Qatar Shell GTL Limited Awards EPC Project To CB&I

November 16, 2006 12:41 PM ET

THE WOODLANDS, Texas -- Nov. 16, 2006 -- CB&I (NYSE: CBI) has been awarded an engineering, procurement and construction (EPC) contract by Qatar Shell GTL Limited for the Pearl Gas to Liquids (GTL) project in Ras Laffan, Qatar. The Pearl GTL Project is a joint development by Royal Dutch Shell plc and Qatar Petroleum.

CB&I's work scope for the project consists of the engineering, procurement, fabrication and construction of two storage facilities with a combined storage capacity of 900,000 cubic meters; 120 kilometers (approximately 75 miles) of piping systems; and all associated mechanical, civil, building, electrical and instrumentation works for the project. The onsite work force is expected to peak at 1,000 employees.

"We are pleased to build upon our long association with Shell and Qatar Petroleum for this significant project," said Philip K. Asherman, CB&I's President and CEO. "CB&I has been working in Qatar for more than 35 years, and we have recently completed a number of projects in Ras Laffan Industrial City. We are confident that our presence and experience in the region will enable us to rapidly mobilize for this project and meet our and Qatar Shell's expectations for safety, quality and schedule performance."

The Pearl GTL project comprises the development of upstream gas production facilities and an onshore GTL plant that will produce 140,000 barrels per day of GTL products and approximately 120,000 barrels per day of condensate, liquefied petroleum gas and ethane. When completed, it will be the world's largest integrated GTL complex.

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.

For Further Information Contact: Media: Bruce Steimle +1 832 513 1111 Analysts: Marty Spake +1 832 513 1245

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