CB&I Awarded Refinery Expansion Project in Caribbean.

THE WOODLANDS, Texas -- CB&I (NYSE:CBI) has been awarded a contract for a refinery upgrade project at a Caribbean oil refinery. The award, which was booked in the fourth quarter, is valued in excess of US$75 million.

CB&I's scope consists of EPCM and fabrication services associated with the revamp and expansion of the refinery's fluid catalytic cracking unit (FCCU), along with a 11,500 barrel per day grassroots liquefied petroleum gas (LPG) Merox[TM] unit. The upgrade is part of the refinery's gasoline optimization program.

Mechanical completion is scheduled for 23 months from time of award. The project work force is expected to peak at more than 1,000 workers.

Merox is a licensed extraction process developed by UOP LLC to reduce the mercaptan sulfur content from LPG, naphtha and gasoline streams. CB&I has an alliance with UOP to provide engineering, procurement, fabrication and site construction services for Merox unit installations throughout the Americas.

CB&I executes on average more than 700 projects each year and is one of the world's leading engineering, procurement and construction (EPC) companies, specializing in projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and approximately 12,000 employees throughout the world, CB&I capitalizes on its global expertise and local knowledge to safely and reliably deliver projects virtually anywhere. Information about CB&I is available at www.CBI.com.