Chicago Bridge & Iron
) recently received another engineering, procurement and
construction (EPC) contract valued over $60 million from Petrofac
Saudi Arabia Co. Ltd. Per the deal, Chicago Bridge & Iron is
entailed to construct storage spheres at a grassroots refinery in
Saudi Arabia. Over the last four months, Chicago Bridge & Iron
has been awarded EPC contracts worth $585 million, excluding the
latest Petrofac contract.
In Jun 2014, Chicago Bridge & Iron received an EPC deal from
AES Corporation, a subsidiary of Indianapolis Power & Light
Company. Valued at approximately $500 million, the contract
requires Chicago Bridge & Iron to provide EPC services to AES
Corp.'s 671-Megawatt Combined-Cycle Gas Turbine Power Station to be
constructed near Martinsville, IN.
Separately, Chicago Bridge & Iron received an $85 million
contract from a consortium led by BP plc (BP) for the Shah Deniz
Stage II project on Apr 15, 2014. The company will also provide
core services including engineering and project management for
advancing the South Caucasus Pipeline Expansion (SCPX) in the Shah
Chicago Bridge & Iron's Engineering, Construction and
Maintenance division provides EPC services to major energy
infrastructure facilities. This segment also offers comprehensive
and integrated maintenance services. This operating group primarily
executes nuclear, fossil and renewable electricity generation
projects for the power industry and upstream and downstream process
facilities in the oil and gas industry. Such process facilities
include refinery process units, petrochemical facilities as well as
natural gas liquefaction and re-gasification terminals. This
segment accounted for 61% of the total revenue in fiscal 2013 and
reported a robust revenue increase of 392% in the last reported
quarter (first quarter 2014).
Chicago Bridge & Iron primarily focuses on providing energy
infrastructure and takes up government contracts. The company
offers designing, engineering, construction, fabrication,
maintenance and environmental services.
Chicago Bridge currently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the sector include
United Technologies Corp
). All three carry a Zacks Rank # 2 (Buy).
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