CB&I and Chiyoda Awarded Contract for LNG Liquefaction and Export Facilities

 CB&I and Chiyoda Awarded Contract for LNG Liquefaction and Export Facilities

Project to Create 3,000 Construction Jobs in Southwest Louisiana

PR Newswire

THE WOODLANDS, Texas, March 17, 2014

THE WOODLANDS, Texas, March 17, 2014 /PRNewswire/ --CB&I (NYSE: CBI) and
Chiyoda Corporation (TSE: 6366; ISIN: JP3528600004) today announced the joint
venture between CB&I and Chiyoda International Corporation, a U.S. based
wholly-owned subsidiary of Chiyoda, has been awarded a contract valued at
approximately $6 billion by Cameron LNG, LLC (Cameron) to construct the
Cameron Liquefaction Project in Hackberry, La.

The scope of work includes engineering, procurement and construction for the
addition of natural gas liquefaction and export facilities to the existing LNG
regasification facility. The Cameron Liquefaction Project will be comprised of
three liquefaction trains with a nameplate capacity of approximately 13.5
million tons per year of LNG. In February 2014, Cameron received conditional
authorization from the U.S. Department of Energy (DOE) to export domestically
produced LNG to countries that do not have a free trade agreement with the
U.S., including those in Europe and Asia.

"With more than 50 years of experience in the LNG industry, CB&I has a long
history of successfully executing LNG projects all over the world," said
Philip K. Asherman, CB&I's President and Chief Executive Officer. "This new
award builds on our strong presence along the U.S. Gulf Coast, including
Louisiana. This project will utilize a large number of engineering and
construction craft workers, and we feel fortunate to be able to contribute to
both the growth in jobs and the infrastructure in the state." 

"Chiyoda is a leading contractor for designing and constructing LNG plants,
accounting for more than 40 percent of the world's total LNG production
capacity," said Shogo Shibuya, Chiyoda's President and Chief Executive
Officer. "Chiyoda has been accelerating its involvement in the development of
LNG projects in North America, based on its innovative plant design and
world-class project execution capabilities, with a relentless drive for safety
and contributing to the local community."

"The selection of CB&I and Chiyoda as contractors represents another
significant milestone in the development of Cameron LNG liquefaction-export
project," said Octavio M. Simoes, Sempra LNG's President. "The engineering,
procurement and construction companies we've selected have the qualifications
to build large liquefaction and energy infrastructure projects as well as a
firm commitment to support our project's neighbors in southwest Louisiana."

The project will create approximately 3,000 on-site jobs, as well as several
hundred jobs at CB&I's fabrication facilities in Louisianaand several hundred
engineering and project management jobs in the company's Baton Rouge, La.,
office to support the design, fabrication and construction of the facilities.

Subject to a final investment decision, finalization of permits and securing
financing, Sempra Energy (NYSE: SRE) will have an indirect 50.2-percent
ownership interest in Cameron and the related liquefaction project. The
remaining portion of Cameron and the related liquefaction project will be
owned by affiliates of GDF SUEZ S.A. (GDF SUEZ), Mitsubishi Corporation
(through a related company jointly established with Nippon Yusen Kabushiki
Kaisha (NYK)) and Mitsui & Co., Ltd. (Mitsui), each with 16.6-percent stakes.

About CB&I
CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in
the world and a major provider of government services. With 125 years of
experience and the expertise of approximately 55,000 employees, CB&I provides
reliable solutions while maintaining a relentless focus on safety and an
uncompromising standard of quality. For more information, visit www.cbi.com.

About Chiyoda
Chiyoda Corporation, headquartered in Yokohama, Japan provides services in the
fields of engineering, procurement and construction on a global basis for gas
processing, refineries and other hydrocarbon or industrial plant projects,
particularly gas value chain projects, in South East Asia, the Oceania
regions, the Middle East and Russia.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and
represents our expectations and beliefs concerning future events. These
forward-looking statements are intended to be covered by the safe harbor for
forward-looking statements provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known and unknown risks
and uncertainties. When considering any statements that are predictive in
nature, depend upon or refer to future events or conditions, or use or contain
words, terms, phrases or expressions such as "achieve," "forecast," "plan,"
"propose," "strategy," "envision," "hope," "will," "continue," "potential,"
"expect," "believe," "anticipate," "project," "estimate," "predict," "intend,"
"should," "could," "may," "might" or similar forward-looking statements, we
refer you to the cautionary statements concerning risk factors and
"Forward-Looking Statements" described under "Risk Factors" in Item 1A of our
Annual Report filed on Form 10-K filed with the SEC for the year ended
December 31, 2013, and any updates to those risk factors or "Forward-Looking
Statements" included in our subsequent Quarterly Reports on Form 10-Q filed
with the SEC, which cautionary statements are incorporated herein by
reference.

Chiyoda Logo.
CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in
the world and a major provider of government services. Drawing upon more than
a century of experience and the expertise of approximately 50,000 employees,
CB&I provides reliable solutions while maintaining a relentless focus on
safety and an uncompromising standard of quality. For more information, visit
www.cbi.com.

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SOURCE CB&I

Website: http://www.cbi.com
Contact: Media: www.CBI.com, Investors: Christi Thoms +1 832 513 1200
 
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