CB&I results highlight LNG achievements

CB&I announced financial results for the fourth quarter and full year 2013. The report also highlighted noteworthy achievements and developments in the liquefied natural gas (LNG) sector.

Financial summary

• Net income for 2013 was US$ 454.1 million
• Consolidated revenue for 2013 was US$ 11.1 billion, up from US$ 5.5 billion in 2012
• New awards for 2013 totalled US$ 12.3 billion, resulting in a backlog of US$ 27.8 billion as of 31^st December 2013

• Q4 net income was US$ 196.8 million
• Q4 consolidated revenue was US$ 3.0 billion
• New awards for Q4 2013 totalled US$ 5.3 billion

Comments

CB&I CEO, Philip Asherman, commented: "With record high new awards and revenue, 2013 was without a doubt the strongest year in the company's 125 year history. Our 2013 net income, excluding acquisition and integration related costs, exceeded half a billion dollars, resulting in adjusted earnings per share of US$ 4.91.

"In addition to our financial results, I am very proud to report that we executed 145 million work-hours in 2013, with one of the best safety records in our industry. With this relentless focus and commitment to safety, our unique business model that delivers a more complete supply chain solution for our customers, nearly US$ 30 billion in backlog and the assurance of long-term global energy demand, we expect CB&I to continue to deliver outstanding value to our shareholders."

LNG developments

Noteworthy awards and developments included:

• A LNG contract for the first two trains at Freeport LNG
• Storage awards for LNG tanks in Asia and Australia
• A pipe fabrication award for a natural gas project in Australia
• A plant services contract for Peru LNG

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26022014/cbi_highlights_lng_developments_217/