CB&I forecasts 2013 revenue of up to US$ 11 billion
02 April 2013
US contractor Chicago Bridge & Iron (CB&I) is confident of its prospects for its first year as combined company following its merger with Shaw Group, forecasting 2013 revenues of between US$ 10.7 billion and US$ 11.2 billion.
CB&I’s US$ 3 billion deal to acquire Shaw was announced in August last year and completed this February. The contractor said it was hoping to capitalise on growing demand for energy infrastructure, and has restructured into four operating groups – technology; engineering, construction & maintenance; fabrication services and government solutions.
CB&I president and CEO Philip Asherman said the company was scaling up its business model, and expected to achieve new contract awards worth between US$ 13 billion and US$ 16 billion this year. Earnings per share for 2013 are forecast to range between US$ 4 and US$ 4.35.
CB&I's consolidated 2011 revenue was US$ 4.6 billion, while Shaw reported revenues of US$ 5.9 billion. As a combined entity, the companies would have reached 30th place on International Construction's (iC's) 2012 ranking of the world's 200 largest construction companies.