CB&I Teams with W.R. Grace & Co. to Market S-Brane Gasoline Desulfurization Process.

Energy Editors/Business Editors

THE WOODLANDS, Texas--(BUSINESS WIRE)--March 15, 2004

CB&I (NYSE:CBI), through its subsidiary CB&I Howe-Baker, has initiated a joint marketing effort with W.R. Grace & Co.'s (NYSE:GRA) Davison Membranes for its S-Brane(R) membrane-based gasoline desulfurization process. A demonstration plant for the S-Brane membrane process has been operational at ConocoPhillips' Bayway, N.J., refinery since mid-2003, and the process is currently available for commercial applications.

"We are pleased to be working with Grace to bring this new technology to market," said Luke Scorsone, President of CB&I Howe-Baker. "We are confident this process will provide a cost-effective solution to today's complex refining revamps that are needed to meet current and future gasoline sulfur regulations."

According to Fred Festa, President and Chief Operating Office of W.R. Grace & Co., "The S-Brane membrane process is proving to be a viable solution for refiners needing to meet Tier II gasoline specifications. This novel membrane technology provides a low capital and operating cost solution to achieve gasoline sulfur reduction."

The S-Brane membrane process complements existing and new hydrotreating facilities. S-Brane produces a gasoline stream capable of complying with low sulfur specifications, unloads existing hydrotreating facilities, and results in an overall increase in the gasoline blending pool octane value. The unit can be modularized and installed with minimal impact to the existing refinery infrastructure and results in minimal operations downtime.

CB&I is one of the world's leading engineering, procurement and construction companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and 10,000 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.CBIepc.com.

Grace is a leading global supplier of catalysts and silica products, specialty construction chemicals and building materials, and container protection products. With annual sales of $2.0 billion, Grace has more than 6,000 employees and operations in nearly 40 countries. More information is available at www.grace.com.