CB&I Announces Offshore Award

CB&I (NYSE: CBI) announced today that it has been awarded a project valued in excess of US$250 million by Daewoo Ship building & Marine Engineering Co, Ltd. (DSME). This is a fourth quarter 2012 award.

CB&I's scope of work, which will commence in the first quarter, includes detailed engineering design services for the Mariner Topsides project that is part of the Mariner oil field development project being operated by Statoil in the UK North Sea.

The Mariner heavy oil field is located on the East Shetland Platform of the UK North Sea, approximately 150 kilometers east of the Shetland Isles. Pending final approval of the field development plan by the UK authorities, Statoil expects to start production from Mariner in 2017. The field is estimated to produce for 30 years with an average production of around 55,000 barrels of oil per day.

“Following the successful completions of Buzzard, Buzzard Enhancement Project and the detailed engineering completion works for the Golden Eagle project, the Mariner award further demonstrates CB&I’s position as a premier offshore topsides engineering contractor,” said Lasse Petterson, Executive Vice President and Chief Operating Officer.

About CB&I

CB&I (NYSE: CBI) engineers and constructs some of the world’s largest energy infrastructure projects. With premier process technology, proven EPC expertise, and unrivaled storage tank experience, CB&I executes projects from concept to completion. Safely. Reliably. Globally. For more information, visit www.CBI.com.

Copyright Business Wire 2010

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