CB&I Awarded $900M Contract for Canadian Oil Sands Project

FOXBusiness

Chicago Bridge & Iron (NYSE:CBI) has been awarded a $900 million contract by Oil Resources for engineering and construction work on the Kearl oil sands project in Alberta, Canada.

CB&I will be responsible for the EPC execution of the bitumen extraction plant and tank farms, as well as the design, supply and construction of additional storage vessels. The project is expected to be completed in the third-quarter of 2012.

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“We are pleased to have supported Imperial Oil on this important energy project since its inception, and we look forward to expanding our relationship with them into the future,” Philip Asherman, CB&I’s chief executive, said in a statement.

The Woodlands, Texas-based construction company said the deal includes $500 million of incremental work releases booked prior to 2011.

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