CB&I announced a joint venture between CB&I, Chiyoda International Corporation, a U.S. based wholly-owned subsidiary of Chiyoda Corporation (TSE: 6366; ISIN: JP3528600004), and Zachry Industrial, Inc., a Zachry Group company, has been awarded a contract valued in excess of $2 billion by FLNG Liquefaction 3, LLC (Freeport LNG) for the engineering, procurement and construction of the third train of the three-train natural gas liquefaction and export facility on Quintana Island, near Freeport, Texas. The scope of work also includes a double-walled, full-containment 165,000 (gross) cubic meter liquefied natural gas (LNG) storage tank, which will be supplied by CB&I.

Upon completion, the three-train LNG liquefaction facility will have a total capacity in excess of 13.9 million tons per year of LNG. CB&I and Zachry began construction on trains one and two in November 2014, supported by Chiyoda.

"This award reflects on the ability of CB&I and our partners to maintain the level of excellence our customers expect, and further builds upon our strong presence along the U.S. Gulf Coast," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "CB&I has a proven track record for outstanding project execution and superior safety performance, and we look forward to working with our partners and Freeport LNG to successfully complete this project."

About Freeport LNG

Freeport LNG Expansion, L.P. is a wholly owned subsidiary of Freeport LNG Development, L.P., which owns and operates an existing LNG regasification terminal located near Freeport, Texas. The terminal started commercial operation in June 2008. Freeport LNG Development, L.P.’s limited partners are: Freeport LNG Investments, LLLP and FLNGI Option Holdco, LLC, each owned by Michael S. Smith; ZHA FLNG Purchaser LLC, a Delaware limited liability company; Texas LNG Holdings, LLC, a wholly owned subsidiary of The Dow Chemical Company; and Turbo LNG, LLC, a wholly owned subsidiary of Osaka Gas Co., Ltd.

About Chiyoda

Chiyoda Corporation (TSE: 6366; ISIN: JP3528600004), headquartered in Yokohama, Japan provides services in the fields of engineering, procurement and construction on a global basis for gas processing, refineries and other hydrocarbon or industrial plant projects, particularly gas value chain projects throughout the globe.

About CB&I

CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in the world and a major provider of government services. With 125 years of experience and the expertise of approximately 54,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality.

About Zachry Group

Zachry Group is America's pace-setter in turnkey construction, engineering, maintenance, turnaround and fabrication services to the power, energy, chemicals, manufacturing and industrial sectors.

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