Chicago Bridge & Iron 8-K CB&I Reports Second Quarter 2009 Results

Exhibit 99.1

CB&I Reports Second Quarter 2009 Results

THE WOODLANDS, Texas--(BUSINESS WIRE)--July 28, 2009--CB&I (NYSE:CBI) today reported net income of $43.4 million, or $0.45 per diluted share, for the second quarter of 2009, compared with a loss of ($140.5 million), or ($1.47) per diluted share, in the second quarter of 2008. Revenue for the quarter was $1.2 billion compared with second quarter 2008 revenue of $1.4 billion. New awards for the quarter totaled $428.9 million.  CB&I's recently announced $530 million GASCO project will be included in third quarter new awards. Cash and cash equivalents increased to $116.0 million as of June 30, up from $88.2 million at year-end 2008.

“We are pleased with the quarter’s results which reflect solid project execution and strong operating income,” said Philip K. Asherman, President and CEO. “We continue to be encouraged by signs of resurgence in our markets, as reflected in our recent GASCO contract in Abu Dhabi.”

CB&I will host a webcast, including a slide presentation, at 4:00 p.m. CDT (5:00 p.m. EDT) July 28 to discuss financial and operating results, and answer questions from investors. The webcast is available at www.CBI.com.

About CB&I

CB&I designs, engineers and constructs some of the world’s largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 17,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies and catalysts for petrochemical facilities, oil refineries and gas processing plants. For more information, visit www.CBI.com or access technical details at Lummus Technology Fact Sheets. If you would like to be added to CB&I’s news release email distribution list, visit www.cbi.com/ir/email_alerts.htm.

This release contains forward-looking statements regarding CB&I and represent 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, 2008, 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.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
		Three Months						Six Months
		Ended June 30,						Ended June 30,
		2009			2008			2009			2008
Revenue		$	1,212,157		$	1,428,461		$	2,508,089		$	2,867,885
Cost of revenue			1,079,286			1,586,435			2,231,061			2,899,836
	Gross profit (loss)		132,871			(157,974	)		277,028			(31,951	)
	% of Revenue		11.0	%		-11.1	%		11.0	%		-1.1	%
Selling and administrative expenses			51,255			52,171			110,486			116,110
	% of Revenue		4.2	%		3.7	%		4.4	%		4.0	%
Intangibles amortization			5,866			5,892			11,473			11,785
Other operating expense (income), net			5,434			34			11,336			(61	)
Equity earnings			(11,998	)		(16,313	)		(18,924	)		(22,283	)
	Income (loss) from operations		82,314			(199,758	)		162,657			(137,502	)
	% of Revenue		6.8	%		-14.0	%		6.5	%		-4.8	%
Interest expense			(5,557	)		(4,640	)		(11,103	)		(9,141	)
Interest income			344			2,186			792			5,433
	Income (loss) before taxes		77,101			(202,212	)		152,346			(141,210	)
Income tax (expense) benefit			(32,061	)		63,494			(57,241	)		46,413
	Net income (loss)		45,040			(138,718	)		95,105			(94,797	)
Less: Net income attributable to noncontrolling interests			(1,616	)		(1,736	)		(2,869	)		(3,484	)
	Net income (loss) attributable to CB&I	$	43,424		$	(140,454	)	$	92,236		$	(98,281	)
Net income (loss) per share
	Basic	$	0.46		$	(1.47	)	$	0.97		$	(1.02	)
	Diluted	$	0.45		$	(1.47	)	$	0.96		$	(1.02	)
Weighted average shares outstanding
	Basic		95,108			95,872			94,939			95,962
	Diluted		96,211			95,872			95,682			95,962

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)
	Three Months Ended									Six Months Ended
	June 30,				June 30,					June 30,				June 30,
	2009				2008					2009				2008
			% of					% of				% of					% of
NEW AWARDS*			Total					Total				Total					Total
CB&I Steel Plate Structures	$	209,054	49	%	$	966,439		62	%	$	530,329	51	%	$	1,465,433		58	%
CB&I Lummus		152,779	35	%		506,359		32	%		381,936	37	%		715,939		29	%
Lummus Technology		67,071	16	%		97,437		6	%		127,455	12	%		331,848		13	%
Total	$	428,904			$	1,570,235				$	1,039,720			$	2,513,220
			% of					% of				% of					% of
REVENUE			Total					Total				Total					Total
CB&I Steel Plate Structures	$	457,766	38	%	$	508,869		36	%	$	878,005	35	%	$	959,986		33	%
CB&I Lummus		671,214	55	%		791,120		55	%		1,466,647	58	%		1,682,316		59	%
Lummus Technology		83,177	7	%		128,472		9	%		163,437	7	%		225,583		8	%
Total	$	1,212,157			$	1,428,461				$	2,508,089			$	2,867,885
			% of					% of				% of					% of
INCOME (LOSS) FROM OPERATIONS			Revenue					Revenue				Revenue					Revenue
CB&I Steel Plate Structures	$	42,340	9.2	%	$	53,822		10.6	%	$	70,765	8.1	%	$	103,654		10.8	%
CB&I Lummus		22,122	3.3	%		(286,868	)	(36.3	%)		56,544	3.9	%		(296,677	)	(17.6	%)
Lummus Technology		17,852	21.5	%		33,288		25.9	%		35,348	21.6	%		55,521		24.6	%
Total	$	82,314	6.8	%	$	(199,758	)	(14.0	%)	$	162,657	6.5	%	$	(137,502	)	(4.8	%)
* New awards represents the value of new project commitments received by the Company during a given period.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
		June 30,			December 31,
		2009			2008
ASSETS
Current assets		$	1,143,639		$	1,191,115
Equity investments			135,883			130,031
Property and equipment, net			340,741			336,093
Goodwill and other intangibles, net			1,186,203			1,198,674
Other non-current assets			159,627			144,805
	Total assets	$	2,966,093		$	3,000,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolver borrowings and notes payable		$	174		$	523
Current maturity of long-term debt			40,000			40,000
Other current liabilities			1,760,070			1,947,602
Long-term debt			120,000			120,000
Other non-current liabilities			331,906			318,740
Shareholders' equity			713,943			573,853
	Total liabilities and shareholders' equity	$	2,966,093		$	3,000,718
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER FINANCIAL DATA
(in thousands)
		Six Months
		Ended June 30,
		2009			2008
CASH FLOWS
Cash flows from operating activities		$	52,701		$	65,332
Cash flows from investing activities			(29,066	)		(50,005	)
Cash flows from financing activities			4,130			(40,107	)
Increase (decrease) in cash and cash equivalents			27,765			(24,780	)
Cash and cash equivalents, beginning of the year			88,221			305,877
Cash and cash equivalents, end of the period		$	115,986		$	281,097
OTHER FINANCIAL DATA
Decrease (increase) in receivables, net		$	77,237		$	(6,251	)
Change in contracts in progress, net			(145,876	)		227,175
Increase in non-current contract retentions			(1,321	)		(637	)
Decrease in accounts payable			(45,821	)		(19,707	)
	Change in contract capital	$	(115,781	)	$	200,580
Depreciation and amortization expense		$	39,056		$	38,875
Capital expenditures		$	31,197		$	50,846
Backlog *		$	4,179,709		$	7,421,736
* Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation.
Backlog may also fluctuate with currency movements.

CONTACT:
CB&I
Media: Jan Sieving, +1-832-513-1111
or
Analysts: Mark Coscio, +1-832-513-1200