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

Exhibit 99.1

CB&I Reports Third Quarter 2009 Results

THE WOODLANDS, Texas--(BUSINESS WIRE)--October 27, 2009--CB&I (NYSE: CBI) today reported net income of $40.8 million, or $0.42 per diluted share, for the third quarter of 2009, compared with $8.6 million, or $0.09 per diluted share, in the third quarter of 2008. Revenue for the quarter was $1.0 billion compared with third quarter 2008 revenue of $1.6 billion.

New awards for the third quarter totaled $1.6 billion, including CB&I’s $550 million Gorgon LNG contract in Australia and the $530 million GASCO award in Abu Dhabi.

Cash and cash equivalents increased to $212.0 million as of September 30, up from $88.2 million at year-end 2008.

"We are pleased with the third quarter results and the diverse number of new awards year to date, reaffirming our intent to capitalize on the major projects we have been pursuing in each business sector," said Philip K. Asherman, President and CEO. "We are very confident in our ability to convert major prospects into new backlog in the fourth quarter of 2009 and in 2010, while sustaining the margins in the end markets we serve."

CB&I will host a webcast, including a slide presentation, on October 27 at 4:00 p.m. CDT (5:00 p.m. EDT) 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/news.htm.

This 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, 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						Nine Months
		Ended September 30,						Ended September 30,
		2009			2008			2009			2008
Revenue		$	1,010,401		$	1,563,709		$	3,518,490		$	4,431,594
Cost of revenue			892,866			1,462,984			3,123,927			4,362,820
	Gross profit		117,535			100,725			394,563			68,774
	% of Revenue		11.6	%		6.4	%		11.2	%		1.6	%
Selling and administrative expenses			48,292			54,854			158,778			170,964
	% of Revenue		4.8	%		3.5	%		4.5	%		3.9	%
Intangibles amortization			6,080			5,894			17,553			17,679
Other operating (income) expense, net			(1,461	)		105			9,875			44
Equity earnings			(9,852	)		(11,950	)		(28,776	)		(34,233	)
	Income (loss) from operations		74,476			51,822			237,133			(85,680	)
	% of Revenue		7.4	%		3.3	%		6.7	%		-1.9	%
Interest expense			(4,916	)		(5,388	)		(16,019	)		(14,529	)
Interest income			398			1,744			1,190			7,177
	Income (loss) before taxes		69,958			48,178			222,304			(93,032	)
Income tax (expense) benefit			(28,070	)		(37,825	)		(85,311	)		8,588
	Net income (loss)		41,888			10,353			136,993			(84,444	)
Less: Net income attributable to noncontrolling interests			(1,065	)		(1,799	)		(3,934	)		(5,283	)
	Net income (loss) attributable to CB&I	$	40,823		$	8,554		$	133,059		$	(89,727	)
Net income (loss) attributable to CB&I per share:
	Basic	$	0.43		$	0.09		$	1.40		$	(0.94	)
	Diluted	$	0.42		$	0.09		$	1.38		$	(0.94	)
Weighted average shares outstanding:
	Basic		95,727			95,341			95,205			95,754
	Diluted		97,489			96,086			96,318			95,754

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)
	Three Months Ended									Nine Months Ended
	September 30,				September 30,					September 30,				September 30,
	2009				2008					2009				2008
			% of					% of				% of					% of
NEW AWARDS*			Total					Total				Total					Total
CB&I Steel Plate Structures	$	1,433,383	87	%	$	338,427		48	%	$	1,963,712	73	%	$	1,803,860		56	%
CB&I Lummus		109,678	7	%		220,335		31	%		491,614	18	%		936,274		29	%
Lummus Technology		97,320	6	%		144,918		21	%		224,775	9	%		476,766		15	%
Total	$	1,640,381			$	703,680				$	2,680,101			$	3,216,900
			% of					% of				% of					% of
REVENUE			Total					Total				Total					Total
CB&I Steel Plate Structures	$	383,453	38	%	$	500,489		32	%	$	1,261,458	36	%	$	1,460,475		33	%
CB&I Lummus		528,347	52	%		952,669		61	%		1,994,994	57	%		2,634,985		59	%
Lummus Technology		98,601	10	%		110,551		7	%		262,038	7	%		336,134		8	%
Total	$	1,010,401			$	1,563,709				$	3,518,490			$	4,431,594
			% of					% of				% of					% of
INCOME (LOSS) FROM OPERATIONS			Revenue					Revenue				Revenue					Revenue
CB&I Steel Plate Structures	$	34,284	8.9	%	$	54,108		10.8	%	$	105,049	8.3	%	$	157,762		10.8	%
CB&I Lummus		18,551	3.5	%		(29,623	)	(3.1	%)		75,095	3.8	%		(326,300	)	(12.4	%)
Lummus Technology		21,641	21.9	%		27,337		24.7	%		56,989	21.7	%		82,858		24.7	%
Total	$	74,476	7.4	%	$	51,822		3.3	%	$	237,133	6.7	%	$	(85,680	)	(1.9	%)
* 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)
		September 30,			December 31,
		2009			2008
ASSETS
Current assets		$	1,188,900		$	1,191,115
Equity investments			132,084			130,031
Property and equipment, net			329,191			336,093
Goodwill and other intangibles, net			1,186,190			1,198,674
Other non-current assets			144,123			144,805
	Total assets	$	2,980,488		$	3,000,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolver borrowings and notes payable		$	2,326		$	523
Current maturity of long-term debt			40,000			40,000
Other current liabilities			1,658,948			1,947,602
Long-term debt			120,000			120,000
Other non-current liabilities			348,579			318,740
Shareholders' equity			810,635			573,853
	Total liabilities and shareholders' equity	$	2,980,488		$	3,000,718
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER FINANCIAL DATA
(in thousands)
		Nine Months
		Ended September 30,
		2009			2008
CASH FLOWS
Cash flows from operating activities		$	107,845		$	94,345
Cash flows from investing activities			(16,877	)		(80,693	)
Cash flows from financing activities			32,844			(77,163	)
Increase (decrease) in cash and cash equivalents			123,812			(63,511	)
Cash and cash equivalents, beginning of the year			88,221			305,877
Cash and cash equivalents, end of the period		$	212,033		$	242,366
OTHER FINANCIAL DATA
Decrease in receivables, net		$	64,838		$	66,867
Change in contracts in progress, net			(51,173	)		45,085
Increase in non-current contract retentions			(3,438	)		(15	)
(Decrease) increase in accounts payable			(160,403	)		93,019
	Change in contract capital	$	(150,176	)	$	204,956
Depreciation and amortization expense		$	59,941		$	58,042
Capital expenditures		$	36,133		$	82,057
Backlog *		$	4,866,422		$	6,199,040
* 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