CB&I reports final 2017 financial results

Highlights:

• Agreement to combine in all-stock transaction with McDermott International; received notice of early termination of Hart-Scott Rodino waiting period.
• Settlement with Cameron LNG to resolve all past commercial issues and align all parties toward successful completion of project.
• US$5.8 billion of new awards in 2017, up 17% versus 2016, with gains in all three operating groups.
• Solid operating results for fourth quarter of 2017; GAAP net loss for the quarter and year reflect significant tax-related and other charges.
• Outstanding safety performance in 2017.
• Company has attractive prospect list for 2018 and anticipates good order flow over the course of the year in four key end markets.

"A major operating highlight of 2017 was the increase in new awards – to US$5.8 billion – in what has remained a challenging market," said Patrick K. Mullen, President and Chief Executive Officer of CB&I. "We expect the strong booking trend to continue, as demonstrated by our early 2018 awards and continued work on major FEED scopes for large projects that have strong fundamentals and should proceed in 2018. Our recent announcements regarding the ADNOC refinery project and the IGP methanol project are good examples. Additionally, we are pleased with the company's 2017 safety record, which resulted from tremendous work on the part of CB&I employees around the world, as well as a massive commitment to training our employees in new strategic initiatives. Safety is one of our core values and a key metric linked to our operating and financial performance."

"The financial results for the quarter and the year include a number of non-operating items and project charges," said Mr. Mullen. "However, it's important to note that the vast majority of our portfolio continues to perform exceptionally well, in many cases above expectations. And this underlying strength reinforces the industrial logic of CB&I's planned combination with McDermott. I am pleased with the progress we are making in preparing to bring our two companies together. The integration planning has been very collaborative, and we look forward to better serving evolving customer needs through a broadened reach across the entire energy industry."

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/21022018/cbi-reports-final-2017-financial-results/