Introducing Chicago Bridge & Iron: A Company Overview

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Part 5
Introducing Chicago Bridge & Iron: A Company Overview PART 5 OF 11

The Backlogs for Chicago Bridge & Iron’s Operating Groups

Engineering & Construction operating group

Chicago Bridge & Iron Company’s (CBI) EC (Engineering & Construction) operating group provides EPC (engineering, procurement, and construction) services to energy infrastructure plants.

In 2016, the EC group’s distribution of backlog by contracting type was 80% fixed price and hybrid and 20% cost-reimbursable, while backlog composition by end market was 40% LNG (liquefied natural gas), 30% petrochemical, 25% power, and 5% refining.

The group’s LNG backlog was concentrated in the Asia Pacific and North American regions, while its petrochemical-related backlog was primarily centered in the United States and the Middle East. The group’s power backlog was focused in the United States, and its refining-related backlog was derived from Russia and the Middle East.

In fiscal 2016, the backlog for the EC operating group was 54% of the company’s total 2016 backlogs. As of September 30, 2017, the group’s backlog was $9.2 billion.

The Backlogs for Chicago Bridge &#038; Iron&#8217;s Operating Groups

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Fabrication Services group

CBI’s Fabrication Services operating group plays in the oil and gas, petrochemical, electricity generation, water and wastewater, mineral processing, and mining industries. It renders services that include fabrication and erection of steel plate structures and the manufacture and distribution of piping systems and process modules. In 2016, backlog distribution by contracting type was 95% fixed price and hybrid, with the remaining 5% cost-reimbursable. The backlog mix by end market was 40% petrochemical, 30% LNG, 15% power, and 5% each for refining, gas processing, and other end markets.

In fiscal 2016, 11% of the total backlog was from the Fabrication Services operating group. As of September 30, 2017, the group had a backlog of $1.5 billion.

Backlog in this industry (XLI) includes the value of new awards until work is completed and revenue is recognized or until cancellation. KBR’s backlog remained flat at $10.3 billion as of September 30, 2017, the same as 2Q17. Fluor’s (FLR) 3Q17 backlogs fell to $32.9 billion from $37.6 billion in 2Q17. For fiscal 2017, Jacobs Engineering Group (JEC) reported an all-time high backlog of $19.8 billion.

In the next part, we’ll look at CBI’s revenue trend.


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