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CB&I reports 1Q15 results

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LNG Industry,

CB&I has announced a 40% increase in net income for 1Q15 to US$132.2 million, against adjusted net income for the comparable period. 

Revenues for the first quarter increased 7% to US$3.1 billion, compared to 1Q14. New awards for the first quarter totalled US$3 billion, which resulted in a backlog of approximately US$30 billion.

Philip K. Asherman, CB&I's President and Chief Executive Officer, said: “CB&I delivered solid first quarter operational and financial performance […] Revenues experienced some headwinds due to the effects of the strong dollar on our international work, which comprised nearly 40% of our revenues this quarter. We maintain confidence in our guidance for the year supported by the continuing development of LNG projects in North America, petrochemical developments on the Gulf Coast, combined cycle power plants in the US, and consistent margin performance from our operating groups."

CB&I said that its 1Q15 results reflect the company's ability to convert prospects into bookings across its global end markets for each of its business sectors. Noteworthy awards include a third LNG train for the Freeport LNG export terminal, additional fabrication services for its US LNG export facility projects, plant services for a refinery in Texas, a polypropylene technology contract and storage awards for petrochemical developments in the Middle East, storage tanks in South America and Canada, technology and FEED contracts for a delayed coker unit for a refinery in Europe, scope increases from its LNG mechanical erection project in Australia and a variety of technology and fabrication awards globally.

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