exceed $9 billion. The highlight was signing the $2.3 billion contract with Chevron for their mechanical, electrical and instrumentation construction work on the Gorgon Island -- LNG project in Australia. As you are aware, we’re already working on the Barrow Island sites as the EPC contractor for the projects to LNG tanks. The Gorgon project has three LNG trains of each producing 5 million tons per year of LNG. The Gorgon ( MBI) contract scope of work is to receive, install hook up and complete the process modules for their LNG trains. The 270,000 tons of process modules are currently being fabricated at various yards in the region. Construction of LNG trains has been CB&I’s core business for many years throughout the world, and particularly in Australia where we are currently engaged on the Pluto project and where we have previously completed Woodside’s train IV and V.
Our product management personnel in Perth is in full swing to plan and prepare for the execution of the project with their main volume of construction work to be performed in 2013 and 2014. At peak, we’ve more than 3,000 people engaged on the project; the majority of the project staff and craft will come from our current Australia organization with some additional resource coming from our deep and worldwide pool of experienced LNG project personnel. Also this quarter, we announced a $500 million EPC contract for LNG storage tanks on a separate project in Australia.In July, we were selected for the project specification contract for the Arrow LNG Liquefaction Projects in Queensland. Arrow is a 50-50 joint venture between Shell and PetroChina and the project plans to have two trains each with a capacity of 4 million tons per annum. Arrow recently announced that it’s considering expanding on their capacity of each train to as much as 4.6 million metric ton per year. And let’s say that they will take the final investment decision late in 2013. These contracts have great winds for CB&I. We’ve been on Australia for more than 75 years and these awards precision as well to continue to be Australia’s leading energy contractor and a major participant on future projects in Australia’s promising LNG resource developments such as Gorgon, Browse, Barrow and Yamal. Other third quarter awards included a $60 million storage tanks contract in Saudi Arabia for their Ma’aden Bauxite and Alumina Company. So again, it was a good third quarter and with a [backload] now exceeding $9 billion we see our market’s building momentum and these awards that we have received year-to-date have certainly proven that to be the case. Now let me provide an update on our major projects currently underway. Through our joint venture with Chiyoda and Saipem, we are as previously announced participating in the FEED work on the bridge (inaudible) development for Western Australia. The field work is on schedule for completion in the second quarter of 2012. That will include submission of an EPC contract price for the full LNG plant development. We have two LNG projects under development in our London office for Russia where the field engineering work for the Shtokman and the Yamal projects are on a schedule for completion earlier next year. We anticipate to continue our engagement on these projects preparing for the later execution phases thereafter. We are also in discussions with clients in the US for reversing LNG input terminals to convert them to liquefaction export facilities. Read the rest of this transcript for free on seekingalpha.com