THE WOODLANDS, Texas--(BUSINESS WIRE)--February 24, 2009--CB&I (NYSE:CBI) today reported net income of $68.6 million, or $0.72 per diluted share for the fourth quarter of 2008, a 55% increase compared with fourth quarter 2007 net income of $44.2 million, or $0.46 per diluted share. New awards totaled $1.1 billion in the quarter, including two major nuclear contracts, a joint venture FEED contract for a Kazakhstan oilfield development project, an expansion of an LNG regasification terminal in China and several strategic technology contracts.

Net income for the full-year was a loss of $21.1 million, or $0.22 per diluted share, compared with net income of $165.6 million, or $1.71 per diluted share for 2007. This was due to the cost-overruns associated with two LNG projects in the U.K.; one of which is now essentially complete and the other which is ready for cool down and is awaiting its first LNG delivery. For the 12 months of 2008, consolidated revenue was $5.9 billion and new awards totaled $4.3 billion. Year-end backlog was $5.7 billion.

“We are pleased with the fourth quarter results, and are confident that the performance of the backlog is solid, despite disappointing 2008 financial results from our U.K. projects,” said Philip K. Asherman, President and CEO. “Looking forward, we see encouraging signs of increasing momentum in most of our major end markets, but the lack of predictability in the timing of new releases for large capital projects is a concern. In response to the global economic volatility, we are taking proactive steps to maintain our competitiveness by reducing costs, optimizing our fixed assets, capitalizing on the variable cost components of our business model, protecting our balance sheet and liquidity position, and suspending our dividend. These actions will provide the agility we will need to serve the interests of our shareholders, our customers and our employees.”

CB&I will host a webcast, including a slide presentation, at 4:00 p.m. CST (5:00 p.m. EST) February 24 to discuss financial and operating results, and answer questions from investors. The webcast is available at www.CBI.com Investor Relations/Company Highlights.

CB&I combines proven process technology with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource industries. With more than 70 proprietary licensed technologies and 1,500 patents and patent applications, CB&I is uniquely positioned to take projects from conceptual design, through technology licensing, engineering and construction and final commissioning. Drawing upon the global expertise and local knowledge of approximately 19,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information visit www.CBI.com. If you would like to be added to CB&I’s news release email distribution list, visit www.cbi.com/ir/email_alerts.htm.

This release contains “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involves known and unknown risks and uncertainties. The forward-looking statements may include, but are not limited to, (and you should read carefully) any statements containing the words “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,” “could,” “may,” “might,” or similar expressions or the negative of any of these terms. Any statements made in this release that are not based on historical fact are forward-looking statements and represent the Company's best judgment as to what may occur in the future. Although the Company believes the expectations reflected in its forward-looking statements are reasonable, the Company cannot guarantee future outcome, performance or results, which are subject to risks, uncertainties and assumptions, and may differ materially from those expressed or implied by any forward-looking statements. A variety of factors could cause actual results, performance or achievements, or business conditions to differ materially from what is contained or implied in any forward-looking statements including, but not limited to, the impact of the current, and the potential worsening of, turmoil in worldwide financial and economic markets or current weakness in the credit markets on the Company, its backlog and prospects and clients, or any aspect of its credit facilities including compliance with restrictive covenants; the Company's ability to realize cost savings from its expected execution performance of contracts; the uncertain timing and the funding of new contract awards, and project cancellations and operating risks; cost overruns on fixed price or similar contracts whether as the result of improper estimates or otherwise; risks associated with labor productivity; risks associated with percentage-of-completion accounting; the Company's ability to settle or negotiate unapproved change orders and claims; changes in the costs or availability of, or delivery schedule for, equipment, components, materials, labor or subcontractors; adverse impacts from weather affecting the Company's performance and timeliness of completion, which could lead to increased costs and affect the costs or availability of, or delivery schedule for, equipment, components, materials, labor or subcontractors; increased competition; fluctuating revenue resulting from a number of factors, including a decline in energy prices and the cyclical nature of the individual markets in which the Company's customers operate; lower than expected activity in the hydrocarbon industry, demand from which is the largest component of the Company's revenue; lower than expected growth in the Company's primary end markets, including but not limited to LNG and energy processes; risks inherent in acquisitions and the Company's ability to obtain financing for proposed acquisitions; the Company's ability to integrate and successfully operate acquired businesses and the risks associated with those businesses; the weakening, non-competitiveness, unavailability of, or lack of demand for, our intellectual property rights; failure to keep pace with technological changes; failure of our patents or licensed technologies to perform as expected or to remain competitive, current, in demand, profitable or enforceable; adverse outcomes of pending claims or litigation or the possibility of new claims or litigation, and the potential effect on the Company's business, financial condition and results of operations; lack of necessary liquidity to finance expenditures prior to the receipt of payment for the performance of contracts and to provide bid, performance, advance payment and retention bonds and letters of credit securing the Company's obligations under its bids and contracts; proposed and actual revisions to U.S. and non-U.S. tax laws, and interpretation of said laws, Dutch tax treaties with foreign countries, and U.S. tax treaties with non-U.S. countries (including, but not limited to The Netherlands), that seek to increase income taxes payable; political and economic conditions including, but not limited to, war, conflict or civil or economic unrest in countries in which the Company operates; and a downturn or disruption in the economy in general. Additional factors which could cause actual results, performance, achievements, or business conditions to differ materially from those expressed or implied by any forward-looking statements are described under "Risk Factors" as set forth in the Company's Form 10-K to be filed with the SEC for the year ended Dec. 31, 2008. The Company is not obligated, and does not undertake, to update or review any forward-looking statements, whether as a result of new information, future events or otherwise. You should consider these risks when reading any forward-looking statements.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)


		Three Months						Twelve Months
		Ended December 31,						Ended December 31,
		2008			2007			2008			2007

Revenue		$	1,513,387		$	1,323,068		$	5,944,981		$	4,363,492

Cost of revenue			1,349,011			1,219,093			5,711,831			4,006,643

	Gross profit		164,376			103,975			233,150			356,849
	% of Revenue		10.9	%		7.9	%		3.9	%		8.2	%
Selling and administrative expenses			44,493			49,845			215,457			153,667
	% of Revenue		2.9	%		3.8	%		3.6	%		3.5	%
Intangibles amortization			6,360			3,600			24,039			3,996
Other operating income, net			(508	)		(1,242	)		(464	)		(1,274	)
Equity earnings			(6,859	)		(5,106	)		(41,092	)		(5,106	)

	Income from operations		120,890			56,878			35,210			205,566
	% of Revenue		8.0	%		4.3	%		0.6	%		4.7	%
Interest expense			(6,580	)		(4,289	)		(21,109	)		(7,269	)
Interest income			1,249			6,701			8,426			31,121

	Income before taxes and minority interest		115,559			59,290			22,527			229,418

Income tax expense			(46,058	)		(13,121	)		(37,470	)		(57,354	)

	Income (loss) before minority interest		69,501			46,169			(14,943	)		172,064

Minority interest in income			(920	)		(1,978	)		(6,203	)		(6,424	)

Net income (loss)		$	68,581		$	44,191		$	(21,146	)	$	165,640


Net income (loss) per share
	Basic	$	0.73		$	0.46		$	(0.22	)	$	1.73
	Diluted	$	0.72		$	0.46		$	(0.22	)	$	1.71

Weighted average shares outstanding
	Basic		94,354			95,825			95,402			95,666
	Diluted		94,643			97,106			95,402			96,809

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)

	Three Months Ended										Twelve Months Ended
	December 31,					December 31,					December 31,					December 31,
	2008					2007					2008					2007

				% of					% of					% of					% of
NEW AWARDS*				Total					Total					Total					Total
EPC
North America	$	614,816		57	%	$	491,713		36	%	$	2,215,890		52	%	$	1,958,368		32	%
Europe, Africa & Middle East		157,764		15	%		244,913		18	%		694,178		16	%		1,082,524		17	%
Asia Pacific		183,639		17	%		476,159		35	%		480,065		11	%		610,340		10	%
Central & South America		85,236		8	%		128,004		10	%		391,456		9	%		2,540,511		41	%
Lummus Technology		28,437		3	%		11,500		1	%		505,203		12	%		11,500		0	%
Total	$	1,069,892				$	1,352,289				$	4,286,792				$	6,203,243


				% of					% of					% of					% of
REVENUE				Total					Total					Total					Total
EPC
North America	$	553,936		37	%	$	539,275		41	%	$	2,195,479		37	%	$	1,946,484		45	%
Europe, Africa & Middle East		410,492		27	%		355,224		27	%		1,515,950		26	%		1,307,578		30	%
Asia Pacific		106,573		7	%		136,091		10	%		496,422		8	%		442,042		10	%
Central & South America		339,848		22	%		251,505		19	%		1,298,458		22	%		626,415		14	%
Lummus Technology		102,538		7	%		40,973		3	%		438,672		7	%		40,973		1	%
Total	$	1,513,387				$	1,323,068				$	5,944,981				$	4,363,492


				% of					% of					% of					% of
INCOME (LOSS) FROM OPERATIONS				Revenue					Revenue					Revenue					Revenue
EPC
North America	$	65,370		11.8	%	$	47,090		8.7	%	$	136,430		6.2	%	$	138,722		7.1	%
Europe, Africa & Middle East **		(9,752	)	(2.4	%)		(27,633	)	(7.8	%)		(364,235	)	(24.0	%)		(28,359	)	(2.2	%)
Asia Pacific		3,805		3.6	%		8,355		6.1	%		37,054		7.5	%		35,427		8.0	%
Central & South America		33,566		9.9	%		22,579		9.0	%		115,202		8.9	%		53,289		8.5	%
Lummus Technology		27,901		27.2	%		6,487		15.8	%		110,759		25.2	%		6,487		15.8	%
Total	$	120,890		8.0	%	$	56,878		4.3	%	$	35,210		0.6	%	$	205,566		4.7	%


* New awards represents the value of new project commitments received by the Company during a given period.
** Includes charges to earnings for the U.K. projects for the three and twelve months ended December 31, 2008 of $33M and $457M, and December 31, 2007 of $53M and $98M, respectively.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


		December 31,			December 31,
		2008			2007 *
ASSETS

Current assets		$	1,191,115		$	1,438,871
Equity investments			130,031			117,835
Property and equipment, net			336,093			254,402
Goodwill and other intangibles, net			1,198,674			1,208,138
Other non-current assets			144,805			134,177

	Total assets	$	3,000,718		$	3,153,423


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities		$	1,988,125		$	2,013,675
Long-term debt			120,000			160,000
Other non-current liabilities			336,768			253,029

Shareholders' equity			555,825			726,719

	Total liabilities and shareholders' equity	$	3,000,718		$	3,153,423


* Certain prior year balances have been reclassified to conform to current year presentation. Specifically, project balances associated with previously acquired Lummus operations have been reclassified from accounts payable, accrued liabilities and other non-current liabilities to contracts in progress.



CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER FINANCIAL DATA
(in thousands)

		Twelve Months
		Ended December 31,
		2008			2007
CASH FLOWS

Cash flows from operating activities		$	26,309		$	446,395
Cash flows from investing activities			(121,249	)		(904,328	)
Cash flows from financing activities			(122,716	)		144,361

Decrease in cash and cash equivalents			(217,656	)		(313,572	)
Cash and cash equivalents, beginning of the year			305,877			619,449
Cash and cash equivalents, end of the year		$	88,221		$	305,877

OTHER FINANCIAL DATA

Depreciation and amortization expense		$	78,244		$	39,764
Capital expenditures		$	124,595		$	88,308

Decrease in receivables, net		$	44,947		$	33,660
Change in contracts in progress, net			(130,044	)		483,834
Decrease in non-current contract retentions			1,416			13,916
Increase (decrease) in accounts payable			137,256			(268,791	)
	Change	$	53,575		$	262,619

Backlog **		$	5,681,008		$	7,698,643


** Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements.

CONTACT:
CB&I
Media: Jan Sieving, +1-832-513-1111
or
Analysts: Mark Coscio, +1-832-513-1200

1-12815	N.A.
(Commission File Number)	(IRS Employer Identification No.)

Oostduinlaan 75 2596JJ The Hague The Netherlands	N.A.
(Address of principal executive offices)	(Zip Code)

		CHICAGO BRIDGE & IRON COMPANY N.V.
		By:	Chicago Bridge & Iron Company B.V.
		Its:	Managing Director


Date:	February 24, 2009	By:	/s/ Ronald A. Ballschmiede
			Ronald A. Ballschmiede
			Managing Director
			(Principal Financial Officer)

Exhibit Number	Exhibit Description

99.1	Press release dated February 24, 2009

		New Awards:		$3.5 to $5.5 billion
		Revenue:		$4.4 to $4.8 billion
		Earnings per Share:		$1.30 to $2.00