|
FORM 10-Q
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
o
|
|
|
|
|
|
|
|
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
o
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Unaudited)
|
||||||||||||||
Revenue
|
$
|
3,207,113
|
|
|
$
|
3,294,379
|
|
|
$
|
6,332,858
|
|
|
$
|
6,222,511
|
|
Cost of revenue
|
2,823,990
|
|
|
2,913,204
|
|
|
5,579,564
|
|
|
5,539,934
|
|
||||
Gross profit
|
383,123
|
|
|
381,175
|
|
|
753,294
|
|
|
682,577
|
|
||||
Selling and administrative expense
|
85,153
|
|
|
98,031
|
|
|
194,254
|
|
|
217,198
|
|
||||
Intangibles amortization
|
14,942
|
|
|
16,822
|
|
|
30,594
|
|
|
33,056
|
|
||||
Equity earnings
|
(394
|
)
|
|
(3,165
|
)
|
|
(4,596
|
)
|
|
(7,330
|
)
|
||||
Other operating (income) expense, net
|
(685
|
)
|
|
(261
|
)
|
|
2,137
|
|
|
(645
|
)
|
||||
Integration related costs
|
—
|
|
|
9,537
|
|
|
—
|
|
|
17,604
|
|
||||
Income from operations
|
284,107
|
|
|
260,211
|
|
|
530,905
|
|
|
422,694
|
|
||||
Interest expense
|
(21,114
|
)
|
|
(21,675
|
)
|
|
(43,400
|
)
|
|
(40,562
|
)
|
||||
Interest income
|
2,184
|
|
|
1,477
|
|
|
4,232
|
|
|
3,537
|
|
||||
Income before taxes
|
265,177
|
|
|
240,013
|
|
|
491,737
|
|
|
385,669
|
|
||||
Income tax expense
|
(79,289
|
)
|
|
(72,947
|
)
|
|
(149,100
|
)
|
|
(115,857
|
)
|
||||
Net income
|
185,888
|
|
|
167,066
|
|
|
342,637
|
|
|
269,812
|
|
||||
Less: Net income attributable to noncontrolling interests
|
(16,373
|
)
|
|
(24,662
|
)
|
|
(40,894
|
)
|
|
(38,457
|
)
|
||||
Net income attributable to CB&I
|
$
|
169,515
|
|
|
$
|
142,404
|
|
|
$
|
301,743
|
|
|
$
|
231,355
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to CB&I per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.56
|
|
|
$
|
1.32
|
|
|
$
|
2.78
|
|
|
$
|
2.14
|
|
Diluted
|
$
|
1.55
|
|
|
$
|
1.31
|
|
|
$
|
2.76
|
|
|
$
|
2.12
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
108,700
|
|
|
108,096
|
|
|
108,450
|
|
|
107,888
|
|
||||
Diluted
|
109,533
|
|
|
109,110
|
|
|
109,386
|
|
|
109,058
|
|
||||
Cash dividends on shares:
|
|
|
|
|
|
|
|
||||||||
Amount
|
$
|
7,610
|
|
|
$
|
7,567
|
|
|
$
|
15,207
|
|
|
$
|
15,126
|
|
Per share
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net income
|
$
|
185,888
|
|
|
$
|
167,066
|
|
|
$
|
342,637
|
|
|
$
|
269,812
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in cumulative translation adjustment
|
24,309
|
|
|
7,421
|
|
|
(36,125
|
)
|
|
12,952
|
|
||||
Change in unrealized fair value of cash flow hedges
|
644
|
|
|
(551
|
)
|
|
(80
|
)
|
|
(1,541
|
)
|
||||
Change in unrecognized prior service pension credits/costs
|
16
|
|
|
(92
|
)
|
|
(520
|
)
|
|
(135
|
)
|
||||
Change in unrecognized actuarial pension gains/losses
|
(4,619
|
)
|
|
418
|
|
|
9,999
|
|
|
2,213
|
|
||||
Comprehensive income
|
206,238
|
|
|
174,262
|
|
|
315,911
|
|
|
283,301
|
|
||||
Net income attributable to noncontrolling interests
|
(16,373
|
)
|
|
(24,662
|
)
|
|
(40,894
|
)
|
|
(38,457
|
)
|
||||
Change in cumulative translation adjustment attributable to noncontrolling interests
|
(217
|
)
|
|
(4,323
|
)
|
|
1,121
|
|
|
(5,974
|
)
|
||||
Comprehensive income attributable to CB&I
|
$
|
189,648
|
|
|
$
|
145,277
|
|
|
$
|
276,138
|
|
|
$
|
238,870
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents ($192,219 and $191,464 related to variable interest entities ("VIEs"))
|
$
|
355,088
|
|
|
$
|
351,323
|
|
Accounts receivable, net ($298,294 and $235,018 related to VIEs)
|
1,326,858
|
|
|
1,306,567
|
|
||
Inventory
|
292,244
|
|
|
286,155
|
|
||
Costs and estimated earnings in excess of billings ($38,110 and $29,677 related to VIEs)
|
1,605,190
|
|
|
774,644
|
|
||
Deferred income taxes
|
519,573
|
|
|
572,987
|
|
||
Other current assets ($247,027 and $104,447 related to VIEs)
|
378,532
|
|
|
238,783
|
|
||
Total current assets
|
4,477,485
|
|
|
3,530,459
|
|
||
Equity investments
|
132,480
|
|
|
107,984
|
|
||
Property and equipment, net ($20,439 and $21,868 related to VIEs)
|
741,469
|
|
|
771,651
|
|
||
Deferred income taxes
|
79,762
|
|
|
89,196
|
|
||
Goodwill
|
4,177,038
|
|
|
4,195,231
|
|
||
Other intangibles, net
|
517,804
|
|
|
556,454
|
|
||
Other non-current assets
|
160,824
|
|
|
130,056
|
|
||
Total assets
|
$
|
10,286,862
|
|
|
$
|
9,381,031
|
|
Liabilities
|
|
|
|
||||
Revolving facility and other short-term borrowings
|
$
|
596,740
|
|
|
$
|
164,741
|
|
Current maturities of long-term debt
|
131,096
|
|
|
105,997
|
|
||
Accounts payable ($217,676 and $279,597 related to VIEs)
|
1,179,056
|
|
|
1,256,854
|
|
||
Other current liabilities
|
874,746
|
|
|
804,294
|
|
||
Billings in excess of costs and estimated earnings ($647,741 and $282,351 related to VIEs)
|
2,189,584
|
|
|
1,985,488
|
|
||
Deferred income taxes
|
4,333
|
|
|
4,856
|
|
||
Total current liabilities
|
4,975,555
|
|
|
4,322,230
|
|
||
Long-term debt
|
1,486,085
|
|
|
1,564,158
|
|
||
Other non-current liabilities
|
430,359
|
|
|
450,626
|
|
||
Deferred income taxes
|
211,473
|
|
|
167,714
|
|
||
Total liabilities
|
7,103,472
|
|
|
6,504,728
|
|
||
Shareholders’ Equity
|
|
|
|
||||
Common stock, Euro .01 par value; shares authorized: 250,000; shares issued: 108,757 and 108,407; shares outstanding: 108,738 and 107,806
|
1,286
|
|
|
1,283
|
|
||
Additional paid-in capital
|
783,761
|
|
|
776,864
|
|
||
Retained earnings
|
2,533,306
|
|
|
2,246,770
|
|
||
Treasury stock, at cost: 19 and 601 shares
|
(947
|
)
|
|
(24,428
|
)
|
||
Accumulated other comprehensive loss
|
(288,002
|
)
|
|
(262,397
|
)
|
||
Total CB&I shareholders’ equity
|
3,029,404
|
|
|
2,738,092
|
|
||
Noncontrolling interests
|
153,986
|
|
|
138,211
|
|
||
Total shareholders’ equity
|
3,183,390
|
|
|
2,876,303
|
|
||
Total liabilities and shareholders’ equity
|
$
|
10,286,862
|
|
|
$
|
9,381,031
|
|
|
Six Months Ended June 30,
|
||||||
|
2015
|
|
2014
|
||||
|
(Unaudited)
|
||||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
342,637
|
|
|
$
|
269,812
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
86,699
|
|
|
89,870
|
|
||
Deferred taxes
|
101,035
|
|
|
38,685
|
|
||
Stock-based compensation expense
|
37,767
|
|
|
49,317
|
|
||
Equity earnings
|
(4,596
|
)
|
|
(7,330
|
)
|
||
Other operating expense (income), net
|
2,137
|
|
|
(645
|
)
|
||
Unrealized loss on foreign currency hedges
|
1,559
|
|
|
1,612
|
|
||
Excess tax benefits from stock-based compensation
|
(280
|
)
|
|
(15,680
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Increase in receivables, net
|
(20,291
|
)
|
|
(121,013
|
)
|
||
Change in contracts in progress, net
|
(626,450
|
)
|
|
(797,126
|
)
|
||
(Increase) decrease in inventory
|
(6,089
|
)
|
|
10,897
|
|
||
(Decrease) increase in accounts payable
|
(77,798
|
)
|
|
95,955
|
|
||
(Increase) decrease in other current and non-current assets
|
(28,096
|
)
|
|
1,052
|
|
||
(Decrease) increase in other current and non-current liabilities
|
(42,675
|
)
|
|
989
|
|
||
Decrease in equity investments
|
23,626
|
|
|
15,823
|
|
||
Change in other, net
|
16,111
|
|
|
(6,581
|
)
|
||
Net cash used in operating activities
|
(194,704
|
)
|
|
(374,363
|
)
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Capital expenditures
|
(63,717
|
)
|
|
(58,179
|
)
|
||
Advances to partners of proportionately consolidated ventures, net
|
(122,436
|
)
|
|
—
|
|
||
Proceeds from sale of property and equipment
|
3,292
|
|
|
9,031
|
|
||
Change in other, net
|
(6,783
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(189,644
|
)
|
|
(49,148
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Revolving facility and other short-term borrowings, net
|
431,999
|
|
|
494,266
|
|
||
Advances from proportionately consolidated ventures, net
|
84,936
|
|
|
—
|
|
||
Repayments on long-term debt
|
(52,974
|
)
|
|
(50,000
|
)
|
||
Excess tax benefits from stock-based compensation
|
280
|
|
|
15,680
|
|
||
Purchase of treasury stock
|
(13,887
|
)
|
|
(66,591
|
)
|
||
Issuance of stock
|
11,074
|
|
|
17,610
|
|
||
Dividends paid
|
(15,207
|
)
|
|
(15,126
|
)
|
||
Distributions to noncontrolling interests
|
(23,998
|
)
|
|
(38,556
|
)
|
||
Net cash provided by financing activities
|
422,223
|
|
|
357,283
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(34,110
|
)
|
|
20,039
|
|
||
Increase (decrease) in cash and cash equivalents
|
3,765
|
|
|
(46,189
|
)
|
||
Cash and cash equivalents, beginning of the year
|
351,323
|
|
|
420,502
|
|
||
Cash and cash equivalents, end of the period
|
$
|
355,088
|
|
|
$
|
374,313
|
|
|
Common Stock
|
|
Additional
Paid-In
|
|
Retained
|
|
Treasury Stock
|
|
Accumulated
Other
Comprehensive
|
|
Non -
controlling
|
|
Total
Shareholders’
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
(Loss) Income
|
|
Interests
|
|
Equity
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2014
|
107,806
|
|
|
$
|
1,283
|
|
|
$
|
776,864
|
|
|
$
|
2,246,770
|
|
|
601
|
|
|
$
|
(24,428
|
)
|
|
$
|
(262,397
|
)
|
|
$
|
138,211
|
|
|
$
|
2,876,303
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
301,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,894
|
|
|
342,637
|
|
|||||||
Change in cumulative translation adjustment, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,004
|
)
|
|
(1,121
|
)
|
|
(36,125
|
)
|
|||||||
Change in unrealized fair value of cash flow hedges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
(80
|
)
|
|||||||
Change in unrecognized prior service pension credits/costs, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(520
|
)
|
|
—
|
|
|
(520
|
)
|
|||||||
Change in unrecognized actuarial pension gains/losses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,999
|
|
|
—
|
|
|
9,999
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,998
|
)
|
|
(23,998
|
)
|
|||||||
Dividends paid ($0.14 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,207
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,207
|
)
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
37,767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,767
|
|
|||||||
Issuance to treasury stock
|
—
|
|
|
3
|
|
|
15,348
|
|
|
—
|
|
|
350
|
|
|
(15,351
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase of treasury stock
|
(339
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|
(13,887
|
)
|
|
—
|
|
|
—
|
|
|
(13,887
|
)
|
|||||||
Issuance of stock
|
1,271
|
|
|
—
|
|
|
(46,218
|
)
|
|
—
|
|
|
(1,271
|
)
|
|
52,719
|
|
|
—
|
|
|
—
|
|
|
6,501
|
|
|||||||
Balance at June 30, 2015
|
108,738
|
|
|
$
|
1,286
|
|
|
$
|
783,761
|
|
|
$
|
2,533,306
|
|
|
19
|
|
|
$
|
(947
|
)
|
|
$
|
(288,002
|
)
|
|
$
|
153,986
|
|
|
$
|
3,183,390
|
|
|
Common Stock
|
|
Additional
Paid-In
|
|
Retained
|
|
Treasury Stock
|
|
Accumulated
Other
Comprehensive
|
|
Non -
controlling
|
|
Total
Shareholders’
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
(Loss) Income
|
|
Interests
|
|
Equity
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2013
|
107,478
|
|
|
$
|
1,275
|
|
|
$
|
753,742
|
|
|
$
|
1,733,409
|
|
|
379
|
|
|
$
|
(23,914
|
)
|
|
$
|
(119,933
|
)
|
|
$
|
162,859
|
|
|
$
|
2,507,438
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
231,355
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,457
|
|
|
269,812
|
|
|||||||
Change in cumulative translation adjustment, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,978
|
|
|
5,974
|
|
|
12,952
|
|
|||||||
Change in unrealized fair value of cash flow hedges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,541
|
)
|
|
—
|
|
|
(1,541
|
)
|
|||||||
Change in unrecognized prior service pension credits/costs, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
—
|
|
|
(135
|
)
|
|||||||
Change in unrecognized actuarial pension gains/losses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,213
|
|
|
—
|
|
|
2,213
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,556
|
)
|
|
(38,556
|
)
|
|||||||
Dividends paid ($0.14 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,126
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,126
|
)
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
49,317
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,317
|
|
|||||||
Issuance to treasury stock
|
—
|
|
|
5
|
|
|
28,626
|
|
|
—
|
|
|
350
|
|
|
(28,631
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase of treasury stock
|
(863
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
863
|
|
|
(66,591
|
)
|
|
—
|
|
|
—
|
|
|
(66,591
|
)
|
|||||||
Issuance of stock
|
1,497
|
|
|
—
|
|
|
(77,724
|
)
|
|
—
|
|
|
(1,497
|
)
|
|
111,607
|
|
|
—
|
|
|
—
|
|
|
33,883
|
|
|||||||
Balance at June 30, 2014
|
108,112
|
|
|
$
|
1,280
|
|
|
$
|
753,961
|
|
|
$
|
1,949,638
|
|
|
95
|
|
|
$
|
(7,529
|
)
|
|
$
|
(112,418
|
)
|
|
$
|
168,734
|
|
|
$
|
2,753,666
|
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||
Costs and estimated earnings on contracts in progress
|
|
$
|
22,728,277
|
|
|
$
|
23,308,188
|
|
|
$
|
20,119,444
|
|
|
$
|
26,052,767
|
|
Billings on contracts in progress
|
|
(21,123,087
|
)
|
|
(24,995,597
|
)
|
|
(19,344,800
|
)
|
|
(27,479,495
|
)
|
||||
Margin fair value liability for acquired contracts
(1)
|
|
—
|
|
|
(502,175
|
)
|
|
—
|
|
|
(558,760
|
)
|
||||
Contracts in Progress, net
|
|
$
|
1,605,190
|
|
|
$
|
(2,189,584
|
)
|
|
$
|
774,644
|
|
|
$
|
(1,985,488
|
)
|
(1)
|
The balance represents a margin fair value liability associated with long-term contracts acquired in connection with our acquisition of The Shaw Group Inc. on February 13, 2013 (the "Acquisition Closing Date"). The margin fair value liability was approximately
$745,500
at the Acquisition Closing Date and is recognized as revenue on a POC basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next
five
years. Revenue and the related income from operations recognized during the
three and six months ended June 30, 2015
|
•
|
Engineering, Construction & Maintenance
—Our Engineering, Construction & Maintenance operating group included
three
reporting units: Oil & Gas, Power and Plant Services.
|
•
|
Fabrication Services
—Our Fabrication Services operating group included
two
reporting units: Steel Plate Structures and Fabrication & Manufacturing.
|
•
|
Technology
—Our Technology operating group represented a reporting unit.
|
•
|
Environmental Solutions
—Our Environmental Solutions operating group represented a reporting unit.
|
•
|
Engineering & Construction (formerly Engineering, Construction & Maintenance)
—Our Engineering & Construction operating group includes
two
reporting units: Oil & Gas and Power. Our Plant Services reporting unit was reclassified to our realigned Capital Services operating group, as noted below.
|
•
|
Fabrication Services
—Our Fabrication Services operating group includes
three
reporting units: Steel Plate Structures, Fabrication & Manufacturing, and Engineered Products. Our Engineered Products reporting unit represents a portion of our previous Technology reporting unit.
|
•
|
Technology
—Our Technology operating group continues to represent a reporting unit, consisting of the remaining portion of our previous Technology reporting unit, after reclassification of the Engineered Products reporting unit to Fabrication Services, as noted above.
|
•
|
Capital Services
(formerly Environmental Solutions)
—Our Capital Services operating group includes
two
reporting units: Facilities & Plant Services and Federal Services. Our Facilities & Plant Services reporting unit represents our previous Plant Services reporting unit and a portion of our previous Environmental Solutions reporting unit. Our Federal Services reporting unit represents the remaining portion of our previous Environmental Solutions reporting unit.
|
•
|
Foreign Currency Exchange Rate Derivatives
—We do not engage in currency speculation; however, we utilize foreign currency exchange rate derivatives on an ongoing basis to hedge against certain foreign currency-related operating
|
•
|
Interest Rate Derivatives
—At
June 30, 2015
, we continued to utilize a swap arrangement to hedge against interest rate variability associated with
$391,375
of our outstanding
$775,000
unsecured term loan (the “Term Loan”). The swap arrangement has been designated as a cash flow hedge as its critical terms matched those of the Term Loan at inception and through
June 30, 2015
. Accordingly, changes in the fair value of the swap arrangement are included in AOCI until the associated underlying exposure impacts our earnings.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net income attributable to CB&I
|
|
$
|
169,515
|
|
|
$
|
142,404
|
|
|
$
|
301,743
|
|
|
$
|
231,355
|
|
Weighted average shares outstanding—basic
|
|
108,700
|
|
|
108,096
|
|
|
108,450
|
|
|
107,888
|
|
||||
Effect of restricted shares/performance shares/stock options
(1)
|
|
822
|
|
|
980
|
|
|
926
|
|
|
1,118
|
|
||||
Effect of directors’ deferred-fee shares
|
|
11
|
|
|
34
|
|
|
10
|
|
|
52
|
|
||||
Weighted average shares outstanding—diluted
|
|
109,533
|
|
|
109,110
|
|
|
109,386
|
|
|
109,058
|
|
||||
Net income attributable to CB&I per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.56
|
|
|
$
|
1.32
|
|
|
$
|
2.78
|
|
|
$
|
2.14
|
|
Diluted
|
|
$
|
1.55
|
|
|
$
|
1.31
|
|
|
$
|
2.76
|
|
|
$
|
2.12
|
|
(1)
|
Antidilutive shares excluded from diluted EPS were not material for the
three and six months ended June 30, 2015
or
2014
.
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Raw materials
|
$
|
157,241
|
|
|
$
|
162,451
|
|
Work in process
|
38,508
|
|
|
38,232
|
|
||
Finished goods
|
96,495
|
|
|
85,472
|
|
||
Total
|
$
|
292,244
|
|
|
$
|
286,155
|
|
|
|
Total
|
||
Balance at December 31, 2014
|
|
$
|
4,195,231
|
|
Foreign currency translation
|
|
(15,806
|
)
|
|
Amortization of tax goodwill in excess of book goodwill
|
|
(2,387
|
)
|
|
Balance at June 30, 2015
|
|
$
|
4,177,038
|
|
|
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||
|
|
Weighted Average Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Finite-lived intangible assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Backlog and customer relationships
(1)
|
|
17 years
|
|
$
|
369,572
|
|
|
$
|
(77,203
|
)
|
|
$
|
380,586
|
|
|
$
|
(71,257
|
)
|
Process technologies
|
|
15 years
|
|
272,440
|
|
|
(107,448
|
)
|
|
287,459
|
|
|
(105,646
|
)
|
||||
Tradenames
|
|
10 years
|
|
85,364
|
|
|
(24,921
|
)
|
|
85,613
|
|
|
(20,301
|
)
|
||||
Total
(2)
|
|
16 years
|
|
$
|
727,376
|
|
|
$
|
(209,572
|
)
|
|
$
|
753,658
|
|
|
$
|
(197,204
|
)
|
(1)
|
Backlog and customer relationships intangibles totaling approximately
$11,000
became fully amortized during the three months ended March 31, 2015 and were therefore removed from the gross carrying and accumulated amortization balances above.
|
(2)
|
The decrease in other intangible assets during the
six months ended June 30, 2015
primarily related to amortization expense of approximately $30,600 and the impact of foreign currency translation.
|
•
|
CB&I/Zachry—
We have a venture with Zachry (CB&I—
50%
/ Zachry—
50%
) to perform EPC work for
two
liquefied natural gas (“LNG”) liquefaction trains in Freeport, Texas. Our proportionate share of the venture project value is approximately
$2,600,000
. In addition, we have subcontract and risk sharing arrangements with Chiyoda to support our responsibilities to the venture. The costs of these arrangements are recorded in cost of revenue.
|
•
|
CB&I/Zachry/Chiyoda—
We have a venture with Zachry and Chiyoda (CB&I—
33.3%
/ Zachry—
33.3%
/ Chiyoda—
33.3%
) to perform EPC work for an additional LNG liquefaction train at the aforementioned project site in Freeport, Texas. Our proportionate share of the venture project value is approximately
$675,000
.
|
•
|
CB&I/Chiyoda—
We have a venture with Chiyoda (CB&I—
50%
/ Chiyoda—
50%
) to perform EPC work for
three
LNG liquefaction trains in Hackberry, Louisiana. Our proportionate share of the venture project value is approximately
$3,100,000
.
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||
CB&I/Zachry
|
|
|
|
|
||||
Current assets
(1)
|
|
$
|
224,477
|
|
|
$
|
85,484
|
|
Current liabilities
|
|
$
|
290,437
|
|
|
$
|
149,891
|
|
CB&I/Zachry/Chiyoda
|
|
|
|
|
||||
Current assets
(1)
|
|
$
|
37,579
|
|
|
$
|
—
|
|
Current liabilities
|
|
$
|
41,197
|
|
|
$
|
—
|
|
CB&I/Chiyoda
|
|
|
|
|
||||
Current assets
(1)
|
|
$
|
194,680
|
|
|
$
|
102,035
|
|
Current liabilities
|
|
$
|
241,238
|
|
|
$
|
124,367
|
|
(1)
|
Our venture arrangements allow for excess working capital of the ventures to be advanced to the venture partners. Such advances are returned to the venture for working capital needs as necessary. Accordingly, at a reporting period end a venture may have advances to its partners which are reflected as an advance receivable within current assets of the venture. At
June 30, 2015
and
December 31, 2014
, other current assets on the Balance Sheet included approximately
$193,600
and
$71,200
, respectively, related to our proportionate share of advances from the ventures to our venture partners. In addition, at
June 30, 2015
and
December 31, 2014
other current liabilities on the Balance Sheet included approximately
$193,600
and
$108,700
, respectively, related to advances to CB&I from the ventures.
|
•
|
Chevron-Lummus Global (
“
CLG
”
)—
We have a venture with Chevron (CB&I—
50%
/ Chevron—
50%
), which provides licenses, engineering services and catalyst, primarily for the refining industry. As sufficient capital investments in CLG have been made by the venture partners, it does not qualify as a VIE. Additionally, we do not effectively control CLG and therefore do not consolidate the venture.
|
•
|
NET Power LLC (“NET Power”)—
We have a venture with Exelon and 8 Rivers Capital (CB&I—
33.3%
/ Exelon—
33.3%
/ 8 Rivers Capital—
33.3%
), which was formed for the purpose of developing, commercializing and monetizing a new natural gas power system that produces zero atmospheric emissions, including carbon dioxide. NET Power is building a first-of-its-kind demonstration plant which will be funded by contributions and services from the venture partners and other parties. Our cash commitment for NET Power totals
$47,300
and at
June 30, 2015
, we had made cumulative investments of approximately
$13,100
.
|
•
|
CB&I/Kentz—
We have a venture with Kentz (CB&I—
65%
/ Kentz—
35%
) to perform the structural, mechanical, piping, electrical and instrumentation work on, and to provide commissioning support for,
three
LNG trains, including associated utilities and a gas processing and compression plant, for the Gorgon LNG project, located on Barrow Island, Australia. Our venture project value is approximately
$5,000,000
.
|
•
|
CB&I/AREVA—
We have a venture with AREVA (CB&I
—
52%
/ AREVA—
48%
) to design, license and construct a mixed oxide fuel fabrication facility in Aiken, South Carolina, which will be used to convert weapons-grade plutonium into fuel for nuclear power plants for the U.S. Department of Energy. Our venture project value is approximately
$5,200,000
.
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
CBI/Kentz
|
|
|
|
|
||||
Current assets
|
|
$
|
196,484
|
|
|
$
|
220,930
|
|
Current liabilities
|
|
$
|
207,941
|
|
|
$
|
196,277
|
|
CBI/AREVA
|
|
|
|
|
||||
Current assets
|
|
$
|
28,619
|
|
|
$
|
27,006
|
|
Current liabilities
|
|
$
|
70,159
|
|
|
$
|
73,124
|
|
All Other
(1)
|
|
|
|
|
||||
Current assets
|
|
$
|
115,409
|
|
|
$
|
130,458
|
|
Non-current assets
|
|
$
|
20,575
|
|
|
$
|
22,045
|
|
Total assets
|
|
$
|
135,984
|
|
|
$
|
152,503
|
|
Current liabilities
|
|
$
|
37,223
|
|
|
$
|
36,534
|
|
(1)
|
Other ventures that we consolidate due to their designation as VIEs are not individually material to our financial results and are therefore aggregated as “All Other”.
|
|
|
Total
|
||
Balance at December 31, 2014
|
|
$
|
14,354
|
|
Charges
|
|
1,614
|
|
|
Cash payments
|
|
(5,169
|
)
|
|
Balance at June 30, 2015
|
|
$
|
10,799
|
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Current
|
|
|
|
|
||||
Revolving facility and other short-term borrowings
|
|
$
|
596,740
|
|
|
$
|
164,741
|
|
Current maturities of long-term debt
|
|
131,096
|
|
|
105,997
|
|
||
Current debt
|
|
$
|
727,836
|
|
|
$
|
270,738
|
|
Long-Term
|
|
|
|
|
||||
Term Loan: $1,000,000 term loan (interest at LIBOR plus an applicable floating margin)
|
|
$
|
775,000
|
|
|
$
|
825,000
|
|
Senior Notes: $800,000 senior notes, series A-D (fixed interest ranging from 4.15% to 5.30%)
|
|
800,000
|
|
|
800,000
|
|
||
Other long-term debt
|
|
42,181
|
|
|
45,155
|
|
||
Less: current maturities of long-term debt
|
|
(131,096
|
)
|
|
(105,997
|
)
|
||
Long-term debt
|
|
$
|
1,486,085
|
|
|
$
|
1,564,158
|
|
•
|
Series A—Interest due semi-annually at a fixed rate of
4.15%
, with principal of
$150,000
due in December 2017
|
•
|
Series B—Interest due semi-annually at a fixed rate of
4.57%
, with principal of
$225,000
due in December 2019
|
•
|
Series C—Interest due semi-annually at a fixed rate of
5.15%
, with principal of
$275,000
due in December 2022
|
•
|
Series D—Interest due semi-annually at a fixed rate of
5.30%
, with principal of
$150,000
due in December 2024
|
•
|
Level 1
—Fair value is based upon quoted prices in active markets.
|
•
|
Level 2
—Fair value is based upon internally-developed models that use, as their basis, readily observable market parameters. Our derivative positions are classified within Level 2 of the valuation hierarchy as they are valued using quoted market prices for similar assets and liabilities in active markets. These level 2 derivatives are valued utilizing an income approach, which discounts future cash flow based upon current market expectations and adjusts for credit risk.
|
•
|
Level 3
—Fair value is based upon internally-developed models that use, as their basis, significant unobservable market parameters. We did not have any Level 3 classifications at
June 30, 2015
or
December 31, 2014
.
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other current assets
|
$
|
—
|
|
|
$
|
2,874
|
|
|
$
|
—
|
|
|
$
|
2,874
|
|
|
$
|
—
|
|
|
$
|
852
|
|
|
$
|
—
|
|
|
$
|
852
|
|
Other non-current assets
|
—
|
|
|
703
|
|
|
—
|
|
|
703
|
|
|
—
|
|
|
2,248
|
|
|
—
|
|
|
2,248
|
|
||||||||
Total assets at fair value
|
$
|
—
|
|
|
$
|
3,577
|
|
|
$
|
—
|
|
|
$
|
3,577
|
|
|
$
|
—
|
|
|
$
|
3,100
|
|
|
$
|
—
|
|
|
$
|
3,100
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other current liabilities
|
$
|
—
|
|
|
$
|
(8,078
|
)
|
|
$
|
—
|
|
|
$
|
(8,078
|
)
|
|
$
|
—
|
|
|
$
|
(12,728
|
)
|
|
$
|
—
|
|
|
$
|
(12,728
|
)
|
Other non-current liabilities
|
—
|
|
|
(2,203
|
)
|
|
—
|
|
|
(2,203
|
)
|
|
—
|
|
|
(1,873
|
)
|
|
—
|
|
|
(1,873
|
)
|
||||||||
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
(10,281
|
)
|
|
$
|
—
|
|
|
$
|
(10,281
|
)
|
|
$
|
—
|
|
|
$
|
(14,601
|
)
|
|
$
|
—
|
|
|
$
|
(14,601
|
)
|
(1)
|
We are exposed to credit risk on our hedging instruments associated with potential counterparty non-performance, and the fair value of our derivatives reflects this credit risk. The total level 2 assets at fair value above represent the maximum loss that we would incur on our outstanding hedges if the applicable counterparties failed to perform according to the hedge contracts. To help mitigate counterparty credit risk, we transact only with counterparties that are rated as investment grade or higher and monitor all counterparties on a continuous basis.
|
|
|
Fair Value of Derivatives Classified as Other Current and Non-Current Assets on the Balance Sheet
|
|
Fair Value of Derivatives Classified as Other Current and Non-Current Liabilities on the Balance Sheet
|
||||||||||||
|
|
June 30,
2015 |
|
December 31,
2014 |
|
June 30,
2015 |
|
December 31,
2014 |
||||||||
Derivatives designated as cash flow hedges
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
674
|
|
|
$
|
2,258
|
|
|
$
|
(939
|
)
|
|
$
|
(1,229
|
)
|
Foreign currency
|
|
1,098
|
|
|
39
|
|
|
(2,622
|
)
|
|
(4,996
|
)
|
||||
|
|
$
|
1,772
|
|
|
$
|
2,297
|
|
|
$
|
(3,561
|
)
|
|
$
|
(6,225
|
)
|
Derivatives not designated as cash flow hedges
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency
|
|
1,805
|
|
|
803
|
|
|
(6,720
|
)
|
|
(8,376
|
)
|
||||
|
|
$
|
1,805
|
|
|
$
|
803
|
|
|
$
|
(6,720
|
)
|
|
$
|
(8,376
|
)
|
Total fair value
|
|
$
|
3,577
|
|
|
$
|
3,100
|
|
|
$
|
(10,281
|
)
|
|
$
|
(14,601
|
)
|
|
Gross
Amounts Recognized (i) |
|
Gross Amounts
Offset on the Balance Sheet (ii) |
|
Net Amounts
Presented on the Balance Sheet (iii) = (i) - (ii) |
|
Gross Amounts Not Offset on
the Balance Sheet (iv) |
|
Net Amount
(v) = (iii) - (iv) |
||||||||||||||
|
Financial
Instruments |
|
Cash
Collateral Received |
|
|||||||||||||||||||
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate
|
$
|
674
|
|
|
$
|
—
|
|
|
$
|
674
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
674
|
|
Foreign currency
|
2,903
|
|
|
—
|
|
|
2,903
|
|
|
(293
|
)
|
|
—
|
|
|
2,610
|
|
||||||
Total assets
|
$
|
3,577
|
|
|
$
|
—
|
|
|
$
|
3,577
|
|
|
$
|
(293
|
)
|
|
$
|
—
|
|
|
$
|
3,284
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate
|
$
|
(939
|
)
|
|
$
|
—
|
|
|
$
|
(939
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(939
|
)
|
Foreign currency
|
(9,342
|
)
|
|
—
|
|
|
(9,342
|
)
|
|
293
|
|
|
—
|
|
|
(9,049
|
)
|
||||||
Total liabilities
|
$
|
(10,281
|
)
|
|
$
|
—
|
|
|
$
|
(10,281
|
)
|
|
$
|
293
|
|
|
$
|
—
|
|
|
$
|
(9,988
|
)
|
|
Amount of Gain (Loss) on Effective Derivative Portion
|
||||||||||||||||||||||||||||||
|
Recognized in OCI
|
|
Reclassified from AOCI into Earnings
(1)
|
||||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Derivatives designated as cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate
|
$
|
(514
|
)
|
|
$
|
(1,689
|
)
|
|
$
|
(2,222
|
)
|
|
$
|
(2,191
|
)
|
|
$
|
(453
|
)
|
|
$
|
(546
|
)
|
|
$
|
(927
|
)
|
|
$
|
(1,089
|
)
|
Foreign currency
|
(285
|
)
|
|
19
|
|
|
(2,740
|
)
|
|
(47
|
)
|
|
(1,333
|
)
|
|
(113
|
)
|
|
(2,470
|
)
|
|
354
|
|
||||||||
Total
|
$
|
(799
|
)
|
|
$
|
(1,670
|
)
|
|
$
|
(4,962
|
)
|
|
$
|
(2,238
|
)
|
|
$
|
(1,786
|
)
|
|
$
|
(659
|
)
|
|
$
|
(3,397
|
)
|
|
$
|
(735
|
)
|
(1)
|
Net unrealized losses totaling
$4,227
are anticipated to be reclassified from AOCI into earnings during the next
12 months
due to settlement of the associated underlying obligations.
|
|
Amount of Gain (Loss) Recognized in Earnings
|
||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Derivatives not designated as cash flow hedges
|
|
|
|
|
|
|
|
||||||||
Foreign currency
|
$
|
4,249
|
|
|
$
|
(7,716
|
)
|
|
$
|
(2,283
|
)
|
|
$
|
(6,210
|
)
|
Total
|
$
|
4,249
|
|
|
$
|
(7,716
|
)
|
|
$
|
(2,283
|
)
|
|
$
|
(6,210
|
)
|
|
Pension Plans
|
|
Other Postretirement Plans
|
||||
Contributions made through June 30, 2015
|
$
|
10,302
|
|
|
$
|
1,233
|
|
Contributions expected for the remainder of 2015
|
6,770
|
|
|
1,233
|
|
||
Total contributions expected for 2015
|
$
|
17,072
|
|
|
$
|
2,466
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Pension Plans
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
2,624
|
|
|
$
|
2,358
|
|
|
$
|
5,336
|
|
|
$
|
4,709
|
|
Interest cost
|
5,793
|
|
|
8,632
|
|
|
11,651
|
|
|
17,196
|
|
||||
Expected return on plan assets
|
(7,069
|
)
|
|
(9,400
|
)
|
|
(14,206
|
)
|
|
(18,714
|
)
|
||||
Amortization of prior service credits
|
(153
|
)
|
|
(121
|
)
|
|
(311
|
)
|
|
(241
|
)
|
||||
Recognized net actuarial losses
|
1,904
|
|
|
1,193
|
|
|
3,838
|
|
|
2,374
|
|
||||
Net periodic benefit cost
|
$
|
3,099
|
|
|
$
|
2,662
|
|
|
$
|
6,308
|
|
|
$
|
5,324
|
|
Other Postretirement Plans
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
140
|
|
|
$
|
259
|
|
|
$
|
435
|
|
|
$
|
518
|
|
Interest cost
|
272
|
|
|
570
|
|
|
801
|
|
|
1,140
|
|
||||
Recognized net actuarial gains
|
(1,115
|
)
|
|
(216
|
)
|
|
(1,265
|
)
|
|
(432
|
)
|
||||
Net periodic benefit (income) cost
|
$
|
(703
|
)
|
|
$
|
613
|
|
|
$
|
(29
|
)
|
|
$
|
1,226
|
|
|
|
Six Months Ended June 30, 2015
|
||||||||||||||
|
|
Currency
Translation Adjustment (1) |
|
Unrealized
Fair Value Of Cash Flow Hedges |
|
Defined Benefit
Pension and Other Postretirement Plans |
|
Total
|
||||||||
Balance at December 31, 2014
|
|
$
|
(133,787
|
)
|
|
$
|
(2,713
|
)
|
|
$
|
(125,897
|
)
|
|
$
|
(262,397
|
)
|
OCI before reclassifications
|
|
(35,004
|
)
|
|
(2,568
|
)
|
|
7,610
|
|
|
(29,962
|
)
|
||||
Amounts reclassified from AOCI
|
|
—
|
|
|
2,488
|
|
|
1,869
|
|
|
4,357
|
|
||||
Net OCI
|
|
(35,004
|
)
|
|
(80
|
)
|
|
9,479
|
|
|
(25,605
|
)
|
||||
Balance at June 30, 2015
|
|
$
|
(168,791
|
)
|
|
$
|
(2,793
|
)
|
|
$
|
(116,418
|
)
|
|
$
|
(288,002
|
)
|
(1)
|
During the
six months ended June 30, 2015
, the currency translation adjustment component of AOCI was unfavorably impacted primarily by movements in the
Australian Dollar and Euro
exchange rates against the U.S. Dollar.
|
|
|
Amount Reclassified From AOCI
|
||
AOCI Components
|
|
|||
Unrealized Fair Value Of Cash Flow Hedges
(1)
|
|
|
||
Interest rate derivatives (interest expense)
|
|
$
|
927
|
|
Foreign currency derivatives (cost of revenue)
|
|
2,470
|
|
|
Total, before taxes
|
|
3,397
|
|
|
Taxes
|
|
(909
|
)
|
|
Total, net of taxes
|
|
$
|
2,488
|
|
Defined Benefit Pension and Other Postretirement Plans
(2)
|
|
|
||
Amortization of prior service credits
|
|
$
|
(311
|
)
|
Recognized net actuarial losses
|
|
2,573
|
|
|
Total, before taxes
|
|
2,262
|
|
|
Taxes
|
|
(393
|
)
|
|
Total, net of taxes
|
|
$
|
1,869
|
|
(1)
|
See
Note 9
for further discussion of our cash flow hedges, including the total value reclassified from AOCI to earnings.
|
(2)
|
See
Note 10
for further discussion of our defined benefit and other postretirement plans, including the components of net periodic benefit cost.
|
|
Shares
(1)
|
|
Weighted Average
Grant-Date Fair
Value Per Share
|
|||
RSUs
|
979
|
|
|
$
|
42.35
|
|
Performance shares
|
832
|
|
|
$
|
41.24
|
|
Total
|
1,811
|
|
|
|
(1)
|
No
stock options were granted during the
six months ended June 30, 2015
.
|
|
Shares
|
|
Performance shares (issued upon vesting)
|
563
|
|
RSUs (issued upon vesting)
|
409
|
|
Stock options (issued upon exercise)
|
49
|
|
ESPP shares (issued upon sale)
|
250
|
|
Total shares issued
|
1,271
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Engineering & Construction
|
|
$
|
1,916,122
|
|
|
$
|
1,939,898
|
|
|
$
|
3,734,708
|
|
|
$
|
3,626,079
|
|
Fabrication Services
|
|
611,330
|
|
|
694,295
|
|
|
1,249,139
|
|
|
1,366,206
|
|
||||
Technology
|
|
92,975
|
|
|
102,387
|
|
|
192,336
|
|
|
204,960
|
|
||||
Capital Services
|
|
586,686
|
|
|
557,799
|
|
|
1,156,675
|
|
|
1,025,266
|
|
||||
Total revenue
|
|
$
|
3,207,113
|
|
|
$
|
3,294,379
|
|
|
$
|
6,332,858
|
|
|
$
|
6,222,511
|
|
Income From Operations
|
|
|
|
|
|
|
|
|
||||||||
Engineering & Construction
|
|
$
|
176,467
|
|
|
$
|
132,648
|
|
|
$
|
312,885
|
|
|
$
|
217,284
|
|
Fabrication Services
|
|
55,937
|
|
|
78,267
|
|
|
108,336
|
|
|
125,182
|
|
||||
Technology
|
|
36,741
|
|
|
37,242
|
|
|
84,765
|
|
|
71,911
|
|
||||
Capital Services
|
|
14,962
|
|
|
21,591
|
|
|
24,919
|
|
|
25,921
|
|
||||
Total operating groups
|
|
284,107
|
|
|
269,748
|
|
|
530,905
|
|
|
440,298
|
|
||||
Integration related costs
|
|
—
|
|
|
(9,537
|
)
|
|
—
|
|
|
(17,604
|
)
|
||||
Total income from operations
|
|
$
|
284,107
|
|
|
$
|
260,211
|
|
|
$
|
530,905
|
|
|
$
|
422,694
|
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Assets
|
|
|
|
|
||||
Engineering & Construction
|
|
$
|
5,492,825
|
|
|
$
|
4,555,703
|
|
Fabrication Services
|
|
2,202,043
|
|
|
2,229,346
|
|
||
Technology
|
|
894,196
|
|
|
837,445
|
|
||
Capital Services
|
|
1,697,798
|
|
|
1,758,537
|
|
||
Total assets
|
|
$
|
10,286,862
|
|
|
$
|
9,381,031
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
|
|
2015
|
|
% of
Total |
|
2014
|
|
% of
Total |
|
2015
|
|
% of
Total |
|
2014
|
|
% of
Total |
||||||||
New Awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Engineering & Construction
|
|
$
|
1,305,951
|
|
|
46%
|
|
$
|
2,056,812
|
|
|
49%
|
|
$
|
2,515,358
|
|
|
43%
|
|
$
|
6,551,649
|
|
|
66%
|
Fabrication Services
|
|
844,715
|
|
|
30%
|
|
564,388
|
|
|
13%
|
|
1,772,089
|
|
|
30%
|
|
1,081,117
|
|
|
11%
|
||||
Technology
|
|
81,087
|
|
|
3%
|
|
152,397
|
|
|
4%
|
|
158,109
|
|
|
3%
|
|
229,843
|
|
|
2%
|
||||
Capital Services
|
|
612,763
|
|
|
21%
|
|
1,429,480
|
|
|
34%
|
|
1,430,143
|
|
|
24%
|
|
2,137,957
|
|
|
21%
|
||||
Total new awards
|
|
$
|
2,844,516
|
|
|
|
|
$
|
4,203,077
|
|
|
|
|
$
|
5,875,699
|
|
|
|
|
$
|
10,000,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2015
|
|
% of
Total |
|
2014
|
|
% of
Total |
|
2015
|
|
% of
Total |
|
2014
|
|
% of
Total |
||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Engineering & Construction
|
|
$
|
1,916,122
|
|
|
60%
|
|
$
|
1,939,898
|
|
|
59%
|
|
$
|
3,734,708
|
|
|
59%
|
|
$
|
3,626,079
|
|
|
58%
|
Fabrication Services
|
|
611,330
|
|
|
19%
|
|
694,295
|
|
|
21%
|
|
1,249,139
|
|
|
20%
|
|
1,366,206
|
|
|
22%
|
||||
Technology
|
|
92,975
|
|
|
3%
|
|
102,387
|
|
|
3%
|
|
192,336
|
|
|
3%
|
|
204,960
|
|
|
3%
|
||||
Capital Services
|
|
586,686
|
|
|
18%
|
|
557,799
|
|
|
17%
|
|
1,156,675
|
|
|
18%
|
|
1,025,266
|
|
|
17%
|
||||
Total revenue
|
|
$
|
3,207,113
|
|
|
|
|
$
|
3,294,379
|
|
|
|
|
$
|
6,332,858
|
|
|
|
|
$
|
6,222,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2015
|
|
% of
Revenue |
|
2014
|
|
% of
Revenue |
|
2015
|
|
% of
Revenue |
|
2014
|
|
% of
Revenue |
||||||||
Income From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Engineering & Construction
|
|
$
|
176,467
|
|
|
9.2%
|
|
$
|
132,648
|
|
|
6.8%
|
|
$
|
312,885
|
|
|
8.4%
|
|
$
|
217,284
|
|
|
6.0%
|
Fabrication Services
|
|
55,937
|
|
|
9.2%
|
|
78,267
|
|
|
11.3%
|
|
108,336
|
|
|
8.7%
|
|
125,182
|
|
|
9.2%
|
||||
Technology
|
|
36,741
|
|
|
39.5%
|
|
37,242
|
|
|
36.4%
|
|
84,765
|
|
|
44.1%
|
|
71,911
|
|
|
35.1%
|
||||
Capital Services
|
|
14,962
|
|
|
2.6%
|
|
21,591
|
|
|
3.9%
|
|
24,919
|
|
|
2.2%
|
|
25,921
|
|
|
2.5%
|
||||
Total operating groups
|
|
284,107
|
|
|
8.9%
|
|
269,748
|
|
|
8.2%
|
|
530,905
|
|
|
8.4%
|
|
440,298
|
|
|
7.1%
|
||||
Integration related costs
|
|
—
|
|
|
|
|
(9,537
|
)
|
|
|
|
—
|
|
|
|
|
(17,604
|
)
|
|
|
||||
Total income from operations
|
|
$
|
284,107
|
|
|
8.9%
|
|
$
|
260,211
|
|
|
7.9%
|
|
$
|
530,905
|
|
|
8.4%
|
|
$
|
422,694
|
|
|
6.8%
|
(In thousands)
|
June 30,
2015 |
|
December 31,
2014 |
|
Change
|
||||||
Billings in excess of costs and estimated earnings
(1)
|
$
|
(1,687,409
|
)
|
|
$
|
(1,426,728
|
)
|
|
$
|
(260,681
|
)
|
Margin fair value liability for acquired contracts
(2)
|
(502,175
|
)
|
|
(558,760
|
)
|
|
56,585
|
|
|||
Total billings in excess of costs and estimated earnings
|
$
|
(2,189,584
|
)
|
|
$
|
(1,985,488
|
)
|
|
$
|
(204,096
|
)
|
Total costs and estimated earnings in excess of billings
(1)
|
1,605,190
|
|
|
774,644
|
|
|
830,546
|
|
|||
Contracts in progress, net
|
$
|
(584,394
|
)
|
|
$
|
(1,210,844
|
)
|
|
$
|
626,450
|
|
Accounts receivable, net
|
1,326,858
|
|
|
1,306,567
|
|
|
20,291
|
|
|||
Inventory
|
292,244
|
|
|
286,155
|
|
|
6,089
|
|
|||
Accounts payable
|
(1,179,056
|
)
|
|
(1,256,854
|
)
|
|
77,798
|
|
|||
Contract Capital, net
|
$
|
(144,348
|
)
|
|
$
|
(874,976
|
)
|
|
$
|
730,628
|
|
(1)
|
Represents our cash position relative to revenue recognized on projects, with (i) billings in excess of costs and estimated earnings representing a liability reflective of future cash expenditures and non-cash earnings, and (ii) costs and estimated earnings in excess of billings representing an asset reflective of future cash receipts.
|
(2)
|
Represents a margin fair value liability associated with long-term contracts acquired in connection with the acquisition of The Shaw Group Inc. on February 13, 2013 (the "Acquisition Closing Date"). The margin fair value liability was approximately
$745.5 million
at the Acquisition Closing Date and is recognized as revenue on a percentage of completion basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next five years.
|
•
|
Series A—Interest due semi-annually at a fixed rate of
4.15%
, with principal of
$150.0 million
due in December 2017
|
•
|
Series B—Interest due semi-annually at a fixed rate of
4.57%
, with principal of
$225.0 million
due in December 2019
|
•
|
Series C—Interest due semi-annually at a fixed rate of
5.15%
, with principal of
$275.0 million
due in December 2022
|
•
|
Series D—Interest due semi-annually at a fixed rate of
5.30%
, with principal of
$150.0 million
due in December 2024
|
•
|
Engineering, Construction & Maintenance
—Our Engineering, Construction & Maintenance operating group included three reporting units: Oil & Gas, Power and Plant Services.
|
•
|
Fabrication Services
—Our Fabrication Services operating group included two reporting units: Steel Plate Structures and Fabrication & Manufacturing.
|
•
|
Technology
—Our Technology operating group represented a reporting unit.
|
•
|
Environmental Solutions
—Our Environmental Solutions operating group represented a reporting unit.
|
•
|
Engineering & Construction (formerly Engineering, Construction & Maintenance)
—Our Engineering & Construction operating group includes two reporting units: Oil & Gas and Power. Our Plant Services reporting unit was reclassified to our realigned Capital Services operating group, as noted below.
|
•
|
Fabrication Services
—Our Fabrication Services operating group includes three reporting units: Steel Plate Structures, Fabrication & Manufacturing, and Engineered Products. Our Engineered Products reporting unit represents a portion of our previous Technology reporting unit.
|
•
|
Technology
—Our Technology operating group continues to represent a reporting unit, consisting of the remaining portion of our previous Technology reporting unit, after reclassification of the Engineered Products reporting unit to Fabrication Services, as noted above.
|
•
|
Capital Services
(formerly Environmental Solutions)
—Our Capital Services operating group includes two reporting units: Facilities & Plant Services and Federal Services. Our Facilities & Plant Services reporting unit represents our previous Plant Services reporting unit and a portion of our previous Environmental Solutions reporting unit. Our Federal Services reporting unit represents the remaining portion of our previous Environmental Solutions reporting unit.
|
•
|
Federal Services
—Goodwill associated with the Federal Services reporting unit was approximately $189.0 million at January 1, 2015, and the fair value of the reporting unit exceeded its net book value by approximately 38%. Key assumptions used in deriving the reporting unit’s fair value included a discount rate of 11.5%; an earnings before interest, taxes, depreciation and amortization (“EBITDA”) compound annual growth rate (“CAGR”) of approximately 9% from 2015 through 2021; and a terminal growth rate of 2.5%.
|
•
|
Facilities & Plant Services
—Goodwill associated with the Facilities & Plant Services reporting unit was approximately $695.0 million at January 1, 2015, and the fair value of the reporting unit exceeded its net book value by approximately 14%. Key assumptions used in deriving the reporting unit’s fair value included a discount rate of 10%; an EBITDA CAGR of approximately 8% from 2015 through 2021; and a terminal growth rate of 2.5%.
|
•
|
Foreign Currency Exchange Rate Derivatives—
We do not engage in currency speculation; however, we utilize foreign currency exchange rate derivatives on an ongoing basis to hedge against certain foreign currency related operating exposures. We generally seek hedge accounting treatment for contracts used to hedge operating exposures and designate them as cash flow hedges. Therefore, gains and losses, exclusive of credit risk and forward points (which represent the time value component of the fair value of our derivative positions), are included in AOCI until the associated underlying operating exposure impacts our earnings. Changes in the fair value of (1) credit risk and forward points, (2) instruments deemed ineffective during the period, and (3) instruments that we do not designate as cash flow hedges, are recognized within cost of revenue.
|
•
|
Interest Rate Derivatives—
At
June 30, 2015
, we continued to utilize a swap arrangement to hedge against interest rate variability associated with
$391.4 million
of our outstanding
$775.0 million
Term Loan. The swap arrangement has been designated as a cash flow hedge as its critical terms matched those of the Term Loan at inception and through
June 30, 2015
. Accordingly, changes in the fair value of the swap arrangement are included in AOCI until the associated underlying exposure impacts our earnings.
|
10.1
(2)
|
|
Amended and Restated Revolving Credit Agreement, dated as of July 8, 2015, by and among Chicago Bridge & Iron Company N.V., Chicago Bridge & Iron Company (Delaware), as the Initial Borrower, certain Subsidiaries of Chicago Bridge & Iron Company N.V. party thereto, as Designated Borrowers, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the lenders party thereto, and the agents party thereto.
|
|
|
|
10.2
(2)
|
|
Amendment No. 3 dated July 8, 2015, to the Revolving Credit Agreement, dated as of October 28, 2013, by and among Chicago Bridge & Iron Company N.V., Chicago Bridge & Iron Company (Delaware), as the Initial Borrower, certain Subsidiaries of Chicago Bridge & Iron Company N.V. party thereto, as Designated Borrowers, Bank of America, N.A., as Administrative Agent, the lenders party thereto and the agents party thereto.
|
|
|
|
10.3
(2)
|
|
Term Loan Agreement, dated as of July 8, 2015, by and among Chicago Bridge & Iron Company N.V., Chicago Bridge & Iron Company (Delaware), as Borrower, Bank of America, N.A., as Administrative Agent, the lenders party thereto, and the agents party thereto.
|
|
|
|
10.4
(2)
|
|
Amendment No. 3 dated July 8, 2015, to the Term Loan, dated as of December 21, 2012, by and among Chicago Bridge & Iron Company N.V., Chicago Bridge & Iron Company (Delaware), as Borrower, Bank of America, N.A., as Administrative Agent, the lenders party thereto and the agents party thereto.
|
|
|
|
10.5
(1)
|
|
Note Purchase and Guarantee Agreement dated as of July 22, 2015, by and among Chicago Bridge & Iron Company N.V., Chicago Bridge & Iron Company (Delaware) and each of the purchasers party thereto.
|
|
|
|
31.1
(1)
|
|
Certification Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
(1)
|
|
Certification Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
(1)
|
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
(1)
|
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
(1),(3)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
(1),(3)
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
(1),(3)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
(1),(3)
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
(1),(3)
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
(1),(3)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(1)
|
Filed herewith
|
(2)
|
Incorporated by reference from the Company's 2015 Form 8-K filed July 14, 2015
|
(3)
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations for the
three and six months ended June 30, 2015
and
2014
, (ii) the Condensed Consolidated Statements of Comprehensive Income for the
three and six months ended June 30, 2015
and
2014
, (iii) the Condensed Consolidated Balance Sheets at
June 30, 2015
and
December 31, 2014
, (iv) the Condensed Consolidated Statements of Cash Flows for the
six months ended June 30, 2015
and
2014
, (v) the Condensed Consolidated Statements of Changes in Shareholders’ Equity for the
six months ended June 30, 2015
and
2014
, and (vi) the Notes to Financial Statements.
|
|
|
|
Chicago Bridge & Iron Company N.V.
|
|
|
|
|
By:
|
Chicago Bridge & Iron Company B.V.
|
|
|
|
Its:
|
Managing Director
|
|
|
|
|
|
|
|
|
|
|
Date:
|
July 24, 2015
|
|
By:
|
/s/ Michael S. Taff
|
|
|
|
|
Michael S. Taff
|
|
|
|
|
Managing Director
|
|
|
|
|
(Principal Financial Officer and Duly Authorized Officer)
|
TABLE OF CONTENTS
|
|||
|
|
|
|
SECTION
|
|
HEADING
|
PAGE
|
|
|
|
|
SECTION 1.
|
|
AUTHORIZATION OF NOTES
|
1
|
|
|
|
|
SECTION 2.
|
|
SALE AND PURCHASE OF NOTES
|
1
|
|
|
|
|
SECTION 2.1.
|
|
Notes
|
1
|
SECTION 2.2.
|
|
Parent Guarantee
|
2
|
SECTION 2.3.
|
|
Subsidiary Guarantees
|
2
|
|
|
|
|
SECTION 3.
|
|
CLOSING
|
2
|
|
|
|
|
SECTION 4.
|
|
CONDITIONS TO CLOSING
|
3
|
|
|
|
|
SECTION 4.1.
|
|
Representations and Warranties
|
3
|
SECTION 4.2.
|
|
Performance; No Default
|
3
|
SECTION 4.3.
|
|
Compliance Certificates
|
3
|
SECTION 4.4.
|
|
Opinions of Counsel
|
3
|
SECTION 4.5.
|
|
Purchase Permitted By Applicable Law, Etc
|
4
|
SECTION 4.6.
|
|
Sale of Other Notes
|
4
|
SECTION 4.7.
|
|
Payment of Special Counsel Fees
|
4
|
SECTION 4.8.
|
|
Private Placement Number
|
4
|
SECTION 4.9.
|
|
Changes in Corporate Structure
|
4
|
SECTION 4.10.
|
|
Funding Instructions
|
5
|
SECTION 4.11.
|
|
Acceptance of Appointment to Receive Service of Process
|
5
|
SECTION 4.12.
|
|
Subsidiary Guarantee
|
5
|
SECTION 4.13.
|
|
Credit Agreement
|
5
|
SECTION 4.14.
|
|
Proceedings and Documents
|
5
|
|
|
|
|
SECTION 5.
|
|
REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS
|
5
|
|
|
|
|
SECTION 5.1.
|
|
Organization; Power and Authority
|
5
|
SECTION 5.2.
|
|
Authorization, Etc
|
6
|
SECTION 5.3.
|
|
Disclosure
|
6
|
SECTION 5.4.
|
|
Organization and Ownership of Shares of Subsidiaries; Affiliates
|
6
|
SECTION 5.5.
|
|
Financial Statements; Material Liabilities
|
7
|
SECTION 5.6.
|
|
Compliance with Laws, Other Instruments, Etc
|
7
|
SECTION 5.7.
|
|
Governmental Authorizations, Etc
|
8
|
SECTION 5.8.
|
|
Litigation; Observance of Agreements, Statutes and Orders
|
8
|
SECTION 5.9.
|
|
Taxes
|
8
|
SECTION 5.10.
|
|
Title to Property; Leases
|
9
|
SECTION 5.11.
|
|
Licenses, Permits, Etc
|
9
|
SECTION 5.12.
|
|
Compliance with ERISA
|
9
|
SECTION 5.13.
|
|
Private Offering
|
11
|
|
|
|
|
SECTION 5.14.
|
|
Use of Proceeds; Margin Regulations
|
11
|
SECTION 5.15.
|
|
Existing Indebtedness; Future Liens
|
11
|
SECTION 5.16.
|
|
Foreign Assets Control Regulations, Etc
|
12
|
SECTION 5.17.
|
|
Status under Certain Statutes
|
13
|
SECTION 5.18.
|
|
Environmental Matters
|
13
|
SECTION 5.19.
|
|
Notes Rank Pari Passu
|
14
|
|
|
|
|
SECTION 6.
|
|
REPRESENTATIONS OF THE PURCHASERS
|
14
|
|
|
|
|
SECTION 6.1.
|
|
Purchase for Investment; Accredited Investor
|
14
|
SECTION 6.2.
|
|
Source of Funds
|
15
|
|
|
|
|
SECTION 7.
|
|
INFORMATION AS TO COMPANY
|
16
|
|
|
|
|
SECTION 7.1.
|
|
Financial and Business Information
|
16
|
SECTION 7.2.
|
|
Officer’s Certificate
|
19
|
SECTION 7.3.
|
|
Visitation
|
20
|
SECTION 7.4.
|
|
Limitation on Disclosure Obligation
|
20
|
|
|
|
|
SECTION 8.
|
|
PAYMENT AND PREPAYMENT OF THE NOTES
|
21
|
|
|
|
|
SECTION 8.1.
|
|
Maturity
|
21
|
SECTION 8.2.
|
|
Optional Prepayments with Make-Whole Amount
|
21
|
SECTION 8.3.
|
|
Allocation of Partial Prepayments
|
21
|
SECTION 8.4.
|
|
Maturity; Surrender, Etc.
|
21
|
SECTION 8.5.
|
|
Purchase of Notes
|
22
|
SECTION 8.6.
|
|
Make-Whole Amount
|
22
|
SECTION 8.7.
|
|
Change of Control
|
24
|
|
|
|
|
SECTION 9.
|
|
AFFIRMATIVE COVENANTS
|
25
|
|
|
|
|
SECTION 9.1.
|
|
Compliance with Law
|
25
|
SECTION 9.2.
|
|
Insurance
|
26
|
SECTION 9.3.
|
|
Maintenance of Properties
|
26
|
SECTION 9.4.
|
|
Payment of Taxes and Claims
|
26
|
SECTION 9.5.
|
|
Corporate Existence, Etc
|
26
|
SECTION 9.6.
|
|
Books and Records
|
26
|
SECTION 9.7.
|
|
Pari Passu Ranking
|
27
|
SECTION 9.8.
|
|
Subsidiary Guarantors
|
27
|
SECTION 9.9.
|
|
Maintenance of Ownership
|
28
|
SECTION 9.10.
|
|
Maintenance of Rating on Notes
|
28
|
SECTION 9.11.
|
|
Most Favored Lender Status
|
28
|
|
|
|
|
SECTION 10.
|
|
NEGATIVE COVENANTS
|
29
|
|
|
|
|
SECTION 10.1.
|
|
Transactions with Affiliates
|
29
|
SECTION 10.2.
|
|
Merger, Consolidation, Etc
|
30
|
SECTION 10.3.
|
|
Sales of Assets
|
31
|
SECTION 10.4.
|
|
Line of Business
|
32
|
SECTION 10.5.
|
|
Terrorism Sanctions Regulations
|
33
|
SECTION 10.6.
|
|
Liens
|
33
|
SECTION 10.7.
|
|
Leverage Ratio
|
35
|
SECTION 10.8.
|
|
Consolidated Net Worth
|
35
|
SECTION 10.9.
|
|
Fixed Charge Coverage Ratio
|
36
|
SECTION 10.10.
|
|
Priority Debt
|
36
|
|
|
|
|
SECTION 11.
|
|
EVENTS OF DEFAULT
|
36
|
|
|
|
|
SECTION 12.
|
|
REMEDIES ON DEFAULT, ETC
|
39
|
|
|
|
|
SECTION 12.1.
|
|
Acceleration
|
39
|
SECTION 12.2.
|
|
Other Remedies
|
39
|
SECTION 12.3.
|
|
Rescission
|
39
|
SECTION 12.4.
|
|
No Waivers or Election of Remedies, Expenses, Etc
|
40
|
|
|
|
|
SECTION 13.
|
|
TAX INDEMNIFICATION
|
40
|
|
|
|
|
SECTION 14.
|
|
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
|
43
|
|
|
|
|
SECTION 14.1.
|
|
Registration of Notes
|
43
|
SECTION 14.2.
|
|
Transfer and Exchange of Notes
|
44
|
SECTION 14.3.
|
|
Replacement of Notes
|
44
|
|
|
|
|
SECTION 15.
|
|
PAYMENTS ON NOTES
|
45
|
|
|
|
|
SECTION 15.1.
|
|
Place of Payment
|
45
|
SECTION 15.2.
|
|
Home Office Payment
|
45
|
|
|
|
|
SECTION 16.
|
|
EXPENSES, ETC
|
45
|
|
|
|
|
SECTION 16.1.
|
|
Transaction Expenses
|
45
|
SECTION 16.2.
|
|
Survival
|
46
|
|
|
|
|
SECTION 17.
|
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
|
46
|
|
|
|
|
SECTION 18.
|
|
AMENDMENT AND WAIVER
|
46
|
|
|
|
|
SECTION 18.1.
|
|
Requirements
|
46
|
SECTION 18.2.
|
|
Solicitation of Holders of Notes
|
47
|
SECTION 18.3.
|
|
Binding Effect, etc
|
48
|
SECTION 18.4.
|
|
Notes Held by Obligors, etc
|
48
|
|
|
|
|
SECTION 19.
|
|
NOTICES; ENGLISH LANGUAGE
|
48
|
|
|
|
|
SECTION 20.
|
|
REPRODUCTION OF DOCUMENTS
|
49
|
|
|
|
|
SECTION 21.
|
|
CONFIDENTIAL INFORMATION
|
49
|
SECTION 22.
|
|
SUBSTITUTION OF PURCHASER
|
50
|
|
|
|
|
SECTION 23.
|
|
PARENT GUARANTEE
|
50
|
|
|
|
|
SECTION 23.1.
|
|
Guarantee
|
50
|
SECTION 23.2.
|
|
Parent Guarantor’s Obligations Unconditional
|
51
|
SECTION 23.3.
|
|
Full Recourse Obligations
|
56
|
SECTION 23.4.
|
|
Waiver
|
56
|
SECTION 23.5.
|
|
Waiver of Subrogation
|
57
|
SECTION 23.6.
|
|
Subordination
|
58
|
SECTION 23.7.
|
|
Effect of Bankruptcy Proceedings, Etc
|
58
|
SECTION 23.8.
|
|
Term of Guarantee
|
59
|
|
|
|
|
SECTION 24.
|
|
MISCELLANEOUS
|
59
|
|
|
|
|
SECTION 24.1.
|
|
Successors and Assigns
|
59
|
SECTION 24.2.
|
|
Payments Due on Non-Business Days
|
59
|
SECTION 24.3.
|
|
Accounting Terms
|
59
|
SECTION 24.4.
|
|
Severability
|
60
|
SECTION 24.5.
|
|
Construction, etc
|
60
|
SECTION 24.6.
|
|
Counterparts
|
60
|
SECTION 24.7.
|
|
Governing Law
|
60
|
SECTION 24.8.
|
|
Jurisdiction and Process; Waiver of Jury Trial
|
60
|
SECTION 24.9.
|
|
Obligation to Make Payment in Dollars
|
61
|
|
|
|
|
Signature
|
63
|
SECTION 1.
|
AUTHORIZATION OF NOTES
.
|
SECTION 2.
|
SALE AND PURCHASE OF NOTES
.
|
SECTION 3.
|
CLOSING
.
|
SECTION 4.
|
CONDITIONS TO CLOSING
.
|
SECTION 5.
|
REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS
.
|
SECTION 6.
|
REPRESENTATIONS OF THE PURCHASERS
.
|
SECTION 7.
|
INFORMATION AS TO OBLIGORS
.
|
SECTION 8.
|
PAYMENT AND PREPAYMENT OF THE NOTES
.
|
SECTION 9.
|
AFFIRMATIVE COVENANTS
.
|
SECTION 10.
|
NEGATIVE COVENANTS
.
|
SECTION 11.
|
EVENTS OF DEFAULT
.
|
SECTION 12.
|
REMEDIES ON DEFAULT, ETC
.
|
SECTION 13.
|
TAX INDEMNIFICATION
.
|
SECTION 14.
|
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
.
|
SECTION 15.
|
PAYMENTS ON NOTES
.
|
SECTION 16.
|
EXPENSES, ETC
.
|
SECTION 17.
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
.
|
SECTION 18.
|
AMENDMENT AND WAIVER
.
|
SECTION 19.
|
NOTICES; ENGLISH LANGUAGE
.
|
SECTION 20.
|
REPRODUCTION OF DOCUMENTS
.
|
SECTION 21.
|
CONFIDENTIAL INFORMATION
.
|
SECTION 22.
|
SUBSTITUTION OF PURCHASER
.
|
SECTION 23.
|
PARENT GUARANTEE
.
|
SECTION 24.
|
MISCELLANEOUS
.
|
By
|
/s/ Michael Taff
|
By
|
/s/ Michael Taff
|
By
|
/s/ Chris Halloran
|
By
|
/s/ Chris Halloran
|
By
|
/s/ Chris Halloran
|
By
|
/s/ Chris Halloran
|
By
|
/s/ Chris Halloran
|
By
|
/s/ John A. Wills
|
Title:
|
Managing Director
|
By
|
/s/ C. Scott Inglis
|
Title:
|
Managing Director
|
By
|
/s/ C. Scott Inglis
|
Title:
|
Managing Director
|
By:
|
Delaware Investment Advisers,
a series of Delaware Management Business Trust, Attorney in Fact |
By
|
/s/ Thomas M. Donohue
|
Title:
|
Managing Director
|
By
|
/s/ Stephen DeMotto
|
Title:
|
Investment Officer
|
By
|
/s/ Stephen DeMotto
|
Title:
|
Investment Officer
|
By
|
/s/ David Devine
|
Title:
|
Senior Portfolio Manager
|
By
|
/s/ David L. Voge
|
Title:
|
Fixed Income Portfolio Manager
|
By
|
/s/ Victor Weber
|
Title:
|
Senior Director - Investments
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
||
|
|
||
|
THE GIBRALTAR LIFE INSURANCE CO., LTD.
|
$34,000,000
|
|
|
|
|
|
(1)
|
All principal, interest and Make-Whole Amount payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
New York, NY
ABA No.: 021-000-021
Account Name: GIBPRVHFR1
Account No.: P30782 (please do not include spaces)
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, Security No. INV11912, PPN 16725* AE0" and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
|
|
|
|
|
|
|
(2)
|
All payments, other than principal, interest or Make-Whole Amount, on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
New York, NY
ABA No. 021-000-021
Account No. 304199036
Account Name: Prudential International Insurance Service Co.
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, Security No. INV11912, PPN 16725* AE0" and the due date and application (e.g., type of fee) of the payment being made.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Address for all notices relating to payments:
|
|
|
|
|
|
|
|
The Gibraltar Life Insurance Co., Ltd.
2-13-10, Nagata-cho
Chiyoda-ku, Tokyo 100-8953, Japan
Telephone: 81-3-5501-6680
Facsimile: 81-3-5501-6432
E-mail: mizuho.matsumoto@gib-life.co.jp
Attention: Mizuho Matsumoto, Team Leader of Investment
Administration Team
and e-mail copy to:
Ito_Yuko@gib-life.co.jp
Maki.Ichihari@gib-life.co.jp
Kenji.Inoue@gib-life.co.jp
|
|
|
|
|
|
|
(4)
|
Address for all other communications and notices:
|
|
|
|
|
|
|
|
Prudential Private Placement Investors, L.P.
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Managing Director, Energy Finance Group - Oil & Gas
|
|
|
|
|
|
|
(5)
|
Address for Delivery of Notes:
|
|
|
|
|
|
|
|
Send physical security by nationwide overnight delivery service to:
Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Thomas P. Donahue
Telephone: (214) 720-6202
|
|
|
|
|
|
|
(6)
|
Tax Identification No.: 98-0408643
|
|
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
||
|
|
||
|
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
|
$24,150,000
|
|
|
|
|
|
(1)
|
All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
New York, NY
ABA No.: 021-000-021
Account Name: The Prudential - Privest Portfolio
Account No.: P86189 (please do not include spaces)
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, Security No. INV11912, PPN 16725* AE0" and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
|
|
|
|
|
|
|
(2)
|
Address for all notices relating to payments:
|
|
|
|
|
|
|
|
The Prudential Insurance Company of America
c/o Investment Operations Group
Gateway Center Two, 10th Floor
100 Mulberry Street
Newark, NJ 07102-4077
Attention: Manager, Billings and Collections
|
|
|
|
|
|
|
(3)
|
Address for all other communications and notices:
|
|
|
|
|
|
|
|
The Prudential Insurance Company of America
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Managing Director, Energy Finance Group - Oil & Gas
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Address for Delivery of Notes:
|
|
|
|
|
|
|
|
Send physical security by nationwide overnight delivery service to:
Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Thomas P. Donahue
Telephone: (214) 720-6202
|
|
|
|
|
|
|
(5)
|
Tax Identification No.: 22-1211670
|
|
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
||
|
|
||
|
PRUDENTIAL RETIREMENT GUARANTEED COST BUSINESS TRUST
|
$1,000,000
|
|
|
|
|
|
(1)
|
All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
New York, NY
ABA No. 021000021
Beneficiary Account Name: North American
Beneficiary Account No.: 9009000168
BBI: Account of Prudential for G09966 PRIAC GC PVT
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, Security No. INV11912, PPN 16725* AE0" and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
|
|
|
|
|
|
|
(2)
|
Address for all notices relating to payments:
|
|
|
|
|
|
|
|
Pru & Co
c/o Prudential Investment Management, Inc.
Attn: Private Placement Trade Management
PRIAC Administration
Gateway Center Four, 7th Floor
100 Mulberry Street
Newark, NJ 07102
|
|
|
|
|
|
|
(3)
|
Address for all other communications and notices:
|
|
|
|
|
|
|
|
Prudential Retirement Guaranteed Cost Business Trust
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Managing Director, Energy Finance Group - Oil & Gas
|
|
|
|
|
|
|
(4)
|
Address for Delivery of Notes:
|
|
|
|
|
|
|
|
Send physical security by nationwide overnight delivery service to:
Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Thomas P. Donahue
Telephone: (214) 720-6202
|
|
|
|
|
|
|
(5)
|
Tax Identification No.: 06-1050034
|
|
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
||
|
|
||
|
FARMERS INSURANCE EXCHANGE
|
$7,595,000
|
|
|
|
|
|
(1)
|
All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
ABA: 021000021
Beneficiary Account No: 9009000200
Beneficiary Account Name: JPMorgan Income
Ultimate Beneficiary: P13939 Farmers Insurance Exchange
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, PPN 16725* AE0" and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
|
|
|
|
|
|
|
(2)
|
Address for all notices relating to payments:
|
|
|
|
|
|
|
|
Farmers
4680 Wilshire Blvd.
Los Angeles, CA 90010
Attention: Treasury
Treasury:
Treasury Manager
323-932-3450
usw.treasury.farmers@farmersinsurance.com
|
|
|
|
|
|
|
(3)
|
Address for all other communications and notices:
|
|
|
|
|
|
|
|
Prudential Private Placement Investors, L.P.
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Managing Director, Energy Finance Group - Oil & Gas
|
|
|
|
|
|
|
(4)
|
Address for Delivery of Notes:
|
|
|
|
|
|
|
|
(a) Send physical security by nationwide overnight delivery service to:
Mailing Address (for overnight mail)
JPMorgan Chase Bank, N.A.
Physical Receive Department
4 Chase Metrotech Center
3rd Floor
Brooklyn, NY 11245-0001
Attention: Brian Cavanaugh, Tel. 718-242-0264
Street Deliveries (via messenger or walk up)
JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
1st Floor, Window 5
Brooklyn, NY 11245-0001
Attention: Physical Receive Department
(Use Willoughby Street Entrance)
Please include in the cover letter accompanying the Notes a reference to the Purchaser's account number ("P13939 - Farmers Insurance Exchange") and CUSIP information.
(b) Send copy by nationwide overnight delivery service to:
Prudential Capital Group
Gateway Center 2, 10th Floor
100 Mulberry
Newark, NJ 07102
Attention: Trade Management, Manager
Telephone: (973) 367-3141
|
|
|
|
|
|
|
(5)
|
Tax Identification No.: 95-2575893
|
|
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
||
|
|
||
|
MID CENTURY INSURANCE COMPANY
|
$3,255,000
|
|
|
|
|
|
(1)
|
All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
|
|
|
|
|
|
|
|
JPMorgan Chase Bank
ABA: 021000021
Beneficiary Account No: 9009000200
Beneficiary Account Name: JPMorgan Income
Ultimate Beneficiary: G23628 Mid Century Insurance Company
|
|
|
|
|
|
|
|
Each such wire transfer shall set forth the name of the Company, a reference to "4.53% Senior Notes due 2025, PPN 16725* AE0" and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
|
|
|
|
|
|
|
(2)
|
Address for all notices relating to payments:
|
|
|
|
|
|
|
|
Farmers
4680 Wilshire Blvd.
Los Angeles, CA 90010
Attention: Treasury
Treasury:
Treasury Manager
323-932-3450
usw.treasury.farmers@farmersinsurance.com
|
|
|
|
|
|
|
(3)
|
Address for all other communications and notices:
|
|
|
|
|
|
|
|
Prudential Private Placement Investors, L.P.
c/o Prudential Capital Group
2200 Ross Avenue, Suite 4300
Dallas, TX 75201
Attention: Managing Director, Energy Finance Group - Oil & Gas
|
|
|
|
|
|
|
(4)
|
Address for Delivery of Notes:
|
|
|
|
|
|
|
|
(a) Send physical security by nationwide overnight delivery service to:
Mailing Address (for overnight mail)
JPMorgan Chase Bank, N.A.
Physical Receive Department
4 Chase Metrotech Center
3rd Floor
Brooklyn, NY 11245-0001
Attention: Brian Cavanaugh, Tel. 718-242-0264
Street Deliveries (via messenger or walk up)
JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
1st Floor, Window 5
Brooklyn, NY 11245-0001
Attention: Physical Receive Department
(Use Willoughby Street Entrance)
Please include in the cover letter accompanying the Notes a reference to the Purchaser's account number ("G23628 - Mid Century Insurance Company ") and CUSIP information.
|
|
|
|
(b) Send copy by nationwide overnight delivery service to:
Prudential Capital Group
Gateway Center 2, 10th Floor
100 Mulberry
Newark, NJ 07102
Attention: Trade Management, Manager
Telephone: (973) 367-3141
|
|
|
|
|
|
|
(5)
|
Tax Identification No.: 95-6016640
|
|
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY
1095 Avenue of the Americas
New York, New York 10036
|
$16,100,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
(2)
|
All notices and communications:
|
(3)
|
Original notes delivered to:
|
(4)
|
Taxpayer I.D. Number: 13-5581829
|
(5)
|
UK Passport Treaty Number (if applicable): 13/M/61303/DTTP
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY
1095 Avenue of the Americas
New York, New York 10036
|
$1,400,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY
1095 Avenue of the Americas
New York, New York 10036
|
$300,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
NEW ENGLAND LIFE INSURANCE COMPANY
c/o Metropolitan Life Insurance Company
1095 Avenue of the Americas
New York, New York 10036
|
$4,600,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
(2)
|
All notices and communications:
|
(3)
|
Original notes delivered to:
|
(4)
|
Taxpayer I.D. Number: 04-2708937
|
(5)
|
UK Passport Treaty Number (if applicable): 13/N/276931/DTTP
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
METLIFE INSURANCE K.K.
4-1-3, Taihei, Sumida-ku
Tokyo, 130-0012 JAPAN
|
$4,600,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
SYMETRA LIFE INSURANCE COMPANY
777 108th Avenue NE, Suite 1200
Bellevue, WA 98004-5135
|
$9,000,000
|
(1)
|
All scheduled payments of principal and interest by wire transfer of immediately available funds to:
|
(2)
|
All notices and communications:
|
(3)
|
Original notes delivered to:
|
(4)
|
Taxpayer I.D. Number: 91-0742147
|
(5)
|
UK Passport Treaty Number (if applicable): 13/S/307814/DTT
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
|
|
|
The Lincoln National Life Insurance Company
|
$33,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
The Guardian Life Insurance Company of America
|
$25,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
|
$4,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
|
$4,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
|
$5,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
$2,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
Southern Farm Bureau Life Insurance Company
|
$10,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention: Investment Division-Private Placements
dvoge@amfam.com
|
$3,750,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention: Investment Division-Private Placements
dvoge@amfam.com
|
$1,000,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
AMERICAN FAMILY LIFE INSURANCE COMPANY
6000 American Parkway
Madison, Wisconsin 53783-0001
Attention: Investment Division-Private Placements
dvoge@amfam.com
|
$250,000
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
Assurity Life Insurance Company
|
$3,000,000
|
(1)
|
All payments on or in respect of the Notes shall be made by wire transfer of immediately available funds at the opening of business on the due date to:
|
(2)
|
All Notices of payment and written confirmations of such wire transfers should be sent to:
|
TAX I.D. NUMBER
|
38-1843471
|
(3)
|
All other communications should be sent to:
|
|
(4)
|
Securities should be delivered to:
|
|
Assurity Life Insurance Company
2000 Q Street
P.O. Box 82533
Lincoln, NE 68501-2533
|
|
|
Assurity Life Insurance Company 2000 Q Street
Lincoln, NE 68503
Attention: Victor Weber
|
(5)
|
Contact:
|
NAME OF AND ADDRESS
OF PURCHASER
|
PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED
|
|
|
CMFG Life Insurance Company
|
$3,000,000
|
•
|
CB&I Investor Presentation, dated June 2, 2015.
|
•
|
Investor Due Diligence Presentation, dated July 17, 2015.
|
1.
|
The 2015 Term Loan Agreement, the Revolving Credit Agreement, the Existing Credit Agreement and the Term Facility
|
Entity Name
|
Domestic Jurisdiction
|
Owner Name
|
Security Name
|
Balance
|
Percent Owned
|
850 PINE STREET INC.
|
Delaware
|
CB&I Tyler Company
|
Common Shares
|
1,000.000000
|
100.000000
|
A & B Builders, Ltd. (MANAGED BY MATRIX MANAGEMENT SERVICES, L.L.C.)
|
Texas
|
Matrix Engineering, Ltd. (MANAGED BY HOWE-BAKER INTERNATIONAL MANAGEMENT, L.L.C.)
|
Percentage Ownership Interest
|
99.000000
|
99.000000
|
A & B Builders, Ltd. (MANAGED BY MATRIX MANAGEMENT SERVICES, L.L.C.)
|
Texas
|
Matrix Management Services, L.L.C.
|
Percentage Ownership Interest
|
1.000000
|
1.000000
|
Accelerated Remediation Company, A Portage Shaw LLC
|
New Mexico
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
Accelerated Remediation Company, A Portage Shaw LLC
|
New Mexico
|
Portage, Inc.
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
Aiton & Co Limited
|
England & Wales
|
Shaw Group UK Limited
|
Common Shares
|
1.000000
|
100.000000
|
American Plastic Pipe and Supply, L.L.C.
|
Louisiana
|
EMCON/OWT, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Arabian CBI Ltd.
|
Saudi Arabia
|
Alfadl, Abdullah Ibrahim A.
|
Common Shares
|
30.000000
|
7.500000
|
Arabian CBI Ltd.
|
Saudi Arabia
|
Alfadl, Saleh Abdullah
|
Common Shares
|
70.000000
|
17.500000
|
Arabian CBI Ltd.
|
Saudi Arabia
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
300.000000
|
75.000000
|
Arabian CBI Tank Manufacturing Company Ltd.
|
Saudi Arabia
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
300.000000
|
75.000000
|
Arabian CBI Tank Manufacturing Company Ltd.
|
Saudi Arabia
|
Commercial & Industrial Services Co. Ltd.
|
Common Shares
|
100.000000
|
25.000000
|
Arabian Gulf Material Supply Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
2.000000
|
100.000000
|
Arlington Avenue E Venture, LLC
|
Delaware
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Asia Pacific Supply Co.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
100.000000
|
100.000000
|
Atlantic Contingency Constructors II, LLC
|
Delaware
|
AECOM Government Services, Inc.
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
Atlantic Contingency Constructors II, LLC
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
Atlantic Contingency Constructors, LLC
|
Louisiana
|
AECOM Government Services, Inc.
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
Atlantic Contingency Constructors, LLC
|
Louisiana
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
Atlantis Contractors Inc.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
100.000000
|
100.000000
|
Babcock & Wilcox Shaw Remediation LLC
|
Delaware
|
Babcock & Wilcox Technical Services Group, Inc.
|
Percentage Ownership Interest
|
70.000000
|
70.000000
|
Babcock & Wilcox Shaw Remediation LLC
|
Delaware
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
30.000000
|
30.000000
|
Bellefontaine Gas Producers, LLC
|
Delaware
|
DTE Biomass Energy, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Bellefontaine Gas Producers, LLC
|
Delaware
|
EMCON/OWT, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Benicia North Gateway II, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Black & Veatch/Shaw/Dvirka and Bartilucci, a Joint Venture
|
Unknown
|
Black & Veatch New York, LLP
|
Percentage Ownership Interest
|
34.800000
|
34.800000
|
Black & Veatch/Shaw/Dvirka and Bartilucci, a Joint Venture
|
Unknown
|
Dvirka and Bartilucci Consulting Engineers
|
Percentage Ownership Interest
|
32.600000
|
32.600000
|
Black & Veatch/Shaw/Dvirka and Bartilucci, a Joint Venture
|
Unknown
|
Shaw Environmental & Infrastructure Engineering of New York, P.C.
|
Percentage Ownership Interest
|
32.600000
|
32.600000
|
Camden Road Venture, LLC
|
Delaware
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Cape Steel Material Supply Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
2.000000
|
100.000000
|
CB&I (Nigeria) Limited
|
Nigeria
|
CB&I Europe B.V.
|
Common Shares
|
1.000000
|
0.000020
|
CB&I HOUSTON 13 LLC
|
Delaware
|
CB&I UK LIMITED
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I HOUSTON LLC
|
Delaware
|
CB&I UK LIMITED
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Hungary Holding Limited Liabiltiy Company (CBI Hungary Kft.)
|
Hungary
|
Chicago Bridge & Iron (Antilles) N. V.
|
Registered Capital
|
14,500.000000
|
96.666667
|
CB&I Hungary Holding Limited Liabiltiy Company (CBI Hungary Kft.)
|
Hungary
|
Chicago Bridge & Iron Company B.V.
|
Registered Capital
|
500.000000
|
3.333333
|
CB&I Inc.
|
Texas
|
Chicago Bridge & Iron Company
|
Common Shares
|
1,000,000.000000
|
100.000000
|
CB&I India Private Limited
|
India
|
CB&I Oil & Gas Europe B.V.
|
Registered Shares
|
21,139,708.000000
|
98.969328
|
CB&I India Private Limited
|
India
|
Chicago Bridge & Iron Company B.V.
|
Registered Shares
|
220,150.000000
|
1.030672
|
CB&I International, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Korea Limited
|
Korea
|
CB&I Oil & Gas Europe B.V.
|
Ordinary Shares
|
50,000.000000
|
100.000000
|
CB&I Lake Charles, L.L.C.
|
Louisiana
|
The Shaw Group Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Laurens, Inc.
|
South Carolina
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I London
|
London
|
CB&I Paddington Limited
|
Membership Units
|
1.000000
|
100.000000
|
CB&I Lummus Crest Ltd.
|
England
|
CB&I Nederland B.V.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Lummus Deutschland GmbH
|
GERMANY
|
CB&I Lummus GmbH
|
Capitalization in Dollars
|
50,000.000000
|
100.000000
|
CB&I Lummus GmbH
|
GERMANY
|
CB&I Oil & Gas Europe B.V.
|
Capitalization in DM
|
2,600,000.000000
|
100.000000
|
CB&I Lummus Ltda.
|
Brazil
|
Lummus International Corporation
|
Capitalization in Rs
|
2.000000
|
0.000003
|
CB&I Lummus Ltda.
|
Brazil
|
Lummus Technology Inc.
|
Capitalization in Rs
|
59,300,417.000000
|
99.999997
|
CB&I Maintenance, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
10,000.000000
|
100.000000
|
CB&I Malta Limited
|
Malta
|
CB&I Nederland B.V.
|
Common Shares
|
1.000000
|
0.001000
|
CB&I Malta Limited
|
Malta
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
99,999.000000
|
99.999000
|
CB&I Matamoros, S. de R. L. de C.V.
|
Matamoros, Tamauilipas - Mexico
|
CB&I Rio Grande Holdings, L.L.C.
|
Percentage Ownership Interest
|
1.000000
|
1.000000
|
CB&I Matamoros, S. de R. L. de C.V.
|
Matamoros, Tamauilipas - Mexico
|
CB&I Rio Grande Valley Fabrication & Manufacturing, L.L.C.
|
Percentage Ownership Interest
|
99.000000
|
99.000000
|
CB&I Mauritius
|
Mauritius
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
10.000000
|
100.000000
|
CB&I Meio Ambiente e Infraestructura LTDA.
|
Brazil
|
CB&I Coastal Planning & Engineering, Inc.
|
Quota
|
2,048,827.000000
|
42.714588
|
CB&I Meio Ambiente e Infraestructura LTDA.
|
Brazil
|
Shaw GBB, LLC
|
Quota
|
2,747,724.000000
|
57.285412
|
CB&I Middle East Holding, Inc.
|
Cayman Islands
|
CB&I International, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
CB&I Mozambique Limitada
|
Mozambique
|
CB&I Mauritius
|
Capitalization in MT
|
15,468,700.000000
|
99.000314
|
CB&I Mozambique Limitada
|
Mozambique
|
CBI Constructors FZE
|
Capitalization in MT
|
156,200.000000
|
0.999686
|
CB&I Nederland B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
54,454.000000
|
100.000000
|
CB&I North Carolina, Inc.
|
North Carolina
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
330.000000
|
100.000000
|
CB&I Nuclear Technology Solutions, L.L.C.
|
Delaware
|
S C Woods, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Offshore Services, Inc.
|
Louisiana
|
CB&I Energy Services, LLC
|
Common Shares
|
1,500.000000
|
100.000000
|
CB&I Oil & Gas Europe B.V.
|
The Netherlands
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
225.000000
|
100.000000
|
CB&I Paddington Limited
|
London
|
CB&I Tyler Company
|
Common Shares
|
3,589,077.000000
|
100.000000
|
CB&I Power Company B.V.
|
The Netherlands
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
42,889,195.000000
|
100.000000
|
CB&I Power International, Inc.
|
Louisiana
|
CB&I International, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Power Limited
|
England & Wales
|
Shaw Group UK Holdings
|
Common Shares
|
1.000000
|
100.000000
|
CB&I Power, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Project Services Group, LLC
|
Delaware
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Rio Grande Holdings, L.L.C.
|
Louisiana
|
CB&I Rio Grande Valley Fabrication & Manufacturing, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Rio Grande Valley Fabrication & Manufacturing, L.L.C.
|
Louisiana
|
Shaw Power Services, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I Rusland B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
18,000.000000
|
100.000000
|
CB&I s.r.o.
|
Czech Republic
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
100,000.000000
|
100.000000
|
CB&I Singapore Pte. Ltd.
|
Singapore
|
CB&I Oil & Gas Europe B.V.
|
Capitalization in SGD
|
527,802.000000
|
100.000000
|
CB&I Stone & Webster Asia, Inc.
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Stone & Webster Construction, Inc.
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Stone & Webster International, Inc.
|
Delaware
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Stone & Webster Massachusetts, Inc.
|
Massachusetts
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Stone & Webster Michigan, Inc.
|
Michigan
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Stone & Webster, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I Sustainable Design Solutions of Illinois, LLC
|
Illinois
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
CB&I Sustainable Design Solutions of Illinois, LLC
|
Illinois
|
Donovan, Tom
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
CB&I Sustainable Design Solutions of Illinois, LLC
|
Illinois
|
Peirce, Kevin
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
CB&I Technology Ventures, Inc.
|
Delaware
|
Lummus Technology Inc.
|
Common Shares
|
100.000000
|
100.000000
|
CB&I Tyler Company
|
Delaware
|
CB&I WOODLANDS LLC
|
Preferred Shares
|
10.000000
|
100.000000
|
CB&I Tyler Company
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
1,000.000000
|
100.000000
|
CB&I UK LIMITED
|
London
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
1.000000
|
0.000001
|
CB&I UK LIMITED
|
London
|
Chicago Bridge & Iron Company B.V.
|
Ordinary
|
155,600,000.000000
|
100.000000
|
CB&I Walker LA, L.L.C.
|
Louisiana
|
CB&I Fabrication, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I WOODLANDS LLC
|
Delaware
|
CB&I Tyler Company
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
CB&I/EBS JV, A JOINT VENTURE
|
Unknown
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
CB&I/EBS JV, A JOINT VENTURE
|
Unknown
|
Environmental Building Strategies, LLC ("EBS")
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
CBI (Malaysia) Sdn. Bhd.
|
Malaysia
|
Bin Ali, Datuk Abdullah
|
Common Shares
|
421,000.000000
|
25.149343
|
CBI (Malaysia) Sdn. Bhd.
|
Malaysia
|
Bin Ali, Haji Sulaiman
|
Common Shares
|
140,000.000000
|
8.363202
|
CBI (Malaysia) Sdn. Bhd.
|
Malaysia
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,065,000.000000
|
63.620072
|
CBI (Malaysia) Sdn. Bhd.
|
Malaysia
|
Nee, James Lee Key
|
Common Shares
|
30,000.000000
|
1.792115
|
CBI (Philippines) Inc.
|
Philippines
|
Badong, Orlando B.
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Bennett, Peter K.
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,199,993.000000
|
99.999417
|
CBI (Philippines) Inc.
|
Philippines
|
Dizon, Rommel N.
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Loft, Geoffrey Ronald
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Santos, Leonila M.
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Uy, Romulo J.
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Philippines) Inc.
|
Philippines
|
Willard, Douglas Arthur
|
Common Shares
|
1.000000
|
0.000083
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
CBIT I, LLC
|
Common Shares
|
499,998.000000
|
49.999800
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
CBIT II, LLC
|
Common Shares
|
1.000000
|
0.000100
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
CBIT III, LLC
|
Common Shares
|
1.000000
|
0.000100
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
CBIT IV, LLC
|
Common Shares
|
1.000000
|
0.000100
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
499,998.000000
|
49.999800
|
CBI (Thailand) Limited
|
Bangkok Metropolis, Thailand
|
Han, Pin-Chung
|
Common Shares
|
1.000000
|
0.000100
|
CBI Americas Ltd.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
10,000.000000
|
100.000000
|
CBI Aruba N.V.
|
ARUBA
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
100.000000
|
100.000000
|
CBI Bahamas Limited
|
Bahamas
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
5,000.000000
|
100.000000
|
CBI Caribe, Ltd.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
2,128.000000
|
60.800000
|
CBI Colombiana S.A.
|
Cartagena
|
Calcedo, Jaime Eduardo Trujillo
|
Common Shares
|
0.001000
|
0.000000
|
CBI Colombiana S.A.
|
Cartagena
|
Carvajal, Martha Tatiana Garces
|
Common Shares
|
0.001000
|
0.000000
|
CBI Colombiana S.A.
|
Cartagena
|
CBI Bahamas Limited
|
Common Shares
|
8,499,349.000000
|
5.000008
|
CBI Colombiana S.A.
|
Cartagena
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
161,487,351.997000
|
94.999992
|
CBI Colombiana S.A.
|
Cartagena
|
Montgomery, Clare
|
Common Shares
|
0.001000
|
0.000000
|
CBI Company Ltd.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
5,310.000000
|
100.000000
|
CBI Constructors (PNG) Pty. Limited
|
Papua New Guinea
|
CBI Constructors Pty. Ltd.
|
Common Shares
|
100,000.000000
|
100.000000
|
CBI Constructors FZE
|
Dubai
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
1.000000
|
100.000000
|
CBI Constructors Pty. Ltd.
|
New South Wales
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
302,623.000000
|
100.000000
|
CBI Constructors S.A. (Proprietary) Limited
|
South Africa
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
263,000.000000
|
100.000000
|
CBI Costa Rica, S.A.
|
Costa Rica
|
CB&I Power Company B.V.
|
Common Shares
|
1.000000
|
0.050000
|
CBI Costa Rica, S.A.
|
Costa Rica
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,999.000000
|
99.950000
|
CBI de Nicaragua, Sociedad Anónima
|
Nicaragua
|
CBI Caribe, Ltd.
|
Common Shares
|
1.000000
|
0.100000
|
CBI de Nicaragua, Sociedad Anónima
|
Nicaragua
|
CBI Company Ltd.
|
Common Shares
|
998.000000
|
99.800000
|
CBI de Nicaragua, Sociedad Anónima
|
Nicaragua
|
Chicago Bridge & Iron Company
|
Common Shares
|
1.000000
|
0.100000
|
CBI de Venezuela, C. A.
|
Venezuela
|
Chicago Bridge & Iron Company
|
Common Shares
|
25,050.000000
|
1.000000
|
CBI Dominicana, SRL
|
Dominican Republic
|
Browning, Walter G.
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Dominicana, SRL
|
Dominican Republic
|
Canals, Cesar E.
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Dominicana, SRL
|
Dominican Republic
|
Chicago Bridge & Iron Company B.V.
|
Ordinary Shares
|
6,894.000000
|
99.913043
|
CBI Dominicana, SRL
|
Dominican Republic
|
Lopez, Sergio
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Dominicana, SRL
|
Dominican Republic
|
Novak, Timothy
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Dominicana, SRL
|
Dominican Republic
|
Rector, Ronald B.
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Dominicana, SRL
|
Dominican Republic
|
Schmidt, Kenneth L.
|
Ordinary Shares
|
1.000000
|
0.014493
|
CBI Eastern Anstalt
|
Vaduz, Liechtenstein
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
1.000000
|
100.000000
|
CBI Jamaica Limited
|
JAMAICA
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
5,000.000000
|
100.000000
|
CBI Luxembourg S.a.r.l.
|
Luxembourg
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
800.000000
|
100.000000
|
CBI Montajes de Chile Limitada
|
Chile
|
Chicago Bridge & Iron (Antilles) N. V.
|
Class A Common Shares
|
10.000000
|
1.000000
|
CBI Montajes de Chile Limitada
|
Chile
|
Chicago Bridge & Iron Company B.V.
|
Class A Common Shares
|
990.000000
|
99.000000
|
CBI Panama, S.A.
|
Panama
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,000.000000
|
100.000000
|
CBI Peruana SAC
|
Peru
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
144,680,806.000000
|
99.999999
|
CBI Peruana SAC
|
Peru
|
Rano, Peter Robert
|
Common Shares
|
1.000000
|
0.000001
|
CBI Services, Inc.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
11,000.000000
|
100.000000
|
CBI Services, Inc.
|
Delaware
|
Horton CBI, Limited
|
Preferred Shares
|
22,202.000000
|
100.000000
|
CBI Services, Inc.
|
Delaware
|
Horton CBI, Limited
|
Preferred Shares Series B
|
8,000.000000
|
100.000000
|
CBI Venezolana, S. A.
|
Venezuela
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
25,524,836.000000
|
100.000000
|
CBIT I, LLC
|
Delaware
|
Chicago Bridge & Iron Company B.V.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
CBIT I, LLC
|
Delaware
|
Lopez, Sergio
|
Percentage Ownership Interest
|
26.000000
|
26.000000
|
CBIT I, LLC
|
Delaware
|
Reyes, Luciano
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
CBIT II, LLC
|
Delaware
|
Chicago Bridge & Iron Company B.V.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
CBIT II, LLC
|
Delaware
|
Lopez, Sergio
|
Percentage Ownership Interest
|
26.000000
|
26.000000
|
CBIT II, LLC
|
Delaware
|
Reyes, Luciano
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
CBIT III, LLC
|
Delaware
|
Chicago Bridge & Iron Company B.V.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
CBIT III, LLC
|
Delaware
|
Lopez, Sergio
|
Percentage Ownership Interest
|
26.000000
|
26.000000
|
CBIT III, LLC
|
Delaware
|
Reyes, Luciano
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
CBIT IV, LLC
|
Delaware
|
Chicago Bridge & Iron Company B.V.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
CBIT IV, LLC
|
Delaware
|
Lopez, Sergio
|
Percentage Ownership Interest
|
26.000000
|
26.000000
|
CBIT IV, LLC
|
Delaware
|
Reyes, Luciano
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
CCS Netherlands B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
100,000.000000
|
33.333333
|
CCS Netherlands B.V.
|
The Netherlands
|
Chiyoda Corporation
|
Common Shares
|
100,000.000000
|
33.333333
|
CCS Netherlands B.V.
|
The Netherlands
|
Saipem International N.V.
|
Common Shares
|
100,000.000000
|
33.333333
|
CDTECH International, LLC
|
Delaware
|
Catalytic Distillation Technologies
|
Common Shares
|
1,000.000000
|
100.000000
|
CELS Administrative Services, L.L.C.
|
Missouri
|
CB&I Environmental Liability Solutions, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Central Trading Company, Ltd.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
1,000.000000
|
100.000000
|
Chemical Research & Licensing, LLC
|
Texas
|
Lummus Technology Inc.
|
Membership Units
|
1.000000
|
100.000000
|
Chevron Lummus Global L.L.C.
|
Delaware
|
CB&I Technology Ventures, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Chicago Bridge & Iron (Antilles) N. V.
|
Curacao
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
6,000.000000
|
100.000000
|
Chicago Bridge & Iron Company
|
Delaware
|
CB&I Holdings B.V.
|
Common Shares
|
100.000000
|
100.000000
|
Chicago Bridge & Iron Company
|
Illinois
|
Chicago Bridge & Iron Company
|
Common Shares
|
1,000.000000
|
100.000000
|
Chicago Bridge & Iron Company & Co. L.L.C.
|
Oman
|
Al Bussaidy, Sayyid Slaem Musallam Ali
|
Common Shares
|
45,000.000000
|
30.000000
|
Chicago Bridge & Iron Company & Co. L.L.C.
|
Oman
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
105,000.000000
|
70.000000
|
Chicago Bridge & Iron Company (Delaware)
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
1,000.000000
|
100.000000
|
Chicago Bridge & Iron Company (Egypt) LLC
|
Giza
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,600.000000
|
80.000000
|
Chicago Bridge & Iron Company (Egypt) LLC
|
Giza
|
Marco, Basil
|
Common Shares
|
200.000000
|
10.000000
|
Chicago Bridge & Iron Company (Egypt) LLC
|
Giza
|
Nassar, Mike
|
Common Shares
|
200.000000
|
10.000000
|
Chicago Bridge & Iron Company B.V.
|
The Netherlands
|
Lealand Finance Company B.V.
|
Common Shares
|
50.000000
|
100.000000
|
Chicago Bridge de México, S.A. de C.V.
|
Mexico
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
1.000000
|
0.100000
|
Chicago Bridge de México, S.A. de C.V.
|
Mexico
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
999.000000
|
99.900000
|
Chicago Bridge Servicios Petroleros S.A.
|
Bolivia
|
CB&I Europe B.V.
|
Ordinary Shares
|
1.000000
|
2.857143
|
Chicago Bridge Servicios Petroleros S.A.
|
Bolivia
|
CB&I Power Company B.V.
|
Ordinary Shares
|
1.000000
|
2.857143
|
Chicago Bridge Servicios Petroleros S.A.
|
Bolivia
|
Chicago Bridge & Iron Company B.V.
|
Ordinary Shares
|
33.000000
|
94.285714
|
Chicago Bridge Uruguay S.A.
|
Uruguay
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
262,500.000000
|
100.000000
|
CLG Technical Services LLC
|
Delaware
|
Chevron Lummus Global L.L.C.
|
Common Shares
|
10.000000
|
100.000000
|
Coastal Estuary Services, L.L.C.
|
Louisiana
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
50.100000
|
50.100000
|
Coastal Estuary Services, L.L.C.
|
Louisiana
|
CH2M Hill, Inc.
|
Percentage Ownership Interest
|
49.900000
|
49.900000
|
Coastal Planning & Engineering of North Carolina, Inc.
|
North Carolina
|
Jarrett, James
|
Common Shares
|
240.000000
|
24.000000
|
Coastal Planning & Engineering of North Carolina, Inc.
|
North Carolina
|
Roberts, Robert A.
|
Common Shares
|
250.000000
|
25.000000
|
Coastal Planning & Engineering of North Carolina, Inc.
|
North Carolina
|
Thomson, Gordon
|
Common Shares
|
250.000000
|
25.000000
|
Coastal Planning & Engineering of NY, P.C.
|
New York
|
Campbell, Thomas
|
Common Shares
|
100.000000
|
50.000000
|
Coastal Planning & Engineering of NY, P.C.
|
New York
|
Pierro, Thomas P
|
Common Shares
|
100.000000
|
50.000000
|
Constructora C.B.I. Limitada
|
Chile
|
CBI Company Ltd.
|
Common Shares
|
202,950.000000
|
99.000000
|
Constructora C.B.I. Limitada
|
Chile
|
Chicago Bridge & Iron Company
|
Common Shares
|
2,050.000000
|
1.000000
|
Constructors International, L.L.C.
|
Delaware
|
Howe-Baker International, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Convey All Bulk, L.L.C.
|
Alabama
|
Cowles, Murphy, Glover & Associates, LLP
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Convey All Bulk, L.L.C.
|
Alabama
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
CSA Trading Company Ltd.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
10,000.000000
|
100.000000
|
Disaster Response Solutions, L.L.C.
|
Delaware
|
Black & Veatch Special Projects Inc.
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
Disaster Response Solutions, L.L.C.
|
Delaware
|
Kellogg Brown & Root Services, Inc.
|
Percentage Ownership Interest
|
19.500000
|
19.500000
|
Disaster Response Solutions, L.L.C.
|
Delaware
|
Michael Baker Jr., Inc.
|
Percentage Ownership Interest
|
25.500000
|
25.500000
|
Disaster Response Solutions, L.L.C.
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
30.000000
|
30.000000
|
EDS Equipment Company, LLC
|
Delaware
|
Shaw Transmission & Distribution Services, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
EMCON/OWT, Inc.
|
Louisiana
|
CB&I Government Solutions, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Emergency Response Services, LLC
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Emergency Response Services, LLC
|
Delaware
|
URS Group, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Environmental Solutions (Cayman) Ltd.
|
Cayman Islands
|
Environmental Solutions Holding Ltd.
|
Common Shares
|
100.000000
|
100.000000
|
Environmental Solutions Holding Ltd.
|
Cayman Islands
|
Shaw Home Louisiana, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Environmental Solutions Ltd.
|
Cayman Islands
|
Environmental Solutions (Cayman) Ltd.
|
Common Shares
|
100.000000
|
100.000000
|
Environmental Solutions of Ecuador S.A. Envisolutec
|
Ecuador
|
Environmental Solutions Ltd.
|
Percentage Ownership Interest
|
99.875000
|
99.875000
|
Environmental Solutions of Ecuador S.A. Envisolutec
|
Ecuador
|
Giroux, Larry
|
Percentage Ownership Interest
|
0.125000
|
0.125000
|
ES3 – EBSE Shaw Spool Solutions Fabricacao de Sistemas de Tubulacao Ltda.
|
Brazil
|
CB&I Brazil Holdings, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
ES3 – EBSE Shaw Spool Solutions Fabricacao de Sistemas de Tubulacao Ltda.
|
Brazil
|
Empresa Brasileira de Solda Electrica S.A.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Federal Services International, Inc.
|
Louisiana
|
CB&I Federal Services LLC
|
Common Shares
|
1,000.000000
|
100.000000
|
Fibre Making Processes, Inc.
|
Illinois
|
Chicago Bridge & Iron Company
|
Common Shares
|
750.000000
|
100.000000
|
Field Services, LLC
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Findlay Inn Limited Partnership
|
Unknown
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
GFM Real Estate LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
GHG Solutions, LLC
|
Louisiana
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Great Southwest Parkway Venture, LLC
|
Delaware
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
HAKS Stone & Webster Joint Venture
|
Unknown
|
Haks Engineers, Architects and Land Surveyors, PC
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
HAKS Stone & Webster Joint Venture
|
Unknown
|
Stone & Webster Engineering New York, P.C.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
HBI Holdings, LLC
|
Delaware
|
Howe-Baker International Management, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
High Desert Support Services, LLC
|
Delaware
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
High Desert Support Services, LLC
|
Delaware
|
ITT Systems Corporation
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
Highland Trading Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron Company
|
Common Shares
|
2.000000
|
100.000000
|
HNTB-CPE, A Joint Venture, L.L.C.
|
Louisiana
|
HNTB Corporation
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
HNTB-CPE, A Joint Venture, L.L.C.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Holding Manufacturas Shaw South America, C.A.
|
Venezuela
|
CB&I International, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Holding Manufacturas Shaw South America, C.A.
|
Venezuela
|
Manufacturas Shaw South America, C.A.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Horton CBI, Limited
|
Alberta
|
Chasin, Phil
|
Common Shares
|
1.000000
|
0.001539
|
Horton CBI, Limited
|
Alberta
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
64,965.000000
|
99.978455
|
Horton CBI, Limited
|
Alberta
|
Inman, William
|
Common Shares
|
13.000000
|
0.020006
|
Howe-Baker Eastern Limited
|
United Kingdom
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1.000000
|
100.000000
|
Howe-Baker Engineers, Ltd.
|
Texas
|
Howe-Baker Holdings, L.L.C.
|
Percentage Ownership Interest
|
99.000000
|
99.000000
|
Howe-Baker Engineers, Ltd.
|
Texas
|
Howe-Baker Management, L.L.C.
|
Percentage Ownership Interest
|
1.000000
|
1.000000
|
Howe-Baker Holdings, L.L.C.
|
Delaware
|
Howe-Baker International, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Howe-Baker International Management, LLC
|
Delaware
|
Howe-Baker International, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Howe-Baker International, L.L.C.
|
Delaware
|
CB&I Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Howe-Baker Management, L.L.C.
|
Delaware
|
Howe-Baker Holdings, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Hua Lu Engineering Co., Ltd.
|
China
|
Lummus Technology Inc.
|
Membership Units
|
50.000000
|
50.000000
|
Hua Lu Engineering Co., Ltd.
|
China
|
SINOPEC (China Petrochemical International Company)
|
Membership Units
|
50.000000
|
50.000000
|
Integrated Site Solutions, L.L.C.
|
Michigan
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
International Consultants, L.L.C.
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
International Process Supply Company, Ltd
|
Cayman Islands
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
50,000.000000
|
100.000000
|
IOP Services
|
England
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
1,000.000000
|
100.000000
|
Jenny/Stone & Webster/URS, Joint Venture
|
Unknown
|
Jenny Engineering Corporation
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
Jenny/Stone & Webster/URS, Joint Venture
|
Unknown
|
Stone & Webster Engineering New York, P.C.
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
Jenny/Stone & Webster/URS, Joint Venture
|
Unknown
|
URS Corporation – New York
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
Jernee Mill Road, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Kato Road II, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
KB Home/Shaw Louisiana LLC
|
Delaware
|
KB Home New Orleans, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
KB Home/Shaw Louisiana LLC
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
KBR-CFS Logistic Services, LLC
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Kings Bay Support Services, LLC
|
Delaware
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
65.000000
|
65.000000
|
Kings Bay Support Services, LLC
|
Delaware
|
CSC Applied Technologies LLC
|
Percentage Ownership Interest
|
35.000000
|
35.000000
|
KIP I, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
LandBank Properties, L.L.C.
|
Louisiana
|
The LandBank Group, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Lealand Finance Company B.V.
|
The Netherlands
|
Chicago Bridge & Iron Company N.V.
|
Common Shares
|
40.000000
|
100.000000
|
LFG Specialties, L.L.C.
|
Louisiana
|
EMCON/OWT, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Lone Star Risk Corporation
|
Texas
|
Chicago Bridge & Iron Company
|
Common Shares
|
250,000.000000
|
100.000000
|
Lummus Alireza Ltd Co
|
Saudi Arabia
|
Alireza, Alawi Mahmood
|
Common Shares
|
735.000000
|
2.100000
|
Lummus Alireza Ltd Co
|
Saudi Arabia
|
Alireza, Yousuf
|
Common Shares
|
735.000000
|
2.100000
|
Lummus Alireza Ltd Co
|
Saudi Arabia
|
CB&I Nederland B.V.
|
Common Shares
|
33,530.000000
|
95.800000
|
Lummus Consultants International Limited
|
England & Wales
|
Shaw Group UK Holdings
|
Common Shares
|
1.000000
|
100.000000
|
Lummus Consultants International, Inc.
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Common Shares
|
1.000000
|
100.000000
|
Lummus Gasification Services Company
|
Delaware
|
Lummus Technology Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Lummus Gasification Technology Licensing Company
|
Delaware
|
Lummus Technology Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Lummus International Corporation
|
Delaware
|
Lummus Technology Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Lummus Novolen Technology GmbH
|
GERMANY
|
CB&I Lummus GmbH
|
Capitalization in Euros
|
25,000.000000
|
100.000000
|
Lummus Overseas Corporation
|
Delaware
|
Lummus Technology Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Lummus Technology B.V.
|
The Netherlands
|
Lummus Technology Inc.
|
Common Shares
|
200.000000
|
100.000000
|
Lummus Technology Heat Transfer B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
4,538.000000
|
100.000000
|
Lummus Technology Inc.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
61,160.000000
|
100.000000
|
Lutech Resources Australia Pty Ltd
|
W. Australia
|
Chicago Bridge & Iron Company B.V.
|
Ordinary
|
1.000000
|
100.000000
|
Lutech Resources B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
180.000000
|
100.000000
|
Lutech Resources Canada Ltd.
|
Alberta
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
100.000000
|
100.000000
|
NET Power, LLC
|
Delaware
|
NET Power Holdings, LLC
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Netherlands Operating Company B.V.
|
The Netherlands
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
182.000000
|
100.000000
|
Northeast Plaza Venture I, LLC
|
Delaware
|
17th Street Associates, LLC
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Northeast Plaza Venture I, LLC
|
Delaware
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Norwood Venture I, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Nuclear Energy Holdings, L.L.C.
|
Delaware
|
The Shaw Group Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Oasis Supply Company Anstalt
|
Vaduz, Liechtenstein
|
CBI Eastern Anstalt
|
Common Shares
|
1.000000
|
100.000000
|
Oasis Supply Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron Company
|
Common Shares
|
2.000000
|
100.000000
|
Oceanic Contractors, Inc.
|
Delaware
|
Chicago Bridge & Iron Company
|
Common Shares
|
45,720.000000
|
100.000000
|
OOO Lummus Technology
|
Moscow
|
CB&I Oil & Gas Europe B.V.
|
Common Shares
|
1.000000
|
100.000000
|
Otay Mesa Ventures II, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Oxford Metal Supply Limited
|
United Kingdom
|
CB&I Constructors Limited
|
Common Shares
|
99.000000
|
99.000000
|
P.T. Chicago Bridge & Iron
|
Indonesia
|
Chicago Bridge & Iron Company B.V.
|
Common Shares
|
1,656.000000
|
100.000000
|
Pacific Contingency Services, LLC
|
Delaware
|
AECOM Government Services, Inc.
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
Pacific Contingency Services, LLC
|
Delaware
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
Pacific Rim Material Supply Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
2.000000
|
100.000000
|
Pacific Support Group LLC
|
Hawaii
|
All Star Services Corporation
|
Percentage Ownership Interest
|
25.000000
|
25.000000
|
Pacific Support Group LLC
|
Hawaii
|
Shaw California, L.L.C.
|
Percentage Ownership Interest
|
75.000000
|
75.000000
|
Paducah Remediation Services, LLC
|
Kentucky
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
Paducah Remediation Services, LLC
|
Kentucky
|
Portage, Inc.
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
Pike Properties II, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Pipework Engineering and Developments Limited
|
England & Wales
|
Shaw Group UK Holdings
|
Common Shares
|
10,000.000000
|
100.000000
|
Plattsburg Venture, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Prospect Industries (Holdings) Inc.
|
Delaware
|
Shaw Power Services, LLC
|
Common Shares
|
341.000000
|
100.000000
|
PT Stone & Webster Indonesia
|
Jakarta-Indonesia
|
CB&I Stone & Webster Asia, Inc.
|
Common Shares
|
30.000000
|
75.000000
|
PT Stone & Webster Indonesia
|
Jakarta-Indonesia
|
Yunawati PT
|
Common Shares
|
10.000000
|
25.000000
|
Raritan Venture I, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Ridge Top Ranch, LLC
|
Delaware
|
Benicia North Gateway II, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
S C Woods, L.L.C.
|
Delaware
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Alaska, Inc.
|
Alaska
|
Shaw Home Louisiana, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Alloy Piping Products, LLC
|
Louisiana
|
CB&I Fabrication, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw APP Tubeline, L.L.C.
|
New Jersey
|
Shaw Alloy Piping Products, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Arabia Co. Ltd.
|
Saudi Arabia
|
Pan Environmental Services Co. Ltd.
|
Percentage Ownership Interest
|
55.000000
|
55.000000
|
Shaw Arabia Co. Ltd.
|
Saudi Arabia
|
Projects International Equities, L.L.C.
|
Percentage Ownership Interest
|
5.000000
|
5.000000
|
Shaw Arabia Co. Ltd.
|
Saudi Arabia
|
Shaw E & I International Ltd.
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
Shaw Asia Company, Limited
|
Thailand
|
CB&I International, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Shaw Asia Company, Limited
|
Thailand
|
Other Owners
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Shaw Beale Housing, L.L.C.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Beneco, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw California, L.L.C.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Capital, LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Membership Units
|
1,000.000000
|
100.000000
|
Shaw CENTCOM Services, L.L.C.
|
Louisiana
|
Al-Khudairy Group
|
Percentage Ownership Interest
|
17.000000
|
17.000000
|
Shaw CENTCOM Services, L.L.C.
|
Louisiana
|
Kharafi National
|
Percentage Ownership Interest
|
17.000000
|
17.000000
|
Shaw CENTCOM Services, L.L.C.
|
Louisiana
|
NESMA
|
Percentage Ownership Interest
|
6.000000
|
6.000000
|
Shaw CENTCOM Services, L.L.C.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
Shaw Chile Servicios Limitada
|
Chile
|
GHG Solutions, LLC
|
Percentage Ownership Interest
|
99.830000
|
99.830000
|
Shaw Chile Servicios Limitada
|
Chile
|
Shaw GBB, LLC
|
Percentage Ownership Interest
|
0.170000
|
0.170000
|
Shaw Connex, Inc.
|
Delaware
|
Prospect Industries (Holdings) Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Constructors Two, LLC
|
Louisiana
|
CB&I Contractors, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Dunn Limited
|
England & Wales
|
Shaw Group UK Holdings
|
Common Shares
|
2.000000
|
100.000000
|
Shaw E & I International Ltd.
|
Cayman Islands
|
CB&I International, Inc.
|
Common Shares
|
50,000.000000
|
100.000000
|
Shaw Emirates Pipes Manufacturing Limited Liability Company
|
United Arab Emirates
|
Al Khatri, Ghalib Salem Humaid D.
|
Common Shares
|
51.000000
|
51.000000
|
Shaw Emirates Pipes Manufacturing Limited Liability Company
|
United Arab Emirates
|
Shaw SKE&C Middle East Ltd.
|
Common Shares
|
49.000000
|
49.000000
|
Shaw Energy Services, Inc.
|
Louisiana
|
Shaw Transmission & Distribution Services, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Engineering of North Carolina, P.C.
|
North Carolina
|
Mayila, Agnes
|
Common Shares
|
26.000000
|
26.000000
|
Shaw Engineering of North Carolina, P.C.
|
North Carolina
|
Sparrow, Howard
|
Common Shares
|
50.000000
|
50.000000
|
Shaw Engineering of North Carolina, P.C.
|
North Carolina
|
Stempkowski, Tony
|
Common Shares
|
24.000000
|
24.000000
|
Shaw Environmental & Infrastructure Engineering of New York, P.C.
|
New York
|
Burd, Peter
|
Common Shares
|
750.000000
|
25.000000
|
Shaw Environmental & Infrastructure Engineering of New York, P.C.
|
New York
|
Doton, Gerald R.
|
Common Shares
|
750.000000
|
25.000000
|
Shaw Environmental & Infrastructure Engineering of New York, P.C.
|
New York
|
Pierro, Thomas P
|
Common Shares
|
750.000000
|
25.000000
|
Shaw Environmental & Infrastructure International, LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Environmental International, Inc.
|
Louisiana
|
CB&I Environmental & Infrastructure, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Fabricators, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Facilities, Inc.
|
Louisiana
|
CB&I Government Solutions, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Far East Services, LLC
|
Louisiana
|
S C Woods, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw GBB International, LLC
|
Alabama
|
Shaw GBB, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw GBB Maintenance, Inc.
|
Alabama
|
CB&I Government Solutions, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw GBB, LLC
|
Alabama
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Global Services, LLC
|
Louisiana
|
Shaw Far East Services, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Group UK Holdings
|
England & Wales
|
CB&I Global, L.L.C.
|
Common Shares
|
8,850,002.000000
|
100.000000
|
Shaw Group UK Limited
|
England & Wales
|
Shaw Group UK Holdings
|
Common Shares
|
5,350,002.000000
|
100.000000
|
Shaw GRP of California
|
California
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Heat Treating Service, C.A.
|
Venezuela
|
Gomez, Jaime
|
Percentage Ownership Interest
|
0.100000
|
0.100000
|
Shaw Heat Treating Service, C.A.
|
Venezuela
|
Manufacturas Shaw South America, C.A.
|
Percentage Ownership Interest
|
99.900000
|
99.900000
|
Shaw Home Louisiana, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Intellectual Property Holdings, LLC
|
Louisiana
|
CB&I Environmental & Infrastructure, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw International Management Services Two, Inc.
|
Louisiana
|
CB&I International, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw International, Ltd.
|
Cayman Islands
|
CB&I International, Inc.
|
Ordinary Shares
|
1,000.000000
|
100.000000
|
Shaw JV Holdings, L.L.C.
|
Louisiana
|
The Shaw Group Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Kuwait, W.L.L.
|
Kuwait
|
Harbor Equity Partners Company LLC
|
Common Shares
|
25.000000
|
5.000000
|
Shaw Kuwait, W.L.L.
|
Kuwait
|
Shaw E & I International Ltd.
|
Common Shares
|
200.000000
|
40.000000
|
Shaw Kuwait, W.L.L.
|
Kuwait
|
Wazzan Environmental Services Company
|
Common Shares
|
275.000000
|
55.000000
|
Shaw Lancas, C.A.
|
Venezuela
|
CB&I International, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Liquid Solutions LLC
|
Louisiana
|
CB&I Government Solutions, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Managed Services, LLC
|
Louisiana
|
CB&I Fabrication, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Management Services One, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Morgan City Terminal, LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Nass Middle East, W.L.L.
|
South Alba - Baharain
|
Abdulla Ahmed Nass Contracting Company, W.L.L.
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
Shaw Nass Middle East, W.L.L.
|
South Alba - Baharain
|
Shaw Overseas (Middle East) Ltd.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
Shaw NC Company, Inc.
|
North Carolina
|
Shaw Transmission & Distribution Services, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Shaw Nuclear Energy Holdings (UK), Inc.
|
Louisiana
|
Shaw Transmission & Distribution Services, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Nuclear Services, Inc.
|
Louisiana
|
CB&I Power, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Overseas (Far East) Ltd.
|
Cayman Islands
|
CB&I International, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Shaw Overseas (Middle East) Ltd.
|
Cayman Islands
|
CB&I International, Inc.
|
Common Shares
|
100.000000
|
100.000000
|
Shaw Pacific Pte. Ltd.
|
Singapore
|
CB&I International, Inc.
|
Common Shares
|
1.000000
|
100.000000
|
Shaw Power Arabia (A Limited Liability Company)
|
Saudi Arabia
|
CB&I Power Limited
|
Percentage Ownership Interest
|
10.000000
|
10.000000
|
Shaw Power Arabia (A Limited Liability Company)
|
Saudi Arabia
|
Shaw Group UK Holdings
|
Percentage Ownership Interest
|
90.000000
|
90.000000
|
Shaw Power Delivery Systems, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Power Services Group, L.L.C.
|
Louisiana
|
The Shaw Group Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Power Services, LLC
|
Louisiana
|
CB&I Fabrication, LLC
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Power Technologies, Inc.
|
Louisiana
|
Lummus Consultants International, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Process Fabricators, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Property Holdings, LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Remediation Services, L.L.C.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Services, L.L.C.
|
Louisiana
|
The Shaw Group Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw SKE&C Middle East Ltd.
|
Cayman Islands
|
CB&I Middle East Holding, Inc.
|
Common Shares
|
26,499.000000
|
52.999060
|
Shaw SKE&C Middle East Ltd.
|
Cayman Islands
|
Shaw Nass Middle East, W.L.L.
|
Common Shares
|
3,000.000000
|
6.000120
|
Shaw SKE&C Middle East Ltd.
|
Cayman Islands
|
SK Engineering & Construction Co. Ltd.
|
Common Shares
|
20,500.000000
|
41.000820
|
Shaw SSS Fabricators, Inc.
|
Louisiana
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Stone & Webster Arabia Co., Ltd.
|
Saudi Arabia
|
Shaw International, Ltd.
|
Common Shares
|
1,600.000000
|
80.000000
|
Shaw Stone & Webster Arabia Co., Ltd.
|
Saudi Arabia
|
Z Holding Company (or Z Holding Ltd.)
|
Common Shares
|
400.000000
|
20.000000
|
Shaw Stone & Webster International, LLC
|
Louisiana
|
CB&I International, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Shaw Transmission & Distribution Services International, Inc.
|
Delaware
|
Shaw Transmission & Distribution Services, Inc.
|
Common Shares
|
1.000000
|
100.000000
|
Shaw Transmission & Distribution Services, Inc.
|
Louisiana
|
Shaw Power Delivery Systems, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw Tulsa Fabricators, Inc.
|
Oklahoma
|
The Shaw Group Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
Shaw/Baker/Ganett Fleming J.V.
|
Unknown
|
Baker Engineering NY, Inc.
|
Percentage Ownership Interest
|
32.600000
|
32.600000
|
Shaw/Baker/Ganett Fleming J.V.
|
Unknown
|
Gannett Fleming Engineers and Architects, PC
|
Percentage Ownership Interest
|
32.600000
|
32.600000
|
Shaw/Baker/Ganett Fleming J.V.
|
Unknown
|
Shaw Environmental & Infrastructure Engineering of New York, P.C.
|
Percentage Ownership Interest
|
34.800000
|
34.800000
|
SHAW-AIM, JV
|
Unknown
|
AIM Partners, PLC
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
SHAW-AIM, JV
|
Unknown
|
CB&I Environmental & Infrastructure, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Shaw-Versar, LLC
|
Delaware
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
60.000000
|
60.000000
|
Shaw-Versar, LLC
|
Delaware
|
Versar, Inc.
|
Percentage Ownership Interest
|
40.000000
|
40.000000
|
So-Glen Gas Co., LLC
|
Ohio
|
EMCON/OWT, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Southern Tropic Material Supply Company, Ltd.
|
Cayman Islands
|
Chicago Bridge & Iron (Antilles) N. V.
|
Common Shares
|
2.000000
|
100.000000
|
Space Coast Launch Services LLC
|
Nevada
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
35.000000
|
35.000000
|
Space Coast Launch Services LLC
|
Nevada
|
CSC Applied Technologies LLC
|
Percentage Ownership Interest
|
65.000000
|
65.000000
|
Space Gateway Support LLC
|
Delaware
|
Northrop Grumman Technical Services, Inc.
|
Percentage Ownership Interest
|
54.000000
|
54.000000
|
Space Gateway Support LLC
|
Delaware
|
The IT Group, Inc.
|
Percentage Ownership Interest
|
23.000000
|
23.000000
|
Space Gateway Support LLC
|
Delaware
|
Wackenhut Services, Incorporated
|
Percentage Ownership Interest
|
23.000000
|
23.000000
|
Stone & Webster Construction Services, L.L.C.
|
Louisiana
|
CB&I Stone & Webster Construction, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Stone & Webster Construction Two, LLC
|
Louisiana
|
CB&I Stone & Webster Construction, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
CB&I Power International, Inc.
|
Common Shares
|
73,497.000000
|
48.998000
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Chinitz, Leonard A.
|
Common Shares
|
1.000000
|
0.000667
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Chungsiriwat, Siriwan
|
Common Shares
|
2.000000
|
0.001333
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Gill, Richard F.
|
Common Shares
|
1.000000
|
0.000667
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Graphia, Gary P.
|
Common Shares
|
1.000000
|
0.000667
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Jakkuprasart, Pongsan
|
Common Shares
|
1.000000
|
0.000667
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Sathienrapabayut, Rungtip
|
Common Shares
|
1.000000
|
0.000667
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Simma, Vitoon
|
Common Shares
|
2.000000
|
0.001333
|
Stone & Webster Engineering (Thailand) Ltd.
|
Bangkok Metropolis, Thailand
|
Tong Saam Limited
|
Common Shares
|
76,494.000000
|
50.996000
|
Stone & Webster Services, L.L.C.
|
Louisiana
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Stone & Webster/Fluor Daniel JV
|
Unknown
|
CB&I Stone & Webster, Inc.
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
Stone & Webster/Fluor Daniel JV
|
Unknown
|
Fluor Corporation
|
Percentage Ownership Interest
|
50.000000
|
50.000000
|
TerraVista Lakes, LLC
|
Texas
|
Aylesbury, Ltd.
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
TerraVista Lakes, LLC
|
Texas
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
TerraVista Lakes, LLC
|
Texas
|
Meritage Homes of Texas Joint Venture Holding Company, L.L.C.
|
Percentage Ownership Interest
|
33.330000
|
33.330000
|
The LandBank Group, Inc.
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Common Shares
|
1,000.000000
|
100.000000
|
The NASCENT Group, JV
|
Unknown
|
Native American Services Corporation
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
The NASCENT Group, JV
|
Unknown
|
Shaw Beneco, Inc.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
The Shaw Group Inc.
|
Louisiana
|
Chicago Bridge & Iron Company
|
Common Shares
|
84,961,999.000000
|
100.000000
|
The Shaw Group UK 1997 Pension Scheme Limited
|
England & Wales
|
Shaw Group UK Limited
|
Common Shares
|
2.000000
|
100.000000
|
The Shaw Group UK 2001 Pension Plan Limited
|
England & Wales
|
Shaw Group UK Limited
|
Common Shares
|
2.000000
|
100.000000
|
The Shaw Group UK Pension Plan Limited
|
England & Wales
|
Shaw Group UK Limited
|
Common Shares
|
1.000000
|
100.000000
|
TIYA Group, LLC
|
Louisiana
|
Keta Group, L.L.C.
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
TIYA Group, LLC
|
Louisiana
|
Shaw Home Louisiana, Inc.
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
Toshiba Nuclear Energy Holdings (UK) Limited
|
England
|
IHI Corporation (f/k/a Ishikawajima-Harima Heavy Industries Co., Ltd.)
|
Common Shares
|
46.500000
|
3.000000
|
Toshiba Nuclear Energy Holdings (UK) Limited
|
England
|
National Atomic Company Kazatomprom CJSC
|
Common Shares
|
155.000000
|
10.000000
|
Toshiba Nuclear Energy Holdings (UK) Limited
|
England
|
Nuclear Energy Holdings, L.L.C.
|
Common Shares
|
310.000000
|
20.000000
|
Toshiba Nuclear Energy Holdings (UK) Limited
|
England
|
TSB Nuclear Energy Investment US Inc.
|
Common Shares
|
1,038.500000
|
67.000000
|
Toshiba Nuclear Energy Holdings (US) Inc.
|
Delaware
|
IHI Corporation (f/k/a Ishikawajima-Harima Heavy Industries Co., Ltd.)
|
Common Shares
|
132.000000
|
3.000000
|
Toshiba Nuclear Energy Holdings (US) Inc.
|
Delaware
|
National Atomic Company Kazatomprom CJSC
|
Common Shares
|
440.000000
|
10.000000
|
Toshiba Nuclear Energy Holdings (US) Inc.
|
Delaware
|
Nuclear Energy Holdings, L.L.C.
|
Common Shares
|
880.000000
|
20.000000
|
Toshiba Nuclear Energy Holdings (US) Inc.
|
Delaware
|
TSB Nuclear Energy Investment US Inc.
|
Common Shares
|
2,948.000000
|
67.000000
|
TVL Lender II, Inc.
|
Delaware
|
The Shaw Group Inc.
|
Common Shares
|
99.000000
|
100.000000
|
VS2, LLC
|
Delaware
|
CB&I Federal Services LLC
|
Percentage Ownership Interest
|
49.000000
|
49.000000
|
VS2, LLC
|
Delaware
|
VSE Corporation
|
Percentage Ownership Interest
|
51.000000
|
51.000000
|
Westinghouse Electric UK Limited
|
Unknown
|
Toshiba Nuclear Energy Holdings (UK) Limited
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Whessoe Piping Systems Limited
|
England & Wales
|
Shaw Group UK Limited
|
Common Shares
|
1.000000
|
100.000000
|
Whippany Venture I, L.L.C.
|
Louisiana
|
LandBank Properties, L.L.C.
|
Percentage Ownership Interest
|
100.000000
|
100.000000
|
Woodlands International Insurance Company
|
Ireland
|
Chicago Bridge & Iron Company B.V.
|
Ordinary
|
860,000.000000
|
100.000000
|
•
|
Audited financial statements and the audit reports related thereto of the Parent Guarantor and its consolidated Subsidiaries for the fiscal years ended December 31, 2010, December 31, 2011, December 31, 2012, December 31, 2013 and December 31, 2014.
|
•
|
Unaudited financial statements of the Parent Guarantor and its consolidated Subsidiaries for the quarterly periods ending March 31, 2015 and June 30, 2015.
|
Section (a) - Borrowed Money
|
|||||
|
Company
|
Party
|
Amount (in $000s)
|
||
|
Chicago Bridge & Iron Company
|
Term Facility
|
$
|
775,000
|
|
|
Chicago Bridge & Iron Company
|
NPA Notes
Series A, B, C, D
|
$
|
800,000
|
|
|
Chicago Bridge & Iron Company
|
Existing Credit Agreement ($1.35B)
|
$
|
300,000
|
|
|
Chicago Bridge & Iron Company
|
Revolving Credit Facility ($650M)
|
$
|
59,000
|
|
|
Chicago Bridge & Iron Company N.V.
|
Intesa SanPaolo Uncommitted Cash Borrowing
|
$
|
137,740
|
|
|
Chicago Bridge & Iron Company N.V.
|
SunTrust Uncommitted Cash Borrowing
|
$
|
100,000
|
|
Section (b) - Deferred Purchase Price
|
$
|
—
|
|
||
Section (c) - Lien Obligations
|
$
|
42,180
|
|
||
Section (d) - Notes
|
$
|
—
|
|
||
Section (e) - Capitalized Leases
|
$
|
0
|
|
||
Section (f) - Contingent Obligations (as of 06/30/15)
|
See attached
|
||||
Section (g) - Letters of Credit (as of 06/30/15)
|
See attached
|
||||
Section (h) - Off-Balance Sheet Liabilities
|
|
||||
|
Sale and Leaseback of Plainfield Facility
|
|
$
|
0
|
|
Section (i) - Disqualified Stock
|
$
|
—
|
|
GUARANTEE NUMBER
|
ISSUING BANK
|
PURPOSE
|
AMOUNT IN USD (000's)
|
10111
|
Abu Dhabi International Bank Inc.
|
Performance
|
464.5
|
9963
|
Abu Dhabi International Bank Inc.
|
Performance
|
933.0
|
11134
|
Abu Dhabi International Bank Inc.
|
Performance
|
18,086.7
|
SO93378200
|
Australian And New Zealand Banking Group Limited
|
Performance
|
1,604.8
|
SO94978200
|
Australian And New Zealand Banking Group Limited
|
Performance
|
16,377.4
|
SBLC4707329NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2.0
|
SBLC5707525NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2.8
|
SBLC4707350NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
4.4
|
SBLC4707154NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
8.5
|
SBLC5707402NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
9.1
|
SBLC4707215NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
13.6
|
SBLC4707298NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
17.5
|
SBLC4707330NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
29.5
|
SBLC4707117NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
32.7
|
SBLC4707159NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
62.0
|
SBLC4707244NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
71.0
|
SBLC4707116NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
76.3
|
SBLC4707331NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
81.9
|
SBLC4707115NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
98.1
|
SBLC5707410NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
98.4
|
SBLC4707138NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
126.5
|
SBLC4707351NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
132.7
|
SBLC4707114NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
145.0
|
SBLC4707095NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
176.0
|
SBLC5707545NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
200.5
|
SBLC4707365NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
277.6
|
SBLC5707700NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
322.1
|
SBLC5707459NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
772.4
|
SBLC4707071NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,159.0
|
SBLC5707425NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,288.5
|
SBLC4707019NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,363.9
|
SBLC4707020NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,648.9
|
SBLC4707021NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,648.9
|
SBLC4707076NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2,520.7
|
3131284
|
Bank of America N.A.
|
Performance
|
62.9
|
BMTO449928OS
|
Bank of Montreal TFO
|
Performance
|
434.7
|
BMTO425120OS
|
Bank of Montreal TFO
|
Performance
|
4,921.3
|
OGU1647GWS
|
Bank of Nova Scotia
|
Performance
|
312.5
|
OSB15573GWS
|
Bank of Nova Scotia
|
Performance
|
2,000.0
|
OSB15574GWS
|
Bank of Nova Scotia
|
Performance
|
4,400.0
|
S502426N
|
Bank of Tokyo Mitsubishi
|
Performance
|
40,829.3
|
S500831N
|
Bank of Tokyo Mitsubishi
|
Performance
|
61,250.0
|
S500588N
|
Bank of Tokyo Mitsubishi
|
Performance
|
153,157.5
|
BMCH470432OS
|
BMO Harris Bank N.A.
|
Performance
|
1,303.5
|
BMCH468852OS
|
BMO Harris Bank N.A.
|
Performance
|
1,368.7
|
HACH401446OS
|
BMO Harris Bank N.A.
|
Performance
|
2,363.3
|
IGB1401995
|
BNP Paribas S.A.
|
Performance
|
41.4
|
IGB1500095
|
BNP Paribas S.A.
|
Performance
|
165.5
|
IGB1404669
|
BNP Paribas S.A.
|
Performance
|
207.5
|
IGB1402491
|
BNP Paribas S.A.
|
Performance
|
222.4
|
IGB1501186
|
BNP Paribas S.A.
|
Performance
|
346.9
|
IGB1402822
|
BNP Paribas S.A.
|
Performance
|
467.4
|
IGB1501188
|
BNP Paribas S.A.
|
Performance
|
820.7
|
IGB1501189
|
BNP Paribas S.A.
|
Performance
|
838.0
|
IGB1501187
|
BNP Paribas S.A.
|
Performance
|
1,080.0
|
IGB1303272
|
BNP Paribas S.A.
|
Performance
|
1,650.0
|
4130103
|
BNP Paribas USA
|
Performance
|
14.3
|
4125463
|
BNP Paribas USA
|
Performance
|
24.6
|
4130239
|
BNP Paribas USA
|
Performance
|
32.2
|
4130076
|
BNP Paribas USA
|
Performance
|
36.0
|
4119684
|
BNP Paribas USA
|
Performance
|
45.9
|
4125455
|
BNP Paribas USA
|
Performance
|
54.2
|
4121828
|
BNP Paribas USA
|
Performance
|
64.5
|
4127435
|
BNP Paribas USA
|
Performance
|
73.3
|
4127591
|
BNP Paribas USA
|
Performance
|
118.2
|
4121697
|
BNP Paribas USA
|
Performance
|
250.0
|
91909337
|
BNP Paribas USA
|
Performance
|
252.5
|
4124974
|
BNP Paribas USA
|
Performance
|
282.6
|
4127880
|
BNP Paribas USA
|
Performance
|
383.6
|
4119596
|
BNP Paribas USA
|
Performance
|
415.3
|
91912121
|
BNP Paribas USA
|
Performance
|
488.2
|
4122692
|
BNP Paribas USA
|
Performance
|
686.0
|
4127875
|
BNP Paribas USA
|
Performance
|
757.5
|
4123114
|
BNP Paribas USA
|
Performance
|
872.0
|
4120798
|
BNP Paribas USA
|
Performance
|
1,073.8
|
4125888
|
BNP Paribas USA
|
Performance
|
1,080.0
|
4121354
|
BNP Paribas USA
|
Performance
|
1,267.5
|
4122391
|
BNP Paribas USA
|
Performance
|
1,575.0
|
4131983
|
BNP Paribas USA
|
Performance
|
1,609.0
|
4131986
|
BNP Paribas USA
|
Performance
|
1,609.0
|
4125109
|
BNP Paribas USA
|
Performance
|
1,699.4
|
4126615
|
BNP Paribas USA
|
Performance
|
1,746.0
|
4105543
|
BNP Paribas USA
|
Performance
|
2,434.1
|
4128096
|
BNP Paribas USA
|
Performance
|
3,459.3
|
4126291
|
BNP Paribas USA
|
Performance
|
6,213.0
|
4121117
|
BNP Paribas USA
|
Performance
|
7,000.0
|
4105546
|
BNP Paribas USA
|
Performance
|
10,215.7
|
4126292
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126289
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126290
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126288
|
BNP Paribas USA
|
Performance
|
61,556.9
|
5870007969
|
Citibank N.A.
|
Performance
|
5.4
|
5870007964
|
Citibank N.A.
|
Performance
|
6.8
|
5870007970
|
Citibank N.A.
|
Performance
|
8.2
|
5870007971
|
Citibank N.A.
|
Performance
|
11.4
|
5870007966
|
Citibank N.A.
|
Performance
|
13.6
|
5870007967
|
Citibank N.A.
|
Performance
|
13.6
|
FRWAV70365200201
|
Commerzbank AG
|
Performance
|
130.9
|
FRWAV70305030201
|
Commerzbank AG
|
Performance
|
181.9
|
FRWAV70390880201
|
Commerzbank AG
|
Performance
|
250.5
|
FRWAV70335300201
|
Commerzbank AG
|
Performance
|
398.0
|
FRWAV70379960201
|
Commerzbank AG
|
Performance
|
434.3
|
FRWAV70346200201
|
Commerzbank AG
|
Performance
|
501.0
|
FRWAV70359400201
|
Commerzbank AG
|
Performance
|
723.9
|
FRWAV70358950201
|
Commerzbank AG
|
Performance
|
764.3
|
FRWAV70365420201
|
Commerzbank AG
|
Performance
|
815.0
|
FRWAV70365160201
|
Commerzbank AG
|
Performance
|
973.8
|
FRWAV70358980201
|
Commerzbank AG
|
Performance
|
1,528.6
|
511837005
|
Credit Agricole CIB
|
Performance
|
81.7
|
428937011
|
Credit Agricole CIB
|
Performance
|
2,732.8
|
19637008
|
Credit Agricole CIB
|
Performance
|
120,000.0
|
416937012
|
Credit Agricole CIB
|
Performance
|
129,852.3
|
504BGA1407110
|
Deutsche Bank AG
|
Performance
|
642.7
|
504BGA1205026
|
Deutsche Bank AG
|
Performance
|
2,378.2
|
1001IML201500008
|
Europe Arab Bank
|
Performance
|
3.4
|
1001CLG201500067
|
Europe Arab Bank
|
Performance
|
237.5
|
1501ML201500006
|
Europe Arab Bank
|
Performance
|
270.0
|
1001CLG201500053
|
Europe Arab Bank
|
Performance
|
400.0
|
PEBPTH150392
|
HSBC Bank Australia Limited
|
Performance
|
65.4
|
PEBPTH150395
|
HSBC Bank Australia Limited
|
Performance
|
65.4
|
REBPTH121346
|
HSBC Bank Australia Limited
|
Performance
|
102.8
|
PEBPTH142794
|
HSBC Bank Australia Limited
|
Performance
|
105.5
|
FNGPTH116948
|
HSBC Bank Australia Limited
|
Performance
|
117.5
|
PEBPTH123868
|
HSBC Bank Australia Limited
|
Performance
|
117.7
|
PEBPTH142808
|
HSBC Bank Australia Limited
|
Performance
|
192.0
|
PEBPTH150517
|
HSBC Bank Australia Limited
|
Performance
|
327.2
|
TEBPTH150678
|
HSBC Bank Australia Limited
|
Performance
|
385.4
|
PEBGWT120256
|
HSBC Bank Australia Limited
|
Performance
|
50,095.5
|
SDNGWT140240
|
HSBC Bank Australia Limited
|
Performance
|
52,875.1
|
PEBDUB028571
|
HSBC Bank Middle East Limited
|
Performance
|
40.0
|
PEBDUB026152
|
HSBC Bank Middle East Limited
|
Performance
|
61.3
|
PEBDUB768880
|
HSBC Bank Middle East Limited
|
Performance
|
82.5
|
PEBDUB768878
|
HSBC Bank Middle East Limited
|
Performance
|
88.1
|
APGDUB049377
|
HSBC Bank Middle East Limited
|
Performance
|
125.0
|
PEBDUB049390
|
HSBC Bank Middle East Limited
|
Performance
|
125.0
|
PEBDEI783690
|
HSBC Bank Middle East Limited
|
Performance
|
125.0
|
PEBDUB043461
|
HSBC Bank Middle East Limited
|
Performance
|
128.5
|
APGDUB768867
|
HSBC Bank Middle East Limited
|
Performance
|
165.0
|
PEBDUB026153
|
HSBC Bank Middle East Limited
|
Performance
|
212.5
|
PEBDUB042369
|
HSBC Bank Middle East Limited
|
Performance
|
223.0
|
REBDUB040775
|
HSBC Bank Middle East Limited
|
Performance
|
317.4
|
PEBDUB768876
|
HSBC Bank Middle East Limited
|
Performance
|
1,670.3
|
PEBDUB025214
|
HSBC Bank Middle East Limited
|
Performance
|
1,700.0
|
REBDUB041493
|
HSBC Bank Middle East Limited
|
Performance
|
1,913.9
|
PEBDUB036573
|
HSBC Bank Middle East Limited
|
Performance
|
2,737.8
|
PEBDUB040346
|
HSBC Bank Middle East Limited
|
Performance
|
4,322.6
|
APGDUB049178
|
HSBC Bank Middle East Limited
|
Performance
|
5,986.0
|
PEBDUB049179
|
HSBC Bank Middle East Limited
|
Performance
|
5,986.0
|
SDCMTN567195
|
HSBC Bank USA N.A.
|
Performance
|
28,010.0
|
DTNLES507311
|
ING Bank N.V.
|
Performance
|
7.5
|
DTNLES507314
|
ING Bank N.V.
|
Performance
|
67.2
|
DTNLES507312
|
ING Bank N.V.
|
Performance
|
104.4
|
DTNLES507308
|
ING Bank N.V.
|
Performance
|
227.6
|
K682144
|
ING Bank N.V.
|
Performance
|
245.0
|
K624895
|
ING Bank N.V.
|
Performance
|
267.5
|
DTNLFS600720
|
ING Bank N.V.
|
Performance
|
284.0
|
K677530
|
ING Bank N.V.
|
Performance
|
535.0
|
DTNLES506780
|
ING Bank N.V.
|
Performance
|
672.4
|
DTNLFS600719
|
ING Bank N.V.
|
Performance
|
716.0
|
DTNLES507310
|
ING Bank N.V.
|
Performance
|
742.0
|
K663265
|
ING Bank N.V.
|
Performance
|
1,003.1
|
DTNLES506783
|
ING Bank N.V.
|
Performance
|
1,398.0
|
K672931
|
ING Bank N.V.
|
Performance
|
1,550.0
|
K677529
|
ING Bank N.V.
|
Performance
|
,605.0
|
K672932
|
ING Bank N.V.
|
Performance
|
1,700.0
|
032LGLB123155661
|
Mashreq Bank P.S.C.
|
Performance
|
40.8
|
032LGLB123154984
|
Mashreq Bank P.S.C.
|
Performance
|
81.7
|
032LGAP150840003
|
Mashreq Bank P.S.C.
|
Performance
|
300.0
|
032LGAP132260001
|
Mashreq Bank P.S.C.
|
Performance
|
748.7
|
032LGPB132260004
|
Mashreq Bank P.S.C.
|
Performance
|
748.7
|
032LGPB142640005
|
Mashreq Bank P.S.C.
|
Performance
|
1,604.8
|
032LGPB142640006
|
Mashreq Bank P.S.C.
|
Performance
|
1,694.3
|
032LGBB150290003
|
Mashreq Bank P.S.C.
|
Performance
|
2,482.4
|
032LGPB123155504
|
Mashreq Bank P.S.C.
|
Performance
|
3,436.8
|
032LGPB123155632
|
Mashreq Bank P.S.C.
|
Performance
|
7,330.9
|
032LGPB123155405
|
Mashreq Bank P.S.C.
|
Performance
|
8,151.4
|
032LGAP141320004
|
Mashreq Bank P.S.C.
|
Performance
|
34,048.0
|
5754505
|
MIZUHO BANK, LTD.
|
Performance
|
4,814.5
|
5754492
|
MIZUHO BANK, LTD.
|
Performance
|
5,086.6
|
S730850
|
National Bank Of Kuwait S.A.K.
|
Performance
|
82.7
|
S730710
|
National Bank Of Kuwait S.A.K.
|
Performance
|
1,081.0
|
S730711
|
National Bank Of Kuwait S.A.K.
|
Performance
|
1,081.0
|
G977
|
Qatar National Bank SAQ
|
Performance
|
1,800.0
|
HOU/S/06623
|
Riyad Bank, Houston Agency
|
Performance
|
170.0
|
HOU/S/07890
|
Riyad Bank, Houston Agency
|
Performance
|
399.7
|
HOU/S/07915
|
Riyad Bank, Houston Agency
|
Performance
|
399.7
|
HOU/S/07151
|
Riyad Bank, Houston Agency
|
Performance
|
745.2
|
HOU/S/07891
|
Riyad Bank, Houston Agency
|
Performance
|
799.3
|
HOU/S/07786
|
Riyad Bank, Houston Agency
|
Performance
|
1,731.4
|
HOU/S/07552
|
Riyad Bank, Houston Agency
|
Performance
|
2,438.5
|
HOU/S/07423
|
Riyad Bank, Houston Agency
|
Performance
|
3,087.3
|
HOU/S/07791
|
Riyad Bank, Houston Agency
|
Performance
|
3,243.6
|
HOU/S/07479
|
Riyad Bank, Houston Agency
|
Performance
|
3,726.4
|
HOU/S/07422
|
Riyad Bank, Houston Agency
|
Performance
|
5,080.4
|
HOU/S/07790
|
Riyad Bank, Houston Agency
|
Performance
|
6,487.2
|
HOU/S/07150
|
Riyad Bank, Houston Agency
|
Performance
|
6,961.8
|
HOU/S/07482
|
Riyad Bank, Houston Agency
|
Performance
|
7,801.3
|
HOU/S/07152
|
Riyad Bank, Houston Agency
|
Performance
|
13,366.8
|
3000310209
|
SAMBA Financial Group
|
Performance
|
12.6
|
3000310155
|
SAMBA Financial Group
|
Performance
|
14.8
|
3000310336
|
SAMBA Financial Group
|
Performance
|
18.0
|
3000310173
|
SAMBA Financial Group
|
Performance
|
23.1
|
3000310338
|
SAMBA Financial Group
|
Performance
|
27.0
|
3000310344
|
SAMBA Financial Group
|
Performance
|
27.1
|
3000310074
|
SAMBA Financial Group
|
Performance
|
59.4
|
3000310337
|
SAMBA Financial Group
|
Performance
|
66.8
|
3000310357
|
SAMBA Financial Group
|
Performance
|
88.0
|
T410470
|
The Royal Bank of Scotland N.V.
|
Performance
|
966.3
|
NLNL1NL14G839918
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,297.9
|
T410471
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,504.9
|
NLNL1NL14G839757
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,850.0
|
NLNL1NL14G839758
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,850.0
|
NLNL1NL12G837706
|
The Royal Bank of Scotland N.V.
|
Performance
|
23,982.8
|
SLCPPDX05105
|
U.S. Bank N.A.
|
Performance
|
70,000.0
|
29070196-A
|
Australian And New Zealand Banking Group Limited
|
Financial
|
1.7
|
21197
|
Australian And New Zealand Banking Group Limited
|
Financial
|
11.9
|
93033/80085
|
Bank of Nova Scotia
|
Financial
|
57,389.2
|
IGB1301451
|
BNP Paribas S.A.
|
Financial
|
2,926.1
|
4119584
|
BNP Paribas USA
|
Financial
|
25.4
|
4119591
|
BNP Paribas USA
|
Financial
|
1,915.9
|
4119582
|
BNP Paribas USA
|
Financial
|
2,050.0
|
FHGAV08077000200
|
Commerzbank AG
|
Financial
|
138.5
|
FNGPTH141138
|
HSBC Bank Australia Limited
|
Financial
|
26.5
|
FNGPTH141567
|
HSBC Bank Australia Limited
|
Financial
|
153.4
|
FNGPTH130624
|
HSBC Bank Australia Limited
|
Financial
|
198.2
|
FNGPTH116956
|
HSBC Bank Australia Limited
|
Financial
|
267.1
|
FNGPTH122092
|
HSBC Bank Australia Limited
|
Financial
|
307.1
|
FNGPTH116949
|
HSBC Bank Australia Limited
|
Financial
|
462.4
|
FNGPTH141045
|
HSBC Bank Australia Limited
|
Financial
|
482.2
|
FNGPTH151302
|
HSBC Bank Australia Limited
|
Financial
|
1,090.2
|
SDCMTN563275
|
HSBC Bank USA N.A.
|
Financial
|
100.0
|
SDCMTN567955
|
HSBC Bank USA N.A.
|
Financial
|
258.7
|
SDCMTN564216
|
HSBC Bank USA N.A.
|
Financial
|
283.7
|
SDCMTN563985
|
HSBC Bank USA N.A.
|
Financial
|
445.0
|
SDCMTN564121
|
HSBC Bank USA N.A.
|
Financial
|
2,723.7
|
SDCMTN563273
|
HSBC Bank USA N.A.
|
Financial
|
4,200.0
|
SDCMTN563274
|
HSBC Bank USA N.A.
|
Financial
|
12,610.8
|
NYSB2015003
|
Lloyds TSB Bank plc
|
Financial
|
500.0
|
NYSB2013303
|
Lloyds TSB Bank plc
|
Financial
|
4,436.8
|
032LGFN123150846
|
Mashreq Bank P.S.C.
|
Financial
|
8.2
|
032LGPP143370003
|
Mashreq Bank P.S.C.
|
Financial
|
27.5
|
032LGFN123150791
|
Mashreq Bank P.S.C.
|
Financial
|
43.6
|
032LGFN123150766
|
Mashreq Bank P.S.C.
|
Financial
|
54.5
|
032LGOT123151728
|
Mashreq Bank P.S.C.
|
Financial
|
61.8
|
032LGPP142580002
|
Mashreq Bank P.S.C.
|
Financial
|
114.0
|
032LGFN123150877
|
Mashreq Bank P.S.C.
|
Financial
|
136.2
|
032LGFN123150556
|
Mashreq Bank P.S.C.
|
Financial
|
163.4
|
032LGFN123150769
|
Mashreq Bank P.S.C.
|
Financial
|
171.5
|
3000368994
|
SAMBA Financial Group
|
Financial
|
18.7
|
777020052872-L
|
Standard Chartered Bank
|
Financial
|
22.3
|
777020063888-l
|
Standard Chartered Bank
|
Financial
|
44.5
|
359020594301
|
Standard Chartered Bank (Thai) PCL
|
Financial
|
59.2
|
MEAE1AE07G501121
|
The Royal Bank of Scotland N.V.
|
Financial
|
13.6
|
MEAE2AE07G502994
|
The Royal Bank of Scotland N.V.
|
Financial
|
13.6
|
SLCPPDX06471
|
U.S. Bank N.A.
|
Financial
|
2,000.0
|
|
Letter of Credit & Bank Guarantee Utilization
|
|
1,426,854.0
|
|
Revolver Foreign Currency Adjustment
|
|
1,908.0
|
|
Total Utilization
|
|
1,428,762.0
|
|
|
|
|
GUARANTEE NUMBER
|
ISSUING BANK
|
PURPOSE
|
AMOUNT IN USD (000's)
|
10111
|
Abu Dhabi International Bank Inc.
|
Performance
|
464.5
|
9963
|
Abu Dhabi International Bank Inc.
|
Performance
|
933.0
|
11134
|
Abu Dhabi International Bank Inc.
|
Performance
|
18,086.7
|
SO93378200
|
Australian And New Zealand Banking Group Limited
|
Performance
|
1,604.8
|
SO94978200
|
Australian And New Zealand Banking Group Limited
|
Performance
|
16,377.4
|
SBLC4707329NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2.0
|
SBLC5707525NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2.8
|
SBLC4707350NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
4.4
|
SBLC4707154NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
8.5
|
SBLC5707402NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
9.1
|
SBLC4707215NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
13.6
|
SBLC4707298NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
17.5
|
SBLC4707330NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
29.5
|
SBLC4707117NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
32.7
|
SBLC4707159NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
62.0
|
SBLC4707244NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
71.0
|
SBLC4707116NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
76.3
|
SBLC4707331NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
81.9
|
SBLC4707115NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
98.1
|
SBLC5707410NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
98.4
|
SBLC4707138NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
126.5
|
SBLC4707351NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
132.7
|
SBLC4707114NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
145.0
|
SBLC4707095NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
176.0
|
SBLC5707545NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
200.5
|
SBLC4707365NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
277.6
|
SBLC5707700NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
322.1
|
SBLC5707459NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
772.4
|
SBLC4707071NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,159.0
|
SBLC5707425NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,288.5
|
SBLC4707019NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,363.9
|
SBLC4707020NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,648.9
|
SBLC4707021NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
1,648.9
|
SBLC4707076NY
|
Banco Bilbao Vizcaya Argentaria S.A.
|
Performance
|
2,520.7
|
3131284
|
Bank of America N.A.
|
Performance
|
62.9
|
BMTO449928OS
|
Bank of Montreal TFO
|
Performance
|
434.7
|
BMTO425120OS
|
Bank of Montreal TFO
|
Performance
|
4,921.3
|
OGU1647GWS
|
Bank of Nova Scotia
|
Performance
|
312.5
|
OSB15573GWS
|
Bank of Nova Scotia
|
Performance
|
2,000.0
|
OSB15574GWS
|
Bank of Nova Scotia
|
Performance
|
4,400.0
|
S502426N
|
Bank of Tokyo Mitsubishi
|
Performance
|
40,829.3
|
S500831N
|
Bank of Tokyo Mitsubishi
|
Performance
|
61,250.0
|
S500588N
|
Bank of Tokyo Mitsubishi
|
Performance
|
153,157.5
|
BMCH470432OS
|
BMO Harris Bank N.A.
|
Performance
|
1,303.5
|
BMCH468852OS
|
BMO Harris Bank N.A.
|
Performance
|
1,368.7
|
HACH401446OS
|
BMO Harris Bank N.A.
|
Performance
|
2,363.3
|
IGB1401995
|
BNP Paribas S.A.
|
Performance
|
41.4
|
IGB1500095
|
BNP Paribas S.A.
|
Performance
|
165.5
|
IGB1404669
|
BNP Paribas S.A.
|
Performance
|
207.5
|
IGB1402491
|
BNP Paribas S.A.
|
Performance
|
222.4
|
IGB1501186
|
BNP Paribas S.A.
|
Performance
|
346.9
|
IGB1402822
|
BNP Paribas S.A.
|
Performance
|
467.4
|
IGB1501188
|
BNP Paribas S.A.
|
Performance
|
820.7
|
IGB1501189
|
BNP Paribas S.A.
|
Performance
|
838.0
|
IGB1501187
|
BNP Paribas S.A.
|
Performance
|
1,080.0
|
IGB1303272
|
BNP Paribas S.A.
|
Performance
|
1,650.0
|
4130103
|
BNP Paribas USA
|
Performance
|
14.3
|
4125463
|
BNP Paribas USA
|
Performance
|
24.6
|
4130239
|
BNP Paribas USA
|
Performance
|
32.2
|
4130076
|
BNP Paribas USA
|
Performance
|
36.0
|
4119684
|
BNP Paribas USA
|
Performance
|
45.9
|
4125455
|
BNP Paribas USA
|
Performance
|
54.2
|
4121828
|
BNP Paribas USA
|
Performance
|
64.5
|
4127435
|
BNP Paribas USA
|
Performance
|
73.3
|
4127591
|
BNP Paribas USA
|
Performance
|
118.2
|
4121697
|
BNP Paribas USA
|
Performance
|
250.0
|
91909337
|
BNP Paribas USA
|
Performance
|
252.5
|
4124974
|
BNP Paribas USA
|
Performance
|
282.6
|
4127880
|
BNP Paribas USA
|
Performance
|
383.6
|
4119596
|
BNP Paribas USA
|
Performance
|
415.3
|
91912121
|
BNP Paribas USA
|
Performance
|
488.2
|
4122692
|
BNP Paribas USA
|
Performance
|
686.0
|
4127875
|
BNP Paribas USA
|
Performance
|
757.5
|
4123114
|
BNP Paribas USA
|
Performance
|
872.0
|
4120798
|
BNP Paribas USA
|
Performance
|
1,073.8
|
4125888
|
BNP Paribas USA
|
Performance
|
1,080.0
|
4121354
|
BNP Paribas USA
|
Performance
|
1,267.5
|
4122391
|
BNP Paribas USA
|
Performance
|
1,575.0
|
4131983
|
BNP Paribas USA
|
Performance
|
1,609.0
|
4131986
|
BNP Paribas USA
|
Performance
|
1,609.0
|
4125109
|
BNP Paribas USA
|
Performance
|
1,699.4
|
4126615
|
BNP Paribas USA
|
Performance
|
1,746.0
|
4105543
|
BNP Paribas USA
|
Performance
|
2,434.1
|
4128096
|
BNP Paribas USA
|
Performance
|
3,459.3
|
4126291
|
BNP Paribas USA
|
Performance
|
6,213.0
|
4121117
|
BNP Paribas USA
|
Performance
|
7,000.0
|
4105546
|
BNP Paribas USA
|
Performance
|
10,215.7
|
4126292
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126289
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126290
|
BNP Paribas USA
|
Performance
|
12,426.0
|
4126288
|
BNP Paribas USA
|
Performance
|
61,556.9
|
5870007969
|
Citibank N.A.
|
Performance
|
5.4
|
5870007964
|
Citibank N.A.
|
Performance
|
6.8
|
5870007970
|
Citibank N.A.
|
Performance
|
8.2
|
5870007971
|
Citibank N.A.
|
Performance
|
11.4
|
5870007966
|
Citibank N.A.
|
Performance
|
13.6
|
5870007967
|
Citibank N.A.
|
Performance
|
13.6
|
FRWAV70365200201
|
Commerzbank AG
|
Performance
|
130.9
|
FRWAV70305030201
|
Commerzbank AG
|
Performance
|
181.9
|
FRWAV70390880201
|
Commerzbank AG
|
Performance
|
250.5
|
FRWAV70335300201
|
Commerzbank AG
|
Performance
|
398.0
|
FRWAV70379960201
|
Commerzbank AG
|
Performance
|
434.3
|
FRWAV70346200201
|
Commerzbank AG
|
Performance
|
501.0
|
FRWAV70359400201
|
Commerzbank AG
|
Performance
|
723.9
|
FRWAV70358950201
|
Commerzbank AG
|
Performance
|
764.3
|
FRWAV70365420201
|
Commerzbank AG
|
Performance
|
815.0
|
FRWAV70365160201
|
Commerzbank AG
|
Performance
|
973.8
|
032LGLB123157737
|
Mashreq Bank P.S.C.
|
Performance
|
7.4
|
032LGLB123157177
|
Mashreq Bank P.S.C.
|
Performance
|
11.4
|
032LGLB150120002
|
Mashreq Bank P.S.C.
|
Performance
|
12.3
|
032LGLB123155012
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGLB123158002
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGTL123150221
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGTL123150234
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGTL123150238
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGTL151660001
|
Mashreq Bank P.S.C.
|
Performance
|
13.6
|
032LGLB143640002
|
Mashreq Bank P.S.C.
|
Performance
|
13.9
|
032LGLB143220001
|
Mashreq Bank P.S.C.
|
Performance
|
14.7
|
032LGLB143350001
|
Mashreq Bank P.S.C.
|
Performance
|
14.7
|
032LGLB150280001
|
Mashreq Bank P.S.C.
|
Performance
|
16.3
|
032LGLB123158014
|
Mashreq Bank P.S.C.
|
Performance
|
20.4
|
032LGLB123154372
|
Mashreq Bank P.S.C.
|
Performance
|
27.2
|
032LGPB151530001
|
Mashreq Bank P.S.C.
|
Performance
|
33.1
|
032LGLB123155661
|
Mashreq Bank P.S.C.
|
Performance
|
40.8
|
032LGLB123154984
|
Mashreq Bank P.S.C.
|
Performance
|
81.7
|
032LGAP150840003
|
Mashreq Bank P.S.C.
|
Performance
|
300.0
|
032LGAP132260001
|
Mashreq Bank P.S.C.
|
Performance
|
748.7
|
032LGPB132260004
|
Mashreq Bank P.S.C.
|
Performance
|
748.7
|
032LGPB142640005
|
Mashreq Bank P.S.C.
|
Performance
|
1,604.8
|
032LGPB142640006
|
Mashreq Bank P.S.C.
|
Performance
|
1,694.3
|
032LGBB150290003
|
Mashreq Bank P.S.C.
|
Performance
|
2,482.4
|
032LGPB123155504
|
Mashreq Bank P.S.C.
|
Performance
|
3,436.8
|
032LGPB123155632
|
Mashreq Bank P.S.C.
|
Performance
|
7,330.9
|
032LGPB123155405
|
Mashreq Bank P.S.C.
|
Performance
|
8,151.4
|
032LGAP141320004
|
Mashreq Bank P.S.C.
|
Performance
|
34,048.0
|
5754505
|
MIZUHO BANK, LTD.
|
Performance
|
4,814.5
|
5754492
|
MIZUHO BANK, LTD.
|
Performance
|
5,086.6
|
S730850
|
National Bank Of Kuwait S.A.K.
|
Performance
|
82.7
|
S730710
|
National Bank Of Kuwait S.A.K.
|
Performance
|
1,081.0
|
S730711
|
National Bank Of Kuwait S.A.K.
|
Performance
|
1,081.0
|
G977
|
Qatar National Bank SAQ
|
Performance
|
1,800.0
|
HOU/S/06623
|
Riyad Bank, Houston Agency
|
Performance
|
170.0
|
HOU/S/07890
|
Riyad Bank, Houston Agency
|
Performance
|
399.7
|
HOU/S/07915
|
Riyad Bank, Houston Agency
|
Performance
|
399.7
|
HOU/S/07151
|
Riyad Bank, Houston Agency
|
Performance
|
745.2
|
HOU/S/07891
|
Riyad Bank, Houston Agency
|
Performance
|
799.3
|
HOU/S/07786
|
Riyad Bank, Houston Agency
|
Performance
|
1,731.4
|
HOU/S/07552
|
Riyad Bank, Houston Agency
|
Performance
|
2,438.5
|
HOU/S/07423
|
Riyad Bank, Houston Agency
|
Performance
|
3,087.3
|
HOU/S/07791
|
Riyad Bank, Houston Agency
|
Performance
|
3,243.6
|
HOU/S/07479
|
Riyad Bank, Houston Agency
|
Performance
|
3,726.4
|
HOU/S/07422
|
Riyad Bank, Houston Agency
|
Performance
|
5,080.4
|
HOU/S/07790
|
Riyad Bank, Houston Agency
|
Performance
|
6,487.2
|
HOU/S/07150
|
Riyad Bank, Houston Agency
|
Performance
|
6,961.8
|
HOU/S/07482
|
Riyad Bank, Houston Agency
|
Performance
|
7,801.3
|
HOU/S/07152
|
Riyad Bank, Houston Agency
|
Performance
|
13,366.8
|
3000310209
|
SAMBA Financial Group
|
Performance
|
12.6
|
3000310155
|
SAMBA Financial Group
|
Performance
|
14.8
|
3000310336
|
SAMBA Financial Group
|
Performance
|
18.0
|
3000310173
|
SAMBA Financial Group
|
Performance
|
23.1
|
3000310338
|
SAMBA Financial Group
|
Performance
|
27.0
|
3000310344
|
SAMBA Financial Group
|
Performance
|
27.1
|
3000310074
|
SAMBA Financial Group
|
Performance
|
59.4
|
3000310337
|
SAMBA Financial Group
|
Performance
|
66.8
|
3000310357
|
SAMBA Financial Group
|
Performance
|
88.0
|
3000399991
|
SAMBA Financial Group
|
Performance
|
94.5
|
3000310317
|
SAMBA Financial Group
|
Performance
|
98.9
|
3000399687
|
SAMBA Financial Group
|
Performance
|
105.0
|
3000399688
|
SAMBA Financial Group
|
Performance
|
105.0
|
3000310073
|
SAMBA Financial Group
|
Performance
|
143.6
|
3000394383
|
SAMBA Financial Group
|
Performance
|
166.4
|
3000310030
|
SAMBA Financial Group
|
Performance
|
241.8
|
3000399686
|
SAMBA Financial Group
|
Performance
|
314.9
|
3000399671
|
SAMBA Financial Group
|
Performance
|
319.9
|
3000398691
|
SAMBA Financial Group
|
Performance
|
428.4
|
3000397192
|
SAMBA Financial Group
|
Performance
|
441.2
|
3000398980
|
SAMBA Financial Group
|
Performance
|
444.0
|
3000399626
|
SAMBA Financial Group
|
Performance
|
449.9
|
3000399629
|
SAMBA Financial Group
|
Performance
|
449.9
|
3000398665
|
SAMBA Financial Group
|
Performance
|
458.3
|
3000399934
|
SAMBA Financial Group
|
Performance
|
464.8
|
3000399935
|
SAMBA Financial Group
|
Performance
|
464.8
|
3000394388
|
SAMBA Financial Group
|
Performance
|
567.9
|
3000396510
|
SAMBA Financial Group
|
Performance
|
632.1
|
3000396511
|
SAMBA Financial Group
|
Performance
|
632.1
|
3000310382
|
SAMBA Financial Group
|
Performance
|
650.0
|
3000310383
|
SAMBA Financial Group
|
Performance
|
650.0
|
3000392592
|
SAMBA Financial Group
|
Performance
|
704.4
|
3000399004
|
SAMBA Financial Group
|
Performance
|
730.0
|
3000399533
|
SAMBA Financial Group
|
Performance
|
841.1
|
3000398981
|
SAMBA Financial Group
|
Performance
|
1,185.3
|
3000399003
|
SAMBA Financial Group
|
Performance
|
1,460.0
|
3000399845
|
SAMBA Financial Group
|
Performance
|
1,580.0
|
3000399803
|
SAMBA Financial Group
|
Performance
|
1,630.0
|
3000393358
|
SAMBA Financial Group
|
Performance
|
1,746.2
|
3000310156
|
SAMBA Financial Group
|
Performance
|
2,370.0
|
3000399901
|
SAMBA Financial Group
|
Performance
|
2,370.0
|
3000394032
|
SAMBA Financial Group
|
Performance
|
2,691.7
|
3000399846
|
SAMBA Financial Group
|
Performance
|
3,160.0
|
3000310012
|
SAMBA Financial Group
|
Performance
|
3,268.2
|
3000310013
|
SAMBA Financial Group
|
Performance
|
3,268.2
|
3000399804
|
SAMBA Financial Group
|
Performance
|
4,401.0
|
7759
|
Santander
|
Performance
|
1,588.5
|
7829
|
Santander
|
Performance
|
5,000.0
|
777020069980-L
|
Standard Chartered Bank
|
Performance
|
15.0
|
123020068580
|
Standard Chartered Bank
|
Performance
|
27.2
|
777020075704-L
|
Standard Chartered Bank
|
Performance
|
45.0
|
777020070629-L
|
Standard Chartered Bank
|
Performance
|
80.0
|
777020021996-L
|
Standard Chartered Bank
|
Performance
|
98.5
|
777020069276-L
|
Standard Chartered Bank
|
Performance
|
140.0
|
777020067438-L
|
Standard Chartered Bank
|
Performance
|
149.9
|
123020500764
|
Standard Chartered Bank
|
Performance
|
250.0
|
777020050197-L
|
Standard Chartered Bank
|
Performance
|
291.1
|
777020072011-L
|
Standard Chartered Bank
|
Performance
|
402.0
|
777020029408-L
|
Standard Chartered Bank
|
Performance
|
560.0
|
777020072057-L
|
Standard Chartered Bank
|
Performance
|
712.9
|
779-02-0053968-I
|
Standard Chartered Bank
|
Performance
|
785.6
|
777020022085-L
|
Standard Chartered Bank
|
Performance
|
854.1
|
777020034303-L
|
Standard Chartered Bank
|
Performance
|
858.4
|
777020069025-L
|
Standard Chartered Bank
|
Performance
|
972.0
|
777020072048-l
|
Standard Chartered Bank
|
Performance
|
979.5
|
777020076730-L
|
Standard Chartered Bank
|
Performance
|
998.2
|
777020044436-L
|
Standard Chartered Bank
|
Performance
|
1,034.7
|
777020032350-L
|
Standard Chartered Bank
|
Performance
|
1,054.0
|
777020030245-L
|
Standard Chartered Bank
|
Performance
|
1,104.3
|
777020057984-L
|
Standard Chartered Bank
|
Performance
|
1,452.0
|
777020067401-L
|
Standard Chartered Bank
|
Performance
|
1,468.0
|
777020036515-L
|
Standard Chartered Bank
|
Performance
|
1,800.0
|
777020028221-L
|
Standard Chartered Bank
|
Performance
|
1,854.2
|
777020070870-L
|
Standard Chartered Bank
|
Performance
|
2,215.8
|
777020063094-L
|
Standard Chartered Bank
|
Performance
|
3,134.1
|
777020063076-L
|
Standard Chartered Bank
|
Performance
|
3,917.7
|
777020067777-L
|
Standard Chartered Bank
|
Performance
|
5,000.0
|
123020068731
|
Standard Chartered Bank
|
Performance
|
7,183.4
|
777020044409-L
|
Standard Chartered Bank
|
Performance
|
18,312.2
|
T407672
|
The Royal Bank of Scotland N.V.
|
Performance
|
0.0
|
MEAE1AE07G501131
|
The Royal Bank of Scotland N.V.
|
Performance
|
0.8
|
MEAE2AE07G501851
|
The Royal Bank of Scotland N.V.
|
Performance
|
0.8
|
MEAE2AE07G501853
|
The Royal Bank of Scotland N.V.
|
Performance
|
6.5
|
NLNL1NL14G840269
|
The Royal Bank of Scotland N.V.
|
Performance
|
7.6
|
T411003
|
The Royal Bank of Scotland N.V.
|
Performance
|
10.9
|
MEAE2AE07G501847
|
The Royal Bank of Scotland N.V.
|
Performance
|
13.6
|
MEAE2AE07G501849
|
The Royal Bank of Scotland N.V.
|
Performance
|
13.6
|
MEAE2AE07G501854
|
The Royal Bank of Scotland N.V.
|
Performance
|
20.4
|
T411036
|
The Royal Bank of Scotland N.V.
|
Performance
|
26.5
|
T410369
|
The Royal Bank of Scotland N.V.
|
Performance
|
72.0
|
T410368
|
The Royal Bank of Scotland N.V.
|
Performance
|
95.7
|
G14/4996
|
The Royal Bank of Scotland N.V.
|
Performance
|
117.1
|
NLNL1NL14G840477
|
The Royal Bank of Scotland N.V.
|
Performance
|
161.1
|
NLNL1NL09G830181
|
The Royal Bank of Scotland N.V.
|
Performance
|
749.0
|
T410470
|
The Royal Bank of Scotland N.V.
|
Performance
|
966.3
|
NLNL1NL14G839918
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,297.9
|
T410471
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,504.9
|
NLNL1NL14G839757
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,850.0
|
NLNL1NL14G839758
|
The Royal Bank of Scotland N.V.
|
Performance
|
1,850.0
|
NLNL1NL12G837706
|
The Royal Bank of Scotland N.V.
|
Performance
|
23,982.8
|
SLCPPDX05105
|
U.S. Bank N.A.
|
Performance
|
70,000.0
|
29070196-A
|
Australian And New Zealand Banking Group Limited
|
Financial
|
1.7
|
21197
|
Australian And New Zealand Banking Group Limited
|
Financial
|
11.9
|
93033/80085
|
Bank of Nova Scotia
|
Financial
|
57,389.2
|
IGB1301451
|
BNP Paribas S.A.
|
Financial
|
2,926.1
|
4119584
|
BNP Paribas USA
|
Financial
|
25.4
|
4119591
|
BNP Paribas USA
|
Financial
|
1,915.9
|
4119582
|
BNP Paribas USA
|
Financial
|
2,050.0
|
FHGAV08077000200
|
Commerzbank AG
|
Financial
|
138.5
|
FNGPTH141138
|
HSBC Bank Australia Limited
|
Financial
|
26.5
|
FNGPTH141567
|
HSBC Bank Australia Limited
|
Financial
|
153.4
|
FNGPTH130624
|
HSBC Bank Australia Limited
|
Financial
|
198.2
|
FNGPTH116956
|
HSBC Bank Australia Limited
|
Financial
|
267.1
|
FNGPTH122092
|
HSBC Bank Australia Limited
|
Financial
|
307.1
|
FNGPTH116949
|
HSBC Bank Australia Limited
|
Financial
|
462.4
|
FNGPTH141045
|
HSBC Bank Australia Limited
|
Financial
|
482.2
|
FNGPTH151302
|
HSBC Bank Australia Limited
|
Financial
|
1,090.2
|
SDCMTN563275
|
HSBC Bank USA N.A.
|
Financial
|
100.0
|
SDCMTN567955
|
HSBC Bank USA N.A.
|
Financial
|
258.7
|
SDCMTN564216
|
HSBC Bank USA N.A.
|
Financial
|
283.7
|
SDCMTN563985
|
HSBC Bank USA N.A.
|
Financial
|
445.0
|
SDCMTN564121
|
HSBC Bank USA N.A.
|
Financial
|
2,723.7
|
SDCMTN563273
|
HSBC Bank USA N.A.
|
Financial
|
4,200.0
|
SDCMTN563274
|
HSBC Bank USA N.A.
|
Financial
|
12,610.8
|
NYSB2015003
|
Lloyds TSB Bank plc
|
Financial
|
500.0
|
NYSB2013303
|
Lloyds TSB Bank plc
|
Financial
|
4,436.8
|
032LGFN123150846
|
Mashreq Bank P.S.C.
|
Financial
|
8.2
|
032LGPP143370003
|
Mashreq Bank P.S.C.
|
Financial
|
27.5
|
032LGFN123150791
|
Mashreq Bank P.S.C.
|
Financial
|
43.6
|
032LGFN123150766
|
Mashreq Bank P.S.C.
|
Financial
|
54.5
|
032LGOT123151728
|
Mashreq Bank P.S.C.
|
Financial
|
61.8
|
032LGPP142580002
|
Mashreq Bank P.S.C.
|
Financial
|
114.0
|
032LGFN123150877
|
Mashreq Bank P.S.C.
|
Financial
|
136.2
|
032LGFN123150556
|
Mashreq Bank P.S.C.
|
Financial
|
163.4
|
032LGFN123150769
|
Mashreq Bank P.S.C.
|
Financial
|
171.5
|
3000368994
|
SAMBA Financial Group
|
Financial
|
18.7
|
777020052872-L
|
Standard Chartered Bank
|
Financial
|
22.3
|
777020063888-l
|
Standard Chartered Bank
|
Financial
|
44.5
|
359020594301
|
Standard Chartered Bank (Thai) PCL
|
Financial
|
59.2
|
MEAE1AE07G501121
|
The Royal Bank of Scotland N.V.
|
Financial
|
13.6
|
MEAE2AE07G502994
|
The Royal Bank of Scotland N.V.
|
Financial
|
13.6
|
SLCPPDX06471
|
U.S. Bank N.A.
|
Financial
|
2,000.0
|
|
Letter of Credit & Bank Guarantee Utilization
|
|
1,426,854.0
|
|
Revolver Foreign Currency Adjustment
|
|
1,908.0
|
|
Total Utilization
|
|
1,428,762.0
|
|
|
|
|
BOND#
|
SURETY
|
TYPE
|
Amount in USD( $000's)
|
K07477387
|
ACE INA GROUP
|
License / Permit
|
1
|
K07444709
|
ACE INA GROUP
|
License / Permit
|
3
|
K07177021
|
ACE INA GROUP
|
License / Permit
|
4
|
K07176594
|
ACE INA GROUP
|
License / Permit
|
5
|
K07177227
|
ACE INA GROUP
|
License / Permit
|
5
|
K07444977
|
ACE INA GROUP
|
License / Permit
|
5
|
K07785926
|
ACE INA GROUP
|
License / Permit
|
5
|
M413771
|
ACE INA GROUP
|
Customs
|
5
|
K07176582
|
ACE INA GROUP
|
License / Permit
|
10
|
K07176612
|
ACE INA GROUP
|
License / Permit
|
10
|
K07176685
|
ACE INA GROUP
|
License / Permit
|
10
|
K0778594A
|
ACE INA GROUP
|
License / Permit
|
10
|
K08964300
|
ACE INA GROUP
|
Payment & Performance
|
945
|
K08731706
|
ACE INA GROUP
|
Wage & Welfare
|
1,000
|
K08648785
|
ACE INA GROUP
|
Payment & Performance
|
1,141
|
K08932001
|
ACE INA GROUP
|
Payment & Performance
|
1,224
|
K08932050
|
ACE INA GROUP
|
Payment & Performance
|
1,476
|
K07444448
|
ACE INA GROUP
|
License / Permit
|
2,000
|
K08023001
|
ACE INA GROUP
|
License / Permit
|
2,000
|
K08342581
|
ACE INA GROUP
|
License / Permit
|
2,000
|
K08342684
|
ACE INA GROUP
|
License / Permit
|
2,000
|
K08932189
|
ACE INA GROUP
|
Payment
|
2,000
|
K08932335
|
ACE INA GROUP
|
Payment & Performance
|
2,131
|
K08916597
|
ACE INA GROUP
|
Payment & Performance
|
2,241
|
K08768158
|
ACE INA GROUP
|
Performance
|
3,015
|
K08597613
|
ACE INA GROUP
|
Payment & Performance
|
3,186
|
K08932220
|
ACE INA GROUP
|
Payment & Performance
|
3,221
|
K08931872
|
ACE INA GROUP
|
Payment & Performance
|
3,889
|
K08916068
|
ACE INA GROUP
|
Payment & Performance
|
4,619
|
M217931
|
ACE INA GROUP
|
Court
|
30,608
|
280342
|
AIG
|
License / Permit
|
13
|
280305
|
AIG
|
License / Permit
|
15
|
278380
|
AIG
|
License / Permit
|
25
|
278425
|
AIG
|
Wage & Welfare
|
25
|
879035
|
AIG
|
Performance
|
30
|
879025
|
AIG
|
Performance
|
30
|
837905
|
AIG
|
Payment & Performance
|
105
|
ESD021811225
|
AIG
|
Payment & Performance
|
132
|
879030
|
AIG
|
Maintenance
|
175
|
879029
|
AIG
|
Payment & Performance
|
218
|
DBG998081
|
AIG
|
Payment & Performance
|
271
|
837901
|
AIG
|
Payment & Performance
|
419
|
837903
|
AIG
|
Performance
|
500
|
879031
|
AIG
|
Payment & Performance
|
585
|
837902
|
AIG
|
Payment & Performance
|
686
|
ESD021811132
|
AIG
|
Payment & Performance
|
808
|
ESD021811223
|
AIG
|
Payment & Performance
|
875
|
879016
|
AIG
|
Performance
|
921
|
ESD021811219
|
AIG
|
Payment & Performance
|
1,215
|
DBG998077
|
AIG
|
Payment & Performance
|
1,462
|
DBG998060
|
AIG
|
Payment & Performance
|
1,487
|
879027
|
AIG
|
Payment & Performance
|
1,625
|
ESD021811220
|
AIG
|
Payment & Performance
|
1,635
|
879034
|
AIG
|
Payment & Performance
|
1,755
|
DBG998085
|
AIG
|
Payment & Performance
|
1,775
|
DBG998078
|
AIG
|
Payment & Performance
|
1,836
|
DBG998056
|
AIG
|
Payment & Performance
|
1,897
|
DBG998079
|
AIG
|
Payment & Performance
|
1,925
|
DBG998073
|
AIG
|
Payment & Performance
|
3,112
|
DBG879545
|
AIG
|
Payment & Performance
|
3,169
|
DBG998082
|
AIG
|
Payment & Performance
|
3,512
|
ESD021811214
|
AIG
|
Payment & Performance
|
3,674
|
ESD021811218
|
AIG
|
Payment & Performance
|
4,259
|
DBG879550
|
AIG
|
Payment & Performance
|
5,000
|
879017
|
AIG
|
Payment & Performance
|
5,003
|
DBG998086
|
AIG
|
Payment & Performance
|
5,045
|
879028
|
AIG
|
Payment & Performance
|
5,138
|
DBG998087
|
AIG
|
Payment & Performance
|
5,734
|
DBG879532
|
AIG
|
Payment & Performance
|
5,759
|
ESD7319807
|
AIG
|
Payment & Performance
|
6,402
|
ESD021811224
|
AIG
|
Payment & Performance
|
7,051
|
879018
|
AIG
|
Payment & Performance
|
7,478
|
DBG998072
|
AIG
|
Payment & Performance
|
8,938
|
ESD7317997
|
AIG
|
Payment & Performance
|
10,781
|
879026
|
AIG
|
Payment & Performance
|
16,625
|
A00000054
|
ALLIED
|
Payment & Performance
|
1,000
|
A00000003
|
ALLIED
|
Payment & Performance
|
1,340
|
A00000052
|
ALLIED
|
Payment & Performance
|
3,656
|
A00000053
|
ALLIED
|
Payment & Performance
|
5,244
|
A00000056
|
ALLIED
|
Payment & Performance
|
8,005
|
A00000051
|
ALLIED
|
Payment & Performance
|
8,982
|
82334575
|
CHUBB
|
License / Permit
|
13
|
82387346
|
CHUBB
|
Payment & Performance
|
1,139
|
82387350
|
CHUBB
|
Payment & Performance
|
1,413
|
83041577
|
CHUBB
|
Performance
|
1,435
|
82334592
|
CHUBB
|
Payment & Performance
|
1,733
|
82387318
|
CHUBB
|
Payment & Performance
|
1,821
|
82334551
|
CHUBB
|
Payment & Performance
|
1,967
|
82334593
|
CHUBB
|
Payment & Performance
|
2,063
|
82387351
|
CHUBB
|
Payment & Performance
|
2,085
|
82334570
|
CHUBB
|
Payment & Performance
|
2,264
|
82325015
|
CHUBB
|
Payment & Performance
|
2,378
|
82325013
|
CHUBB
|
Payment & Performance
|
2,466
|
82334589
|
CHUBB
|
Payment & Performance
|
2,526
|
82387328
|
CHUBB
|
Payment & Performance
|
2,588
|
82334605
|
CHUBB
|
Payment & Performance
|
2,697
|
82334604
|
CHUBB
|
Payment & Performance
|
2,761
|
82334559
|
CHUBB
|
Payment & Performance
|
2,774
|
82334586
|
CHUBB
|
Payment & Performance
|
2,927
|
82334587
|
CHUBB
|
Payment & Performance
|
3,066
|
82387335
|
CHUBB
|
Payment & Performance
|
3,199
|
82334585
|
CHUBB
|
Payment & Performance
|
3,431
|
82387326
|
CHUBB
|
Payment & Performance
|
3,683
|
82334600
|
CHUBB
|
Payment & Performance
|
3,686
|
82334574
|
CHUBB
|
Payment & Performance
|
4,404
|
82289305
|
CHUBB
|
Payment & Performance
|
4,457
|
82334588
|
CHUBB
|
Payment & Performance
|
5,275
|
82334583
|
CHUBB
|
Payment & Performance
|
6,679
|
82387343
|
CHUBB
|
Payment & Performance
|
8,327
|
83041576
|
CHUBB
|
Guarantee Pymt
|
8,610
|
82201945
|
CHUBB
|
Payment & Performance
|
15,500
|
82325029
|
CHUBB
|
Payment & Performance
|
24,602
|
82154877
|
CHUBB
|
Payment & Performance
|
28,308
|
EX000898
|
CIA ASEG DE FIANZAS S.A.CONFIANZA
|
Performance
|
1,000
|
EX000898-1
|
CIA ASEG DE FIANZAS S.A.CONFIANZA
|
Maintenance
|
40,000
|
CX009645
|
CIA ASEG DE FIANZAS S.A.CONFIANZA
|
Payment
|
103,000
|
58627864
|
CNA INSURANCE GROUP
|
License / Permit
|
0
|
58618536
|
CNA INSURANCE GROUP
|
License / Permit
|
5
|
58675171
|
CNA INSURANCE GROUP
|
Notary
|
5
|
58691338
|
CNA INSURANCE GROUP
|
Notary
|
5
|
58696767
|
CNA INSURANCE GROUP
|
Notary
|
5
|
58721132
|
CNA INSURANCE GROUP
|
Notary
|
5
|
58633468
|
CNA INSURANCE GROUP
|
License / Permit
|
10
|
58696770
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71128040N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71353076N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71442601N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71474258N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71526878N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71583631N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71636833N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71666986N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
71669006N
|
CNA INSURANCE GROUP
|
Notary
|
10
|
58633472
|
CNA INSURANCE GROUP
|
License / Permit
|
12
|
58633476
|
CNA INSURANCE GROUP
|
License / Permit
|
12
|
58618541
|
CNA INSURANCE GROUP
|
License / Permit
|
13
|
58633470
|
CNA INSURANCE GROUP
|
License / Permit
|
13
|
58633474
|
CNA INSURANCE GROUP
|
License / Permit
|
13
|
58633475
|
CNA INSURANCE GROUP
|
License / Permit
|
13
|
58686376
|
CNA INSURANCE GROUP
|
License / Permit
|
13
|
58712236
|
CNA INSURANCE GROUP
|
Notary
|
15
|
58633479
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
16
|
58618603
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
25
|
58627862
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
25
|
58627863
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
25
|
58618535
|
CNA INSURANCE GROUP
|
License / Permit
|
50
|
58618538
|
CNA INSURANCE GROUP
|
Guarantee Pymt
|
50
|
58627861
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
50
|
58627865
|
CNA INSURANCE GROUP
|
Wage & Welfare
|
100
|
58706052
|
CNA INSURANCE GROUP
|
Payment & Performance
|
2,549
|
201303-0163
|
SWISS RE INTERNATIONAL SE
|
Performance
|
572.6
|
201303-0151
|
SWISS RE INTERNATIONAL SE
|
Performance
|
798.9
|
201303-0153
|
SWISS RE INTERNATIONAL SE
|
Performance
|
798.9
|
201303-0139
|
SWISS RE INTERNATIONAL SE
|
Performance
|
2,663.0
|
201303-0146
|
SWISS RE INTERNATIONAL SE
|
Performance
|
2,663.0
|
201208-0060
|
SWISS RE INTERNATIONAL SE
|
Performance
|
8,530.9
|
201208-0061
|
SWISS RE INTERNATIONAL SE
|
Performance
|
8,530.9
|
182223
|
W. R. BERKLEY GROUP
|
License / Permit
|
10
|
182224
|
W. R. BERKLEY GROUP
|
License / Permit
|
10
|
168859
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
598
|
178511
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
681
|
179565
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
893
|
185925
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
999
|
178505
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
1,199
|
168833
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
1,622
|
185908
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
2,362
|
185940
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
2,587
|
179568
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
2,788
|
176188
|
W. R. BERKLEY GROUP
|
Performance
|
3,003
|
187883
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
4,338
|
168768
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
4,709
|
183058
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
6,852
|
183057
|
W. R. BERKLEY GROUP
|
Payment & Performance
|
7,038
|
|
|
|
|
|
GRAND TOTAL
|
|
646,589
|
|
|
|
|
•
|
The 2015 Term Loan Agreement, the Revolving Credit Agreement, the Existing Credit Agreement and the Term Facility.
|
•
|
The 2015 Term Loan Agreement, the Revolving Credit Agreement, the Existing Credit Agreement and the Term Facility.
|
TABLE OF CONTENTS
|
|||
|
|
|
|
SECTION
|
|
HEADING
|
PAGE
|
|
|
|
|
SECTION 1.
|
|
GUARANTEE
|
1
|
|
|
|
|
SECTION 2.
|
|
OBLIGATIONS ABSOLUTE
|
3
|
|
|
|
|
SECTION 3.
|
|
WAIVER
|
3
|
|
|
|
|
SECTION 4.
|
|
OBLIGATIONS UNIMPAIRED
|
4
|
|
|
|
|
SECTION 5.
|
|
SUBROGATION AND SUBORDINATION
|
5
|
|
|
|
|
SECTION 6.
|
|
REINSTATEMENT OF GUARANTEE
|
6
|
|
|
|
|
SECTION 7.
|
|
RANK OF GUARANTEE
|
6
|
|
|
|
|
SECTION 8.
|
|
ADDITIONAL COVENANTS OF EACH GUARANTOR
|
6
|
|
|
|
|
SECTION 9.
|
|
REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR
|
6
|
|
|
|
|
SECTION 9.1.
|
|
Organization; Power and Authority
|
6
|
SECTION 9.2.
|
|
Authorization, Etc
|
6
|
SECTION 9.3.
|
|
Compliance with Laws, Other instruments, Etc
|
7
|
SECTION 9.4.
|
|
Governmental Authorizations, Etc
|
7
|
SECTION 9.5.
|
|
Information regarding the Obligors
|
7
|
SECTION 9.6.
|
|
Solvency
|
8
|
|
|
|
|
SECTION 10.
|
|
TAX INDEMNIFICATION
|
8
|
|
|
|
|
SECTION 11.
|
|
TERM OF GUARANTEE AGREEMENT
|
11
|
|
|
|
|
SECTION 12.
|
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
|
11
|
|
|
|
|
SECTION 13.
|
|
AMENDMENT AND WAIVER
|
11
|
|
|
|
|
SECTION 13.1.
|
|
Requirements
|
11
|
SECTION 13.2.
|
|
Solicitation of Holders of Notes
|
12
|
SECTION 13.3.
|
|
Binding Effect
|
12
|
SECTION 13.4.
|
|
Notes Held by Obligors, Etc
|
12
|
|
|
|
|
SECTION 14.
|
|
NOTICES; ENGLISH LANGUAGE
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTION 15.
|
|
MISCELLANEOUS
|
13
|
|
|
|
|
SECTION 15.1.
|
|
Successors and Assigns; Joinder
|
13
|
SECTION 15.2.
|
|
Severability
|
13
|
SECTION 15.3.
|
|
Construction
|
14
|
SECTION 15.4.
|
|
Further Assurances
|
14
|
SECTION 15.5.
|
|
Governing Law
|
14
|
SECTION 15.6.
|
|
Jurisdiction and Process; Waiver of Jury Trial
|
14
|
SECTION 15.7.
|
|
Obligation to Make Payment in United States Dollars
|
15
|
SECTION 15.8.
|
|
Reproduction of Documents; execution
|
15
|
|
|
|
|
SECTION 16.
|
|
LIMITATIONS WITH RESPECT TO LIECHTENSTEIN GUARANTORS
|
16
|
SECTION 1.
|
GUARANTEE.
|
SECTION 2.
|
OBLIGATIONS ABSOLUTE.
|
SECTION 3.
|
WAIVER.
|
SECTION 4.
|
OBLIGATIONS UNIMPAIRED.
|
SECTION 5.
|
SUBROGATION AND SUBORDINATION.
|
SECTION 6.
|
REINSTATEMENT OF GUARANTEE.
|
SECTION 7.
|
RANK OF GUARANTEE.
|
SECTION 8.
|
ADDITIONAL COVENANTS OF EACH GUARANTOR.
|
SECTION 9.
|
REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR.
|
SECTION 10.
|
TAX INDEMNIFICATION.
|
SECTION 11.
|
TERM OF GUARANTEE AGREEMENT.
|
SECTION 12.
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
|
SECTION 13.
|
AMENDMENT AND WAIVER.
|
SECTION 14.
|
NOTICES; ENGLISH LANGUAGE.
|
SECTION 15.
|
MISCELLANEOUS.
|
SECTION 16.
|
LIMITATIONS WITH RESPECT TO LIECHTENSTEIN GUARANTORS.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Chicago Bridge & Iron Company N.V.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Philip K. Asherman
|
Philip K. Asherman
|
Principal Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Chicago Bridge & Iron Company N.V.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael S. Taff
|
Michael S. Taff
|
Principal Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Philip K. Asherman
|
Philip K. Asherman
|
Principal Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Michael S. Taff
|
Michael S. Taff
|
Principal Financial Officer
|