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CB&I announces increased net income

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LNG Industry,

CB&I has announced that its net income for 2Q15 was up 14% on the comparable period in 2014 to US$169.5 million. Revenues stood at US$3.2 billion, including a US$240 million negative impact attributable to the translation effect of the strong dollar.

The company received new orders totalling US$2.8 billion during the quarter, with new awards for the first six months totalling US$5.9 billion.

During the quarter, CB&I and its joint venture partners Chiyoda Corp. and Saipem were selected by Anadarko Petroleum Corp. to design and construct process and ancillary infrastructure associated with its LNG development programme in Mozambique. CB&I expects to book its share of the initial phase of the project in 4Q15.

Philip K. Asherman, CB&I's President and Chief Executive Officer, said: "We continue to deliver solid performance despite a volatile commodity market and geopolitical issues that create instability in many of the traditional international energy markets […] The US remains a great opportunity for us particularly in LNG, petrochemicals and fossil power generation markets. East Africa will be a source of solid backlog for many years as Anadarko and other owners develop these tremendous assets. Additionally, we continue to produce significant profitability from not only our insourcing capabilities but also the diverse portfolio of new opportunities in our facilities maintenance, engineered products, steel plate storage, pipe fabrication, technology licensing and catalyst businesses."

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