CB&I Raises Second Quarter, Full-year 2002 Earnings Guidance.

Business Editors

Chicago Bridge & Iron Company N.V. (NYSE:CBI) today announced that it expects earnings per share for the second quarter ended June 30, 2002, will be higher than the current Thomson/First Call consensus estimate of $0.52. Second quarter 2002 earnings are now expected to be in the range of $0.57 to $0.59 per share from continuing operations. The Company also is increasing its guidance for full-year 2002 earnings from the current Thomson/First Call consensus estimate of $2.19 to the range of $2.30 to $2.35 per share.

Gerald M. Glenn, CB&I's Chairman, President and CEO, said, "Our increased expectations for the quarter and the year result from a record level and more timely award of new business through the first half of the year, continued emphasis on lowering and controlling our costs, on-going improvement in project execution, and a mix of higher margin business."

The Company will host a brief conference call at 9:00 A.M. Central time tomorrow (Wednesday, July 17, 2002) to discuss its revised expectations and to answer questions from participants. The conference call will be broadcast live over the Internet. To access the webcast, go to www.shareholder.com/cbi/medialist.cfm and select the conference call link. Please log on to this website at least 15 minutes prior to the start of the call to register and download and install any necessary audio software. You may also access the webcast from the CB&I website (www.chicagobridge.com) by selecting "Event Calendar" under the "Investor Relations" section on the home page.

If you are unable to participate in the live call, the webcast of the conference call will be available at the websites listed above following the event. In addition, you may access a replay of the conference call by telephone at 800/642-1687, confirmation number 4926916. Both the archived webcast and telephone replay will be available until close of business July 24, 2002.

As previously announced, CB&I will release its second quarter 2002 results before the market opens on Aug. 1, 2002. The Company will host a conference call and webcast to discuss results at 10:00 A.M. Central time that morning. Webcast access will be the same as shown above. A replay of the second quarter 2002 earnings conference call will be available by telephone at 402/280-9975, passcode 21673. Both the archived webcast and telephone replay will be available until close of business Aug. 8, 2002.

Any statements made in this release that are not based on historical fact are forward-looking statements and represent management's best judgment as to what may occur in the future. The actual outcome and results are not guaranteed, are subject to risks, uncertainties and assumptions and may differ materially from what is expressed. A variety of factors could cause business conditions and results to differ materially from what is contained in the forward-looking statements including, but not limited to, the Company's ability to realize cost savings from its expected execution performance of contracts; the uncertain timing and the funding of new contract awards, and project cancellations and operating risks; cost overruns on fixed priced contracts; increased competition; fluctuating revenues resulting from a number of factors, including the cyclic nature of the individual markets in which the Company's customers operate; lower than expected activity in the hydrocarbon industry, demand from which is the largest component of the Company's revenue, or lower than expected growth in the Company's other primary end markets; the Company's ability to integrate and successfully operate acquired businesses and the risks associated with those businesses; and the ultimate outcome or effect of the pending Federal Trade Commission proceeding on the Company's business, financial condition and results of operations. Additional factors which could cause actual results to differ from such forward-looking statements are set forth in the Company's Form S-3 Registration Statement filed with the SEC on April 25, 2002. The Company does not undertake to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

CB&I is a global specialty engineering and construction company offering a complete package of design, engineering, fabrication, construction and maintenance services. Our products 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.chicagobridge.com.