Chicago Bridge & Iron (CBI) Clinches A $350M Contract
Zacks Investment Research | Aug 10, 2016 09:01PM ET
Global engineering, procurement and construction conglomerate Chicago Bridge & Iron Company N.V. (NYSE:CBI) recently secured a $350 million contract from a renowned electric power holding company. This is the third major contract for the company won in the third quarter, after the maintenance award for two landfills and a major oil sands producer in Northern Alberta, Canada.
A String of Deal Wins
Per the latest contract, Chicago Bridge & Iron will provide engineering, procurement, fabrication and construction services for a 560-megawatt combined-cycle gas turbine power station. The latest project, located in the Southeastern United States, is designed to utilize gas turbines operating on a dual-fuel configuration that improves efficiency, reliability and fuel flexibility.
The Dual-Fuel Combined-Cycle Gas Turbine Power Station project selected Chicago Bridge & Iron for its solid reputation in providing fossil power generation in stages starting from engineering and development to procurement and maintenance. Deploying the company’s technology will not only allow the client to offer reliable and cleaner energy supply but will also offer local jobs and contribute to the regional socio-economic development.
Separately, during the third quarter of 2016, Chicago Bridge & Iron won a $50 million contract to provide operations, maintenance and management services for methane gas production and purification facilities at two landfills in the Northeast. Also, it won a deal worth $40 million to provide maintenance and turnaround services for a premium oil sands producer in Northern Alberta, Canada. We believe that such contract wins highlight the resiliency of the company in tough economic times.
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