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CB&I Investor Day
February 2016
A World of Solutions
Safe Harbor Statement
This presentation contains forward-looking statements regarding CB&I and
represents our expectations and beliefs concerning future events. These forward-
looking statements are intended to be covered by the safe harbor for forward-
looking statements provided by the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties. When considering any statements that are predictive in nature,
depend upon or refer to future events or conditions, or use or contain words, terms,
phrases, or expressions such as “achieve”, “forecast”, “plan”, “propose”, “strategy”,
“envision”, “hope”, “will”, “continue”, “potential”, “expect”, “believe”, “anticipate”,
“project”, “estimate”, “predict”, “intend”, “should”, “could”, “may”, “might”, or similar
forward-looking statements, we refer you to the cautionary statements concerning
risk factors and “Forward-Looking Statements” described under “Risk Factors” in
Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year
ended December 31, 2014, and any updates to those risk factors or “Forward-
Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q
filed with the SEC, which cautionary statements are incorporated herein by
reference.
2
A World of Solutions
2015 Safety Milestones
0.01
111
3
A World of Solutions
Recruiting Veterans
Hired ~2,000Veterans in 2015
“Top Military Friendly Employer”, G.I. Jobs magazine
CB&I Veterans Training Program
4
A World of Solutions
Agenda
Overview and Strategy
 Philip K. Asherman, President & Chief Executive Officer
Operations
 Daniel M. McCarthy, EVP & Group President Technology
 Luke V. Scorsone, EVP & Group President Fabrication Services
 E. Chip Ray, EVP & Group President Capital Services
 Patrick K. Mullen, EVP & Group President Engineering & Construction
Finance
 Michael S. Taff, EVP & Chief Financial Officer
Q&A
5
A World of Solutions
Our Commitment
Commitment to long-term
shareholder value
through execution
excellence, continued
growth, focus on margins
and strong cash flows
6
A World of Solutions
 Culture of safety and execution excellence
 Fully-integrated capabilities and diversified business model
 Selectivity and proactive management of trends
 Direct-hire advantage with expertise in recruiting, training and retaining labor
 Strong underpinning with quick book-to-burn conversion
 Healthy, robust backlog provides strong revenue and earnings visibility
Value Proposition
Strong cash flow generation to strengthen the balance
sheet and enhance shareholder value
7
A World of Solutions
CB&I 2015 Snapshot
Operational Financial* Strategic
 Awarded National Safety
Council’s Green Cross for
Safety Medal
 Continued track record of
execution excellence
 Completion of the
REFICAR refinery project
 Diverse mix of new
awards across all
operating groups
 Mega-projects along Gulf
Coast ramping up
 Adjusted EPS of $5.86
 Revenue ~$13 Billion
 $13.8 Billion excluding
forex effects
 New awards ~ $13 Billion
 ORPIC cracker
 Axiall/Lotte
 Freeport Train 3
 Backlog $23 Billion
 Divested nuclear
construction business
 Cost savings in excess of
$190 million since 2013
 Realigned debt, $4 billion
available capacity
 Share repurchases of
$220 million
 Ground breaking at
NetPower demo plant
and catalyst facilities
*Preliminary 2015 results. Adjusted EPS excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015 (approximately $1.1 billion or $10.58 per
share). See “Supplemental Information” for reconciliation of Non-GAAP information.
Backlog as of December 31, 2015.
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A World of Solutions
$-
$5
$10
$15
$20
$25
$30
2005 2006 2007 2008 2009 2010 2011 2012 2013* 2014* 2015* 2016
Guidance
2017 2018 2019 2020
BACKLOG
CB&I: A Model of Strength
*Revenue for 2015, 2014 and 2013 is presented on a pro forma basis and excludes results for the nuclear construction business sold on December 31, 2015, of approximately $ 2.1 Billion, $1.8 Billion and $1 Billion, respectively.
See “Supplemental Information” for pro forma reconciliation to reported figures .
*Backlog for 2014 and 2013 is presented on a pro forma basis and excludes backlog associated with the nuclear construction business sold on December 31, 2015, of approximately $8.7 Billion and $9.2 Billion, respectively.
 Quality Backlog
 Revenue and Earnings Growth
 Favorable Margin Mix
 Strong Operating Cash
 Balance Sheet Optimization
 Technology and Fabrication
Services Investments
9
24% 5-YEAR
REVENUE CAGR
A World of Solutions
*Adjusted EPS excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015 (approximately $1.1 Billion or $10.58 per share). See “Supplemental
Information” for reconciliation of Non-GAAP information.
$12.9 Billion
$5.86
Revenue
Adjusted EPS*
2015 Preliminary Results
10
A World of Solutions 11
$11.4 - $12.2 Billion
$5.00 - $5.50
Revenue
EPS
2016 Guidance
A World of Solutions
What You Will Hear Today
Michael Taff
 Achieving at a minimum 1x operating cash to net income in 2016
 Focus on optimizing our balance sheet and achieving capital
allocation priorities
 Over 75% of 2016 revenue guidance in backlog at the end of
2015
Daniel McCarthy, Luke Scorsone, Chip Ray, Patrick
Mullen
 Targeted approach to deliver sustained revenue and earnings in
2016
 Disciplined focus on risk management drives continued execution
excellence
 Complete supply-chain solution enhances positioning
$20 Billion by 2020
 Leveraging our unique business model and strengthening our
balance sheet to achieve strategic long-term plan
12
CASH
REMAINS TOP
PRIORTY
2016
SUSTAINED EARNINGS
$23 Billion
BACKLOG PROVIDES
REVENUE AND
EARNINGS VISIBILITY
BALANCE
SHEET
OPTIMIZATION
Technology
Daniel M. McCarthy, EVP & Group President
A World of Solutions
Technology
Overview
Capabilities
 Petrochemical, gas
processing and refining
technologies
 Proprietary catalysts
 Consulting and technical
services
Differentiation
 Most complete portfolio of
olefins technologies
 World leader in heavy oil
upgrading technologies
 Breadth of technologies
provides complete
solutions
Strategic Benefit
 Operating income driver
 Recurring earnings
streams
 Early visibility to
customers
Early Visibility of
Market Trends
Breadth of
Technology
Portfolio
Proactive
Management of
Trends
Proven
Commercialization
Strategy
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A World of Solutions 15
Technology
Refining & Gasification -Trends
Source: Stratas Advisors
 Gasoline formulation and octane demand
 Growth in distillate hydro-processing
 Bottom of the barrel conversion
-
2
4
6
8
10
12
Gasoline Jet Fuel LPG & Ethane Middle Distillate Naphtha Other
MillionBarrels/Day
Refined Product Demand Growth
(Cumulative)
2020 2025 2030 2035
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Technology
Refining & Gasification -Trends
Source: International Energy Agency and JDLittle
 Abundant coal as feedstock alternative
 Synthetic natural gas (SNG)
 Chemicals
 Power
 Hydrogen
0
500
1000
1500
2000
2500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
MMm3/day
China Syngas Capacity
Actual Forecast
CAGR: 10%
2015 to 2025
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0
400
800
1200
1600
Saudi
Arabia
Ethane
U.S.
Ethane
Western
Canada
China CTO Saudi
Arabia
Naphtha
Northeast
Asia
Naphtha
West
Europe
Naphtha
China MTO
US$/MetricTon Ethylene Cash Costs
2011 2013 2015
CTO = Coal-to-Olefins; MTO = Methanol-to-Olefins
Technology
Olefins -Trends
 Low-cost ethane in U.S. continues to support investments
 Liquid-based developments in the Middle East increasingly competitive
Source: IHS
17
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Technology
Olefins -Trends
18
Source: Company research
Growing need for on-purpose production
 Lighter feedstocks create supply gap for propylene and butadiene
 On-purpose routes becoming more important, especially in U.S. and China
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
2005 2007 2009 2011 2013 2015 2017 2019
MMTPA
Global Propylene Production
Steam Cracker Refinery Splitter Others % On Purpose
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LC Slurry
 Near 100% conversion of resid to high-value products
 Proprietary high activity slurry catalyst
 First award in 2016 and 4 units by 2020
Technology
Initiatives
50% 60% 70% 80% 90% 100%
Heavier Oils
VR Conversion
LC-MAXLC-FINING
LC-SLURRY
Slurry Catalyst
Pellet Catalyst
A World of Solutions 20
NetPower
 Gas-fired technology based on novel supercritical carbon dioxide power cycle
 Power production competitive with current fossil fuel technologies
 Produces high-purity carbon dioxide for use in enhanced oil recovery or sequestration
Timeline
 Complete demonstration plant in 2017
 First award in 2017
 Commercial plant in 2019
Technology
Initiatives
A World of Solutions
Technology
Summary
Opportunity in Refining
 Heavy oil hydrocracking
 Gasoline alkylation
 Gasoline desulfurization
Well-positioned in Petrochemicals
 New ethylene plants on the horizon
 Expansion of international liquid crackers
 Strong interest in polypropylene
Expanding portfolio of technologies
 New product developments
 Enhancing competitiveness of current products
21
Fabrication Services
Luke V. Scorsone, EVP & Group President
A World of Solutions
Fabrication Services
Overview
Capabilities
 Engineering, procurement,
fabrication, and erection of liquid
and gas storage structures
 Pipe fabrication; process modules;
pipe & fitting distribution
 Self-perform fabrication and
erection capabilities worldwide
 Proprietary equipment and
engineered products
Differentiation
 Global brand leadership;
mega-project capability in
plate structures, pipe
fabrication, process modules
 Large-scale global fabrication
facilities and yards
 Induction pipe bending
technology drives quality and
savings
Strategic Benefit
 Stable business underpinning
 Diversification of offerings
 Client access
23
A World of Solutions
Fabrication Services
Market Trends
Expected primary project types
 Bulk Liquid Terminals
 Gas-Fired Power
 Gas Processing
 LNG Liquefaction
 Natural Gas Liquid Products
 Petrochemicals
 Refining
24
A World of Solutions
Fabrication Services
Global Opportunity Snapshot
25
Major markets Secondary markets Opportunistic markets
A World of Solutions
 Flexible resource allocation
 Product enhancement
 Welding technology
 International expansion of piping
and process module fabrication and
specialized products
 Continuous operational
improvements and cost reductions
Fabrication Services
Initiatives
26
A World of Solutions
 Diverse backlog of over $3 billion
 Global footprint and flexibility to capture opportunities
 Growth through integrated and stand-alone offerings
 Industry leadership
 Stable high-margin operating income
Fabrication Services
Summary
27
Capital Services
E. Chip Ray, EVP & Group President
A World of Solutions
Capital Services
Overview
Capabilities
 Operations & Maintenance
 Environmental Services
 Program Management
Differentiation
 Most comprehensive range
of services
 Global footprint through
CB&I’s network
 Standardized processes,
systems and tools
 Experience and expertise
to reduce customer OpEx
Strategic Benefit
 Diversification
 Integrated offerings
 Long-term customer
relationships
 Stable revenues and
earnings
29
A World of Solutions
 Power maintenance growth
 Successful outages (execution)
 Outstanding safety performance
Capital Services
Milestones
Operations & Maintenance
Environmental Services
 Focus on Energy expansion
 Hurricane Sandy growth
 CF mechanical completion
Program Management
 GE Hudson remediation
 Port Granby award
 PG&E safety recognition
30
A World of Solutions
Capital Services
Operations & Maintenance Trends
31
Sources: EIA, Expenses: http://www.eia.gov/electricity/annual/html/epa_08_04.html
Generation: http://www.eia.gov/electricity/annual/html/epa_03_02_a.html
 Coal capacity being replaced by gas-fired generation and alternatives
 Future retirements of nuclear generating stations
$-
$2
$4
$6
$8
$10
$12
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BillionsUSD/year
U.S. Power Maintenance Costs
Gas Turbine
Hydro-electric
Fossil Steam
Nuclear
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Capital Services
Environmental Trends
32
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
2011 2012 2013 2014
BillionsUSD
U.S. Environmental Expenditures
Spills
Remediation
Other
Wastes
Water
Air
 Environmental spending has trended upward
 Primary global driver is regulatory compliance
Source: API – Environmental Spending by the Oil & Gas Industry, 2015
A World of Solutions
Capital Services
Program Management Trends
33
50%
60%
70%
80%
90%
100%
110%
2000 2002 2004 2006 2008 2010 2012 2014
Total U.S. Public Debt as % of GDP
Source: research.stlouisfed.org
 Debt levels affecting sources of revenue, spending levels and priorities
A World of Solutions
 Nearly $6 billion in backlog with long-term customers
 Strategic and cost savings initiatives improving competitiveness
 Government markets remain challenged
 Steady improvements through 2015
 Predictable earnings and cash flow
Capital Services
Summary
34
Engineering & Construction
Patrick K. Mullen, EVP & Group President
A World of Solutions
Engineering & Construction
Overview
36
Capabilities
 Engineering, procurement,
and construction (EPC)
 Energy-focused, end-market
diversity including:
 Petrochemicals
 LNG
 Refining
 Combined-cycle power
Differentiation
 Execution excellence
 Global footprint
 Self-perform capabilities
 Direct-hire labor
 Contracting flexibility
Strategic Benefit
 Critical mass
 Backlog and revenue
driver
 Integrated offerings
A World of Solutions
Engineering & Construction
Petrochemicals
Key projects in backlog
 Oxy Ingleside Ethane Cracker
 Axiall/Lotte Ethane Cracker
 Lotte MEG Unit
 Shintech Ethane Cracker
 ORPIC Liwa Liquids Cracker
Prospects
37
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Engineering & Construction
LNG
38
Key projects in backlog
 Cameron
 Freeport
 Gorgon
 Wheatstone
Prospects
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Engineering & Construction
Fossil Power
39
Key projects in backlog
 IP&L (AES)
 Calpine
 USGC Confidential
NetPower demonstration plant
Prospects
A World of Solutions
Engineering & Construction
Summary
40
 Diversity of global opportunities and customer
base
 Capitalizing on U.S. LNG, chemical, gas
processing and gas-fired power buildout
 Moving forward with East African LNG
 Leveraging Technology and integrated
offerings
 Selectivity
 Flawless execution and quality backlog
Finance
Michael S. Taff, EVP & Chief Financial Officer
A World of Solutions
Revenue Guidance
$11.4-$12.2 Billion
 Over 75% of 2016 revenue guidance in
backlog at the end of 2015
 Change year-over-year reflect nuclear
operations sale
EPS Guidance
$5.00-$5.50
 Ramp-up in Gulf Coast projects
 Improvement in equity earnings, tax benefits
and reductions in non-consolidated income
2016 Guidance Drivers
42
Revenue
$0
$2
$4
$6
$8
$10
$12
$14
2015 E 2016 Guidance
BillionsUSD
>75%
in
Backlog
$12.9 B
$11.4-$12.2 B
A World of Solutions
2016 Guidance
**EPS for 2012-2014 exclude acquisition and integration costs. EPS for 2015 excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015. See “Supplemental
Information” for reconciliation of Non-GAAP information.
**Figures are in GBP and EUR for AMFW and TEC, respectively.
2016 illustrates midpoint of guidance ranges. 2015 Consensus estimates used when actual figures are not available for peers.
Source: Capital IQ, Public Filings
$3.14
$5.25
($2.0)
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
CBI* ACM AMFW** FLR JEC KBR TEC**
EPS Performance and Guidance
2012A 2013A 2014A 2015 E 2016 Guidance
43
14% CAGR
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Improved Cash Conversion
44
Returning to historical cash conversion patterns
 Pro forma cash to net income ratios show cash generation potential
 Base guidance of 1x net income
* Pro forma operating cash flows to net income ratios for 2013, 2014, 2015 exclude results from the nuclear construction business sold December 31, 2015 , 2012, excludes acquisition costs,
2013-2014 excludes integration and acquisition costs, 2015 excludes impact of charges related to the sale construction business sale on December 31, 2015. See “Supplemental Information”
for reconciliation of Non-GAAP figures and pro forma results.
**Peer average includes ACM, AMFW, FLR, JEC, KBR, TEC
Source: Capital IQ
.x
.5x
1.x
1.5x
2.x
2.5x
3.x
2009 2010 2011 2012* 2013* 2014* 2015*
Peer Median** Peer Average** CBI
Cash/NetIncome
A World of Solutions
Capital Strategy
 Reduce debt levels
 Minimal interest rate risk
 Revenue and earnings growth
 Managing execution risks
 Share repurchases
 Dividends
Deliver Value
to
Shareholders
Optimize
Balance
Sheet
Strategic
Growth
Capital
Strategy
 Support organic growth
 Investments in Technology and Fabrication
45
A World of Solutions
Flexible Capital Structure
$150
$300
$207
$75
$300 $293 $275
$150
$200
$0
$100
$200
$300
$400
4Q'16 2Q'17 4Q'17 4Q'18 4Q'19 3Q'20 4Q'21 4Q'22 4Q'23 4Q'24 2Q'25
PrincipalPayment(inMillions)
Debt Repayment
Term Loan Senior Notes
Laddered debt structure
 Gradually reducing leverage
 Principal repayment maturities until 2025
46
*Term Loan amortization amounts shown above are payable quarterly with the exception of $300M due 2Q 2017 and $256M due 3Q 2020
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$185
$206
$228
$380
$405
$387
5.1%
4.5%
4.2% 3.4%
3.1% 3.0%
2.7%
2.3%
2.1%
1.4% 1.3%
1.7%
5.0%
4.7% 4.8% 4.8% 4.8% 4.8%
$0
$100
$200
$300
$400
$500
$600
0%
1%
2%
3%
4%
5%
6%
2010 2011 2012 2013 2014 2015 E
SG&A (millions) % of Revenue % of Backlog *Peer Avg. SGA % of Revenue
*Peer average includes ACM, AMFW, FLR, JEC, KBR, TEC
Source: Capital IQ
SG&A Control
SG&A target 3% of revenue
 Additional opportunities for cost efficiencies
47
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Strategic Tax Planning
29%
20%
25%
30%
35%
2010 2011 2012 2013 2014 2015 E 2016 2017 2018 2019 2020
48
Creating long-term tax efficiencies
 Supply-chain improvements
 Sustainable
 Scalable
* Effective tax rate for 2015 excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015.
Effective Tax Rate
A World of Solutions 49
Solid revenue and earnings
 Robust backlog with healthy burn rates
 Focus on risk management and execution
Operating cash flow strength
Balance sheet optimization
Support future strategic growth opportunities
Deliver value to shareholders
 Sustainable growth model
 Solid margins
 Strong cash flows
 Strategic share repurchase activity
 Maintain dividend payment
 Valuation multiple expansion
Summary
Delivering
Shareholder Return
Dividends &
Share Repurchases
Earnings Growth
PE Multiple Expansion
Questions
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Supplemental Information
51
2015 2014 2013 2012
Adjusted income from operations
(Loss) income from operations (425,117)$ 982,608$ 684,508$ 455,643$
Charges related to disposition of nuclear operations 1,505,851 - - -
Acquisition and integration related costs - 39,685 95,737 11,000
Adjusted income from operations 1,080,734$ 1,022,293$ 780,245$ 466,643$
Adjusted % of Revenue 8.4% 7.9% 7.0% 8.5%
Adjusted net income attributable to CB&I
Net (loss) income attributable to CB&I (504,415)$ 543,607$ 454,120$ 301,655$
Charges related to disposition of nuclear operations, net of tax (1)
1,135,140 - - -
Acquisition and integration related costs, net of tax (2)
- 25,088 73,316 7,143
Adjusted net income attributable to CB&I 630,725$ 568,695$ 527,436$ 308,798$
Adjusted net income attributable to CB&I per share
Net (loss) income attributable to CB&I per share (4.72)$ 4.98$ 4.23$ 3.07$
Charges related to disposition of nuclear operations, net of tax (1)
10.58 - - -
Acquisition and integration related costs, net of tax (2)
- 0.23 0.68 0.07
Adjusted net income attributable to CB&I per share 5.86$ 5.21$ 4.91$ 3.14$
Adjusted operating cash flow
Operating cash flow (56,214)$ 264,047$ (112,836)$ 202,504$
Acquisition and integration related costs, net of tax (2)
- 25,088 73,316 7,143
Adjusted operating cash flow (56,214)$ 289,135$ (39,520)$ 209,647$
(1) The twelve month period ended December 31, 2015, includes $1,505,851 of non-cash charges related to the disposition of our nuclear
operations, less the tax impact of $370,711. The unadjusted per share amounts for the twelve month 2015 period is based upon diluted
weighted average shares that are equivalent to our basic weighted average shares of 106,766 due to the net loss for the period. The
adjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares of 107,719.
(2) The twelve month period ended December 31, 2014, includes $39,685 of integration related costs, less the tax impact of $14,597. The
unadjusted and adjusted per share amounts for the twelve month period is based upon diluted weighted average shares of 109,122.
The twelve month period ended December 31, 2013, includes $95,737 of acquisition and integration related costs, and $10,517 of
acquisition related pre-closing financing costs and one-time financial commitments (both included in interest expense and recorded in Q1
2013). These costs total $106,254, less the tax impact of $32,938. The unadjusted and adjusted per share amounts for the twelve month
period is based upon diluted weighted average shares of 107,452.
The twelve month period ended December 31, 2012, includes $11,000 of acquisition and integration related costs, less the tax impact of
$3,857. The unadjusted and adjusted per share amounts for the twelve month period is based upon diluted weighted average shares of
98,231.
Twelve Months
Ended December 31,
Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Information
(in thousands, except per share data)
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Supplemental Information
52
As Reported Disposition Charges
Removal of Divested
Business
Excluding Divested
Business
Revenue 12,929,504$ -$ (2,061,167)$ 10,868,337$
(Loss) income from operations (425,117)$ 1,505,851$ (215,150)$ 865,584$
Net (loss) income attributable to CB&I (504,415)$ 1,135,140$ (131,241)$ 499,484$
Net (loss) income attributable to CB&I per share (diluted) (2)
(4.72)$ 10.58$ (1.22)$ 4.64$
New Awards 13,138,498$ -$ (672,365)$ 12,466,133$
Backlog 22,643,939$ -$ -$ 22,643,939$
Operating Cash Flows (56,214)$ -$ 1,133,350$ 1,077,136$
As Reported
Integration Related
Costs
Removal of Divested
Business
Excluding Divested
Business
Revenue 12,974,930$ -$ (1,841,018)$ 11,133,912$
Income from operations 982,608$ 39,685$ (151,800)$ 870,493$
Net income attributable to CB&I 543,607$ 25,088$ (92,598)$ 476,097$
Net income attributable to CB&I per share (diluted) (2)
4.98$ 0.23$ (0.85)$ 4.36$
New Awards 16,265,273$ -$ (1,431,911)$ 14,833,362$
Backlog 30,363,269$ -$ (8,754,210)$ 21,609,059$
Operating Cash Flows 264,047$ 25,088$ 1,013,200$ 1,302,335$
As Reported
Acquisition and
Integration Related
Costs
Removal of Divested
Business
Excluding Divested
Business
Revenue 11,094,527$ -$ (1,007,838)$ 10,086,689$
Income from operations 684,508$ 95,737$ (61,200)$ 719,045$
Net income attributable to CB&I 454,120$ 73,316$ (37,332)$ 490,104$
Net income attributable to CB&I per share (diluted) (2)
4.23$ 0.68$ (0.35)$ 4.56$
New Awards 12,252,970$ -$ (332,342)$ 11,920,628$
Backlog 27,794,212$ -$ (9,163,317)$ 18,630,895$
Operating Cash Flows (112,836)$ 73,316$ 548,700$ 509,180$
Twelve Months Ended December 31, 2015 (1)
Twelve Months Ended December 31, 2014 (1)
Twelve Months Ended December 31, 2013 (1)
Chicago Bridge & Iron Company N.V.
Summary Unaudited Pro Forma Financial Data
(in thousands, except per share data)
(1) The summary unaudited pro forma financial statements have been presented for illustrative purposes only and are based on assumptions and estimates
considered appropriate by CB&I management; however, they are not necessarily indicative of what CB&I’s consolidated financial position or results of operations
actually would have been had the transaction been completed as of the dates noted above, and does not purport to represent CB&I’s consolidated financial
position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes
thereto, included in CB&I’s Annual Report on Form 10-K for the years ended December 31, 2014, and 2013.
(2) The unadjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares that are equivalent to our basic
weighted average shares of 106,766 due to the net loss for the period. The adjusted per share amounts for the twelve month 2015 period is based upon diluted
weighted average shares of 107,719.
The unadjusted and adjusted per share amounts for the twelve month 2014 period is based upon diluted weighted average shares of 109,122.
The unadjusted and adjusted per share amounts for the twelve month 2013 period is based upon diluted weighted average shares of 107,452.

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Investor Day

  • 2. A World of Solutions Safe Harbor Statement This presentation contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward- looking statements are intended to be covered by the safe harbor for forward- looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as “achieve”, “forecast”, “plan”, “propose”, “strategy”, “envision”, “hope”, “will”, “continue”, “potential”, “expect”, “believe”, “anticipate”, “project”, “estimate”, “predict”, “intend”, “should”, “could”, “may”, “might”, or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2014, and any updates to those risk factors or “Forward- Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference. 2
  • 3. A World of Solutions 2015 Safety Milestones 0.01 111 3
  • 4. A World of Solutions Recruiting Veterans Hired ~2,000Veterans in 2015 “Top Military Friendly Employer”, G.I. Jobs magazine CB&I Veterans Training Program 4
  • 5. A World of Solutions Agenda Overview and Strategy  Philip K. Asherman, President & Chief Executive Officer Operations  Daniel M. McCarthy, EVP & Group President Technology  Luke V. Scorsone, EVP & Group President Fabrication Services  E. Chip Ray, EVP & Group President Capital Services  Patrick K. Mullen, EVP & Group President Engineering & Construction Finance  Michael S. Taff, EVP & Chief Financial Officer Q&A 5
  • 6. A World of Solutions Our Commitment Commitment to long-term shareholder value through execution excellence, continued growth, focus on margins and strong cash flows 6
  • 7. A World of Solutions  Culture of safety and execution excellence  Fully-integrated capabilities and diversified business model  Selectivity and proactive management of trends  Direct-hire advantage with expertise in recruiting, training and retaining labor  Strong underpinning with quick book-to-burn conversion  Healthy, robust backlog provides strong revenue and earnings visibility Value Proposition Strong cash flow generation to strengthen the balance sheet and enhance shareholder value 7
  • 8. A World of Solutions CB&I 2015 Snapshot Operational Financial* Strategic  Awarded National Safety Council’s Green Cross for Safety Medal  Continued track record of execution excellence  Completion of the REFICAR refinery project  Diverse mix of new awards across all operating groups  Mega-projects along Gulf Coast ramping up  Adjusted EPS of $5.86  Revenue ~$13 Billion  $13.8 Billion excluding forex effects  New awards ~ $13 Billion  ORPIC cracker  Axiall/Lotte  Freeport Train 3  Backlog $23 Billion  Divested nuclear construction business  Cost savings in excess of $190 million since 2013  Realigned debt, $4 billion available capacity  Share repurchases of $220 million  Ground breaking at NetPower demo plant and catalyst facilities *Preliminary 2015 results. Adjusted EPS excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015 (approximately $1.1 billion or $10.58 per share). See “Supplemental Information” for reconciliation of Non-GAAP information. Backlog as of December 31, 2015. 8
  • 9. A World of Solutions $- $5 $10 $15 $20 $25 $30 2005 2006 2007 2008 2009 2010 2011 2012 2013* 2014* 2015* 2016 Guidance 2017 2018 2019 2020 BACKLOG CB&I: A Model of Strength *Revenue for 2015, 2014 and 2013 is presented on a pro forma basis and excludes results for the nuclear construction business sold on December 31, 2015, of approximately $ 2.1 Billion, $1.8 Billion and $1 Billion, respectively. See “Supplemental Information” for pro forma reconciliation to reported figures . *Backlog for 2014 and 2013 is presented on a pro forma basis and excludes backlog associated with the nuclear construction business sold on December 31, 2015, of approximately $8.7 Billion and $9.2 Billion, respectively.  Quality Backlog  Revenue and Earnings Growth  Favorable Margin Mix  Strong Operating Cash  Balance Sheet Optimization  Technology and Fabrication Services Investments 9 24% 5-YEAR REVENUE CAGR
  • 10. A World of Solutions *Adjusted EPS excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015 (approximately $1.1 Billion or $10.58 per share). See “Supplemental Information” for reconciliation of Non-GAAP information. $12.9 Billion $5.86 Revenue Adjusted EPS* 2015 Preliminary Results 10
  • 11. A World of Solutions 11 $11.4 - $12.2 Billion $5.00 - $5.50 Revenue EPS 2016 Guidance
  • 12. A World of Solutions What You Will Hear Today Michael Taff  Achieving at a minimum 1x operating cash to net income in 2016  Focus on optimizing our balance sheet and achieving capital allocation priorities  Over 75% of 2016 revenue guidance in backlog at the end of 2015 Daniel McCarthy, Luke Scorsone, Chip Ray, Patrick Mullen  Targeted approach to deliver sustained revenue and earnings in 2016  Disciplined focus on risk management drives continued execution excellence  Complete supply-chain solution enhances positioning $20 Billion by 2020  Leveraging our unique business model and strengthening our balance sheet to achieve strategic long-term plan 12 CASH REMAINS TOP PRIORTY 2016 SUSTAINED EARNINGS $23 Billion BACKLOG PROVIDES REVENUE AND EARNINGS VISIBILITY BALANCE SHEET OPTIMIZATION
  • 13. Technology Daniel M. McCarthy, EVP & Group President
  • 14. A World of Solutions Technology Overview Capabilities  Petrochemical, gas processing and refining technologies  Proprietary catalysts  Consulting and technical services Differentiation  Most complete portfolio of olefins technologies  World leader in heavy oil upgrading technologies  Breadth of technologies provides complete solutions Strategic Benefit  Operating income driver  Recurring earnings streams  Early visibility to customers Early Visibility of Market Trends Breadth of Technology Portfolio Proactive Management of Trends Proven Commercialization Strategy 14
  • 15. A World of Solutions 15 Technology Refining & Gasification -Trends Source: Stratas Advisors  Gasoline formulation and octane demand  Growth in distillate hydro-processing  Bottom of the barrel conversion - 2 4 6 8 10 12 Gasoline Jet Fuel LPG & Ethane Middle Distillate Naphtha Other MillionBarrels/Day Refined Product Demand Growth (Cumulative) 2020 2025 2030 2035
  • 16. A World of Solutions 16 Technology Refining & Gasification -Trends Source: International Energy Agency and JDLittle  Abundant coal as feedstock alternative  Synthetic natural gas (SNG)  Chemicals  Power  Hydrogen 0 500 1000 1500 2000 2500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MMm3/day China Syngas Capacity Actual Forecast CAGR: 10% 2015 to 2025
  • 17. A World of Solutions 0 400 800 1200 1600 Saudi Arabia Ethane U.S. Ethane Western Canada China CTO Saudi Arabia Naphtha Northeast Asia Naphtha West Europe Naphtha China MTO US$/MetricTon Ethylene Cash Costs 2011 2013 2015 CTO = Coal-to-Olefins; MTO = Methanol-to-Olefins Technology Olefins -Trends  Low-cost ethane in U.S. continues to support investments  Liquid-based developments in the Middle East increasingly competitive Source: IHS 17
  • 18. A World of Solutions Technology Olefins -Trends 18 Source: Company research Growing need for on-purpose production  Lighter feedstocks create supply gap for propylene and butadiene  On-purpose routes becoming more important, especially in U.S. and China 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 2005 2007 2009 2011 2013 2015 2017 2019 MMTPA Global Propylene Production Steam Cracker Refinery Splitter Others % On Purpose
  • 19. A World of Solutions 19 LC Slurry  Near 100% conversion of resid to high-value products  Proprietary high activity slurry catalyst  First award in 2016 and 4 units by 2020 Technology Initiatives 50% 60% 70% 80% 90% 100% Heavier Oils VR Conversion LC-MAXLC-FINING LC-SLURRY Slurry Catalyst Pellet Catalyst
  • 20. A World of Solutions 20 NetPower  Gas-fired technology based on novel supercritical carbon dioxide power cycle  Power production competitive with current fossil fuel technologies  Produces high-purity carbon dioxide for use in enhanced oil recovery or sequestration Timeline  Complete demonstration plant in 2017  First award in 2017  Commercial plant in 2019 Technology Initiatives
  • 21. A World of Solutions Technology Summary Opportunity in Refining  Heavy oil hydrocracking  Gasoline alkylation  Gasoline desulfurization Well-positioned in Petrochemicals  New ethylene plants on the horizon  Expansion of international liquid crackers  Strong interest in polypropylene Expanding portfolio of technologies  New product developments  Enhancing competitiveness of current products 21
  • 22. Fabrication Services Luke V. Scorsone, EVP & Group President
  • 23. A World of Solutions Fabrication Services Overview Capabilities  Engineering, procurement, fabrication, and erection of liquid and gas storage structures  Pipe fabrication; process modules; pipe & fitting distribution  Self-perform fabrication and erection capabilities worldwide  Proprietary equipment and engineered products Differentiation  Global brand leadership; mega-project capability in plate structures, pipe fabrication, process modules  Large-scale global fabrication facilities and yards  Induction pipe bending technology drives quality and savings Strategic Benefit  Stable business underpinning  Diversification of offerings  Client access 23
  • 24. A World of Solutions Fabrication Services Market Trends Expected primary project types  Bulk Liquid Terminals  Gas-Fired Power  Gas Processing  LNG Liquefaction  Natural Gas Liquid Products  Petrochemicals  Refining 24
  • 25. A World of Solutions Fabrication Services Global Opportunity Snapshot 25 Major markets Secondary markets Opportunistic markets
  • 26. A World of Solutions  Flexible resource allocation  Product enhancement  Welding technology  International expansion of piping and process module fabrication and specialized products  Continuous operational improvements and cost reductions Fabrication Services Initiatives 26
  • 27. A World of Solutions  Diverse backlog of over $3 billion  Global footprint and flexibility to capture opportunities  Growth through integrated and stand-alone offerings  Industry leadership  Stable high-margin operating income Fabrication Services Summary 27
  • 28. Capital Services E. Chip Ray, EVP & Group President
  • 29. A World of Solutions Capital Services Overview Capabilities  Operations & Maintenance  Environmental Services  Program Management Differentiation  Most comprehensive range of services  Global footprint through CB&I’s network  Standardized processes, systems and tools  Experience and expertise to reduce customer OpEx Strategic Benefit  Diversification  Integrated offerings  Long-term customer relationships  Stable revenues and earnings 29
  • 30. A World of Solutions  Power maintenance growth  Successful outages (execution)  Outstanding safety performance Capital Services Milestones Operations & Maintenance Environmental Services  Focus on Energy expansion  Hurricane Sandy growth  CF mechanical completion Program Management  GE Hudson remediation  Port Granby award  PG&E safety recognition 30
  • 31. A World of Solutions Capital Services Operations & Maintenance Trends 31 Sources: EIA, Expenses: http://www.eia.gov/electricity/annual/html/epa_08_04.html Generation: http://www.eia.gov/electricity/annual/html/epa_03_02_a.html  Coal capacity being replaced by gas-fired generation and alternatives  Future retirements of nuclear generating stations $- $2 $4 $6 $8 $10 $12 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 BillionsUSD/year U.S. Power Maintenance Costs Gas Turbine Hydro-electric Fossil Steam Nuclear
  • 32. A World of Solutions Capital Services Environmental Trends 32 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 2011 2012 2013 2014 BillionsUSD U.S. Environmental Expenditures Spills Remediation Other Wastes Water Air  Environmental spending has trended upward  Primary global driver is regulatory compliance Source: API – Environmental Spending by the Oil & Gas Industry, 2015
  • 33. A World of Solutions Capital Services Program Management Trends 33 50% 60% 70% 80% 90% 100% 110% 2000 2002 2004 2006 2008 2010 2012 2014 Total U.S. Public Debt as % of GDP Source: research.stlouisfed.org  Debt levels affecting sources of revenue, spending levels and priorities
  • 34. A World of Solutions  Nearly $6 billion in backlog with long-term customers  Strategic and cost savings initiatives improving competitiveness  Government markets remain challenged  Steady improvements through 2015  Predictable earnings and cash flow Capital Services Summary 34
  • 35. Engineering & Construction Patrick K. Mullen, EVP & Group President
  • 36. A World of Solutions Engineering & Construction Overview 36 Capabilities  Engineering, procurement, and construction (EPC)  Energy-focused, end-market diversity including:  Petrochemicals  LNG  Refining  Combined-cycle power Differentiation  Execution excellence  Global footprint  Self-perform capabilities  Direct-hire labor  Contracting flexibility Strategic Benefit  Critical mass  Backlog and revenue driver  Integrated offerings
  • 37. A World of Solutions Engineering & Construction Petrochemicals Key projects in backlog  Oxy Ingleside Ethane Cracker  Axiall/Lotte Ethane Cracker  Lotte MEG Unit  Shintech Ethane Cracker  ORPIC Liwa Liquids Cracker Prospects 37
  • 38. A World of Solutions Engineering & Construction LNG 38 Key projects in backlog  Cameron  Freeport  Gorgon  Wheatstone Prospects
  • 39. A World of Solutions Engineering & Construction Fossil Power 39 Key projects in backlog  IP&L (AES)  Calpine  USGC Confidential NetPower demonstration plant Prospects
  • 40. A World of Solutions Engineering & Construction Summary 40  Diversity of global opportunities and customer base  Capitalizing on U.S. LNG, chemical, gas processing and gas-fired power buildout  Moving forward with East African LNG  Leveraging Technology and integrated offerings  Selectivity  Flawless execution and quality backlog
  • 41. Finance Michael S. Taff, EVP & Chief Financial Officer
  • 42. A World of Solutions Revenue Guidance $11.4-$12.2 Billion  Over 75% of 2016 revenue guidance in backlog at the end of 2015  Change year-over-year reflect nuclear operations sale EPS Guidance $5.00-$5.50  Ramp-up in Gulf Coast projects  Improvement in equity earnings, tax benefits and reductions in non-consolidated income 2016 Guidance Drivers 42 Revenue $0 $2 $4 $6 $8 $10 $12 $14 2015 E 2016 Guidance BillionsUSD >75% in Backlog $12.9 B $11.4-$12.2 B
  • 43. A World of Solutions 2016 Guidance **EPS for 2012-2014 exclude acquisition and integration costs. EPS for 2015 excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015. See “Supplemental Information” for reconciliation of Non-GAAP information. **Figures are in GBP and EUR for AMFW and TEC, respectively. 2016 illustrates midpoint of guidance ranges. 2015 Consensus estimates used when actual figures are not available for peers. Source: Capital IQ, Public Filings $3.14 $5.25 ($2.0) ($1.0) $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 CBI* ACM AMFW** FLR JEC KBR TEC** EPS Performance and Guidance 2012A 2013A 2014A 2015 E 2016 Guidance 43 14% CAGR
  • 44. A World of Solutions Improved Cash Conversion 44 Returning to historical cash conversion patterns  Pro forma cash to net income ratios show cash generation potential  Base guidance of 1x net income * Pro forma operating cash flows to net income ratios for 2013, 2014, 2015 exclude results from the nuclear construction business sold December 31, 2015 , 2012, excludes acquisition costs, 2013-2014 excludes integration and acquisition costs, 2015 excludes impact of charges related to the sale construction business sale on December 31, 2015. See “Supplemental Information” for reconciliation of Non-GAAP figures and pro forma results. **Peer average includes ACM, AMFW, FLR, JEC, KBR, TEC Source: Capital IQ .x .5x 1.x 1.5x 2.x 2.5x 3.x 2009 2010 2011 2012* 2013* 2014* 2015* Peer Median** Peer Average** CBI Cash/NetIncome
  • 45. A World of Solutions Capital Strategy  Reduce debt levels  Minimal interest rate risk  Revenue and earnings growth  Managing execution risks  Share repurchases  Dividends Deliver Value to Shareholders Optimize Balance Sheet Strategic Growth Capital Strategy  Support organic growth  Investments in Technology and Fabrication 45
  • 46. A World of Solutions Flexible Capital Structure $150 $300 $207 $75 $300 $293 $275 $150 $200 $0 $100 $200 $300 $400 4Q'16 2Q'17 4Q'17 4Q'18 4Q'19 3Q'20 4Q'21 4Q'22 4Q'23 4Q'24 2Q'25 PrincipalPayment(inMillions) Debt Repayment Term Loan Senior Notes Laddered debt structure  Gradually reducing leverage  Principal repayment maturities until 2025 46 *Term Loan amortization amounts shown above are payable quarterly with the exception of $300M due 2Q 2017 and $256M due 3Q 2020
  • 47. A World of Solutions $185 $206 $228 $380 $405 $387 5.1% 4.5% 4.2% 3.4% 3.1% 3.0% 2.7% 2.3% 2.1% 1.4% 1.3% 1.7% 5.0% 4.7% 4.8% 4.8% 4.8% 4.8% $0 $100 $200 $300 $400 $500 $600 0% 1% 2% 3% 4% 5% 6% 2010 2011 2012 2013 2014 2015 E SG&A (millions) % of Revenue % of Backlog *Peer Avg. SGA % of Revenue *Peer average includes ACM, AMFW, FLR, JEC, KBR, TEC Source: Capital IQ SG&A Control SG&A target 3% of revenue  Additional opportunities for cost efficiencies 47
  • 48. A World of Solutions Strategic Tax Planning 29% 20% 25% 30% 35% 2010 2011 2012 2013 2014 2015 E 2016 2017 2018 2019 2020 48 Creating long-term tax efficiencies  Supply-chain improvements  Sustainable  Scalable * Effective tax rate for 2015 excludes the impact of charges related to the sale of the nuclear construction business on December 31, 2015. Effective Tax Rate
  • 49. A World of Solutions 49 Solid revenue and earnings  Robust backlog with healthy burn rates  Focus on risk management and execution Operating cash flow strength Balance sheet optimization Support future strategic growth opportunities Deliver value to shareholders  Sustainable growth model  Solid margins  Strong cash flows  Strategic share repurchase activity  Maintain dividend payment  Valuation multiple expansion Summary Delivering Shareholder Return Dividends & Share Repurchases Earnings Growth PE Multiple Expansion
  • 51. A World of Solutions Supplemental Information 51 2015 2014 2013 2012 Adjusted income from operations (Loss) income from operations (425,117)$ 982,608$ 684,508$ 455,643$ Charges related to disposition of nuclear operations 1,505,851 - - - Acquisition and integration related costs - 39,685 95,737 11,000 Adjusted income from operations 1,080,734$ 1,022,293$ 780,245$ 466,643$ Adjusted % of Revenue 8.4% 7.9% 7.0% 8.5% Adjusted net income attributable to CB&I Net (loss) income attributable to CB&I (504,415)$ 543,607$ 454,120$ 301,655$ Charges related to disposition of nuclear operations, net of tax (1) 1,135,140 - - - Acquisition and integration related costs, net of tax (2) - 25,088 73,316 7,143 Adjusted net income attributable to CB&I 630,725$ 568,695$ 527,436$ 308,798$ Adjusted net income attributable to CB&I per share Net (loss) income attributable to CB&I per share (4.72)$ 4.98$ 4.23$ 3.07$ Charges related to disposition of nuclear operations, net of tax (1) 10.58 - - - Acquisition and integration related costs, net of tax (2) - 0.23 0.68 0.07 Adjusted net income attributable to CB&I per share 5.86$ 5.21$ 4.91$ 3.14$ Adjusted operating cash flow Operating cash flow (56,214)$ 264,047$ (112,836)$ 202,504$ Acquisition and integration related costs, net of tax (2) - 25,088 73,316 7,143 Adjusted operating cash flow (56,214)$ 289,135$ (39,520)$ 209,647$ (1) The twelve month period ended December 31, 2015, includes $1,505,851 of non-cash charges related to the disposition of our nuclear operations, less the tax impact of $370,711. The unadjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 106,766 due to the net loss for the period. The adjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares of 107,719. (2) The twelve month period ended December 31, 2014, includes $39,685 of integration related costs, less the tax impact of $14,597. The unadjusted and adjusted per share amounts for the twelve month period is based upon diluted weighted average shares of 109,122. The twelve month period ended December 31, 2013, includes $95,737 of acquisition and integration related costs, and $10,517 of acquisition related pre-closing financing costs and one-time financial commitments (both included in interest expense and recorded in Q1 2013). These costs total $106,254, less the tax impact of $32,938. The unadjusted and adjusted per share amounts for the twelve month period is based upon diluted weighted average shares of 107,452. The twelve month period ended December 31, 2012, includes $11,000 of acquisition and integration related costs, less the tax impact of $3,857. The unadjusted and adjusted per share amounts for the twelve month period is based upon diluted weighted average shares of 98,231. Twelve Months Ended December 31, Chicago Bridge & Iron Company N.V. Reconciliation of Non-GAAP Supplemental Information (in thousands, except per share data)
  • 52. A World of Solutions Supplemental Information 52 As Reported Disposition Charges Removal of Divested Business Excluding Divested Business Revenue 12,929,504$ -$ (2,061,167)$ 10,868,337$ (Loss) income from operations (425,117)$ 1,505,851$ (215,150)$ 865,584$ Net (loss) income attributable to CB&I (504,415)$ 1,135,140$ (131,241)$ 499,484$ Net (loss) income attributable to CB&I per share (diluted) (2) (4.72)$ 10.58$ (1.22)$ 4.64$ New Awards 13,138,498$ -$ (672,365)$ 12,466,133$ Backlog 22,643,939$ -$ -$ 22,643,939$ Operating Cash Flows (56,214)$ -$ 1,133,350$ 1,077,136$ As Reported Integration Related Costs Removal of Divested Business Excluding Divested Business Revenue 12,974,930$ -$ (1,841,018)$ 11,133,912$ Income from operations 982,608$ 39,685$ (151,800)$ 870,493$ Net income attributable to CB&I 543,607$ 25,088$ (92,598)$ 476,097$ Net income attributable to CB&I per share (diluted) (2) 4.98$ 0.23$ (0.85)$ 4.36$ New Awards 16,265,273$ -$ (1,431,911)$ 14,833,362$ Backlog 30,363,269$ -$ (8,754,210)$ 21,609,059$ Operating Cash Flows 264,047$ 25,088$ 1,013,200$ 1,302,335$ As Reported Acquisition and Integration Related Costs Removal of Divested Business Excluding Divested Business Revenue 11,094,527$ -$ (1,007,838)$ 10,086,689$ Income from operations 684,508$ 95,737$ (61,200)$ 719,045$ Net income attributable to CB&I 454,120$ 73,316$ (37,332)$ 490,104$ Net income attributable to CB&I per share (diluted) (2) 4.23$ 0.68$ (0.35)$ 4.56$ New Awards 12,252,970$ -$ (332,342)$ 11,920,628$ Backlog 27,794,212$ -$ (9,163,317)$ 18,630,895$ Operating Cash Flows (112,836)$ 73,316$ 548,700$ 509,180$ Twelve Months Ended December 31, 2015 (1) Twelve Months Ended December 31, 2014 (1) Twelve Months Ended December 31, 2013 (1) Chicago Bridge & Iron Company N.V. Summary Unaudited Pro Forma Financial Data (in thousands, except per share data) (1) The summary unaudited pro forma financial statements have been presented for illustrative purposes only and are based on assumptions and estimates considered appropriate by CB&I management; however, they are not necessarily indicative of what CB&I’s consolidated financial position or results of operations actually would have been had the transaction been completed as of the dates noted above, and does not purport to represent CB&I’s consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the years ended December 31, 2014, and 2013. (2) The unadjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 106,766 due to the net loss for the period. The adjusted per share amounts for the twelve month 2015 period is based upon diluted weighted average shares of 107,719. The unadjusted and adjusted per share amounts for the twelve month 2014 period is based upon diluted weighted average shares of 109,122. The unadjusted and adjusted per share amounts for the twelve month 2013 period is based upon diluted weighted average shares of 107,452.