CB&I Completes New Credit Agreements; New Facilities Double the Company's Prior Credit.

Energy Editors/Business Editors

THE WOODLANDS, Texas--(BUSINESS WIRE)--Aug. 25, 2003

CB&I (NYSE:CBI) has entered into new revolving credit agreements with an aggregate capacity of US$350 million, which is expandable to US$400 million. The agreements consist of a five-year letter of credit facility and a three-year revolving credit facility. Both facilities are committed and unsecured. They replace the Company's previous credit facilities that had an aggregate capacity of $175 million.

"Following our recent very successful equity offering, this financing was well received by the credit markets, and we are extremely pleased at the significant increase in the number of participating banks," said Richard E. Goodrich, CB&I's Executive Vice President and Chief Financial Officer. "This larger facility ensures that we have the capacity to support our growing new business and pursue our corporate strategy of seeking significant process-related EPC and liquefied natural gas (LNG) projects worldwide."

The lead banks in the syndicate for the new facilities are Bank One and Bank of America. The syndicate includes a total of 18 banks.

CB&I is a global specialty engineering, procurement and construction (EPC) company serving customers in several primary end markets, including hydrocarbon refining, natural gas, water and the energy sector in general. We offer a complete package of design, engineering, fabrication, procurement, construction and maintenance services. Our projects include hydrocarbon processing plants, LNG terminals and peak shaving plants, bulk liquid terminals, water storage and treatment facilities, and other steel structures and their associated systems. Information about CB&I is available at www.CBIepc.com.