CB&I Awarded Feed Contract for Shtokman LNG Export Terminal Project

CB&I (NYSE: CBI) announced today that CB&I Lummus has been awarded a contract for the front-end engineering & design (FEED) services for the Shtokman LNG storage and loading facility at the sea port in Terriberka in the Murmansk region of the Russian Federation. The sea port is part of the Shtokman Gas-Condensate Field Development Project developed by Gazprom Dobycha Shelf LLC, a fully owned subsidiary of Gazprom JSC. CB&I’s contract, which is scheduled for completion in 2011, has been awarded by Giprospetsgas JSC, the project general designer. The value of the contract was not disclosed.

The Shtokman Gas-Condensate Field Development Project consists of the production, treatment, transportation, liquefaction, storage and shipping of natural gas and natural gas liquids from the Shtokman field located 600 km offshore in the Barents Sea, north of Kola Peninsula, Russia. The field has an estimated 3.9 trillion cubic meters of natural gas reserves.

CB&I’s project scope includes concept and FEED development of the LNG storage and loading facility, including multiple 160,000 cubic meter full containment LNG storage tanks and the associated process piping and loading facilities. Concept and FEED development will provide the project schedule and cost estimates for the engineering, procurement and construction phase. CB&I will also prepare the Russian design dossier (Proyekt) in accordance with regulatory requirements.

About CB&I

CB&I designs, engineers and constructs some of the world’s largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 17,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies and catalysts for petrochemical facilities, oil refineries and gas processing plants. 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/mediacenter/newsreleases.

About Giprospetsgas

The project general designer is Giprospetsgas JSC controlled by GAZPROM JSC (LSE: OGZD), the world’s largest natural gas producer. Giprospetsgas JSC is responsible for overall engineering development and state regulatory approvals of the Shtokman Gas-Condensate Field Development Project.