Chicago Bridge & Iron
) secured three contracts valued over $200 million yesterday. The
first one was a renewal of contract in the leading global
speciality chemicals industry for long-term maintenance,
operations, engineering and other industrial services at multiple
chemical facilities across the U.S. This contract renewal opens up
opportunities worth $110 million for Chicago Bridge & Iron.
The second was awarded by
LSB Industries Inc
) - a subsidiary of El Dorado Ammonia L.L.C. The scope of this deal
requires Chicago Bridge & Iron to provide engineering,
procurement, fabrication and construction services for a 30,000
ton, full-containment, low-temperature ammonia storage tank. This
storage tank is an essential requirement for LSB's ammonia plant
expansion in El Dorado, AR. Notably, Chicago Bridge & Iron is a
leading constructor of low temperature storage tanks.
The third contract was a front end engineering and design (FEED)
one from NefteGazIndustriya, LLC for the latter's Afipsky Oil
Refinery in Krasnodar, Russia. Apart from the FEED services, the
$90 million contract requires Chicago Bridge & Iron to provide
technology licenses for the project.
Per this contract, Chicago Bridge & Iron will provide FEED
services to multiple new process units, which include a 2.5 million
ton annual production hydrocracker unit licensed by Chevron Lummus
Global - a joint venture between Chicago Bridge & Iron and
). FEED services will also be provided to the hydrogen and sulfur
units licensed by Chicago Bridge & Iron and other associated
units. Additionally, Chicago Bridge & Iron will provide
technology and FEED services for a crude distillation/vacuum
distillation/visbreaker complex. For this, the company will employ
the Shell Soaker Visbreaking technology which is jointly licensed
by it and
Chicago Bridge & Iron primarily provides designing,
engineering, construction, fabrication, maintenance and
environmental services to government enterprises. The stock
currently has a Zacks Rank #3 (Hold).
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