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News from CB&I

Hydrocarbon Engineering,

Financial results

CB&I have reported their adjusted net income for the second quarter at US$ 148.3 million, excluding integrated related costs of US$ 5.9 million. Second quarter US GAAP net income was SU$ 142.4 million. Revenue for the second quarter was US$ 3.3 billion, up from US$ 2.9 billion in the comparable prior year period. Second quarter new awards totalled US$ 4.2 billion, which resulted in a backlog of US$ 31.5 billion.

Philip K. Asherman, President and CEO, CB&I said, ‘I am pleased to report CB&I have another strong quarter, strategically, operationally and financially. Our unique business model which provides our clients a more complete supply chain solution allowed us to maximise our competitive position within the global energy infrastructure market. New awards through the first half of the year totalled over US$ 10 billion, resulting in a record backlog of nearly US$ 32 billion. Our employees working on our global projects and in shops, labs and engineering offices performed more than 42 million work hours in the quarter and with one of the best safety records in our industry. We continued to advance major project key milestones at levels that delivered growth in revenue and income from operations. Revenue was up 16% from the second quarter 2013 and adjusted income from operations was SU$ 270 million, up 38% from the comparable period last year. We remain confident in our ability to deliver revenue and earnings growth consistent with our expectations for 2014 and convert new awards activity into long term earnings growth.’

Noteworthy awards in the quarter included a technology license and FEED scope for a world scale ethane cracker in the US and a refinery in Russia; long term maintenance and operations at multiple chemical facilities throughout the US; storage spheres for a grassroots refinery in Saudi Arabia; storage for an ammonia plant expansion in the US; delayed coking, hydrocracking, crude and vacuum heaters in Oman; operations and services work for the US EPA; as well as numerous strategic technology, environmental and pipe fabrication awards around the world.

Versalis announcement

CB&I have announced a cooperation agreement by which the company will market and provide engineering services for Versalis’ low density polyethylene (LDPE) and ethyl vinyl acetate copolymer (EVA) technologies in North America. CB&I will be able to offer both tubular and autoclave high pressure processes, which will enhance the range of products at Versalis’ LDPE and EVA plants and add a high quality product mix to meet any market needs.

Daniel McCarthy, President, CB&I technology operating group said, ‘the LDPE and EVA technologies complement our olefins processes and our Novolen polypropylene technologies. Versalis has vast experience in petrochemicals and polymers, and CB&I is already partnered with them for other petrochemicals processes. This expansion of our cooperation is a testament to our successful relationship.’

Daniele Ferrari, CEO, Vesalis said, ‘the marketing of our LDPE and EVA through our partnership with CB&I, by means of their significant presence in the petrochemicals market worldwide, has come to be part of the strategy Versalis is pursuing to strengthen its positioning on the international marketplace and gives the opportunity to enhance and expand our technical footprint paired with high quality standards.’

Adapted by Claira Lloyd

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