Chicago Bridge & Iron Company

Last updated
CB&I
ISIN US1672501095  OOjs UI icon edit-ltr-progressive.svg
Industry
Founded1889
FounderHorace E. Horton
DefunctMay 10, 2018 (2018-05-10)
FateMerged with McDermott International, Ltd
Headquarters The Woodlands, Texas
Area served
 Worldwide
Key people
Michael L. Underwood
(Chairman of the Audit Committee)
L. Richard Flury
(Non Executive Chairman of the Board of Supervisory Directors)
Patrick K. Mullen
(President & CEO)
RevenueDecrease2.svg $ 6.7 billion (2017) [1] [2]
Decrease2.svg $ -425.1 million (2015) [2]
Decrease2.svg $ -504.4 million (2015) [2]
Total assets Decrease2.svg $ 5.97 billion (2017) [1] [2]
Number of employees
>40,000 (June 2017) [3]
Website www.cbi.com
CB&I administrative headquarters CBIAdminHQWoodlands.jpg
CB&I administrative headquarters
Chicago Bridge & Iron Works, 1912 catalog Chicago Bridge & Iron Works (1912 catalog).jpg
Chicago Bridge & Iron Works, 1912 catalog

CB&I, originally known as Chicago Bridge & Iron Co, is a global engineering, procurement and construction (EPC) firm that specializes in providing comprehensive storage solutions for infrastructure and industrial projects. Founded in 1889 and headquartered in The Woodlands, Texas, CB&I has established itself as a leader in the design, fabrication and installation of storage tanks and terminals, along with a range of other industrial structures.

Contents

History

CB&I was founded by Horace E. Horton of Rochester, Minnesota when he moved to Chicago, Illinois, USA in 1889. While initially involved in bridge design and construction, CB&I turned its focus to bulk liquid storage in the late 19th and early 20th centuries, coinciding with the western expansion of railroads across the United States and the discovery of oil in the Southwest.[ citation needed ] CB&I quickly became known for design engineering and field construction of elevated water storage tanks, above-ground tanks for storage of petroleum and refined products, refinery process vessels and other steel plate structures. [4] As such, CB&I supported the expansion of oil exploration outside the US, starting operations in South America in 1924, in Asia two years later and in the Middle East in 1939. [4]

According to one of the founder's heirs, "The old joke is that Chicago Bridge & Iron isn't in Chicago, doesn't build bridges and doesn't use iron." [5]

During World War II, CB&I was selected to build Landing Ship Tanks (LSTs), which carried troops and supplies to American and Allied troops fighting in Europe and the Pacific theater. CB&I was chosen because of their reputation and skills, particularly welding. Since the coastal shipyards were busy building large vessels for the war effort, such as aircraft carriers, battleships, cruisers and destroyers, there was no alternative but to use the inland waterways and shipyards for the production of smaller ships. [6] As a result of these and other wartime production activities, CB&I ranked 92nd among US corporations in the value of World War II military production contracts. [7] [ verification needed ]

CB&I was acquired by Praxair in 1996; Praxair kept a chemical subsidiary and spun off CB&I as a Dutch-incorporated company the next year. [5] CB&I headquarters moved from Chicago to Houston, Texas in 2001 and then to the Hague, Netherlands when Texas enacted a franchise tax.[ citation needed ]

2000-present

In 2003 it bought John Brown Hydrocarbons, renaming it at first CB&I John Brown, and later CB&I UK Limited. [8]

The firm acquired Lummus Global from ABB on November 19, 2007, adding approximately 3,000 employees. [9] [10] In 2012, CB&I Technology (formerly Lummus) was awarded a contract by Indian petrochemicals major, Reliance Industries, [11] to provide paraxylene (P-Xylene) (PX) technology for an aromatics complex in India. The complex was started up in April 2017, [12] making Reliance the world's second largest producer of paraxylene. [12]

In 2012, CB&I agreed to buy The Shaw Group for about US$3 billion, [13] [14] [15] completing the acquisition in February 2013. [16] The subsidiary that was formed as a result, CB&I Stone Webster—a result of The Shaw Group's earlier acquisition of Stone & Webster during its bankruptcy—was again sold, in January 2016, to Westinghouse Electric Co., for US$229M. [17] [18]

For 2017, revenue for CB&I was $6.7 billion, down from the year before. [1]

In May 2018 the company was acquired by McDermott International for US$6 billion. [19] [20] After being acquired by McDermott, CB&I's stock ceased being listed on the NYSE on May 11, 2018. Gary P. Luquette was the chairman of the combined company. [21] McDermott struggled to integrate its acquisition of CB&I, and in January 2020 was facing bankruptcy. [22] On January 21, 2020, McDermott announced that it had filed for Chapter 11 bankruptcy. [23]

Operations

In July 2017, CB&I's global business groups were:

Corporate headquarters were located in The Hague, Netherlands. The administrative headquarters were located in The Woodlands, Texas. [24] In 2018 McDermott announced that it would sell the headquarters facility in The Woodlands to Howard Hughes Corporation. [25]

Major projects

Historic structures

The company built bridges and other works of historic importance, including some listed on the US National Register of Historic Places. [26] These works include (with varying attribution):

World War II

ABSD-5 at Manicani Island, Philippines repairing the USS Mississippi in July 1945 ABSD5repairingUSSMississippiBB41.jpg
ABSD-5 at Manicani Island, Philippines repairing the USS Mississippi in July 1945

There was a great demand for ships and U.S. Navy vessels during World War II. For the war Chicago Bridge built in its Eureka, California shipyard Medium Auxiliary Floating Dry Docks ( or AFDM). These could repair ships in remote locations and could be move to more needed actions during the war. [44] [45] Chicago Bridge also had shipyards in: Seneca, Illinois, Newburgh, New York and Morgan City, Louisiana.

A LST unloading LST-742,1950;1016074201.jpg
A LST unloading

Built: LST-197 to LST-136; LST-511 to LST-522; LST-600 to LST-652; LST-777 to LST-774; and LST-1115 to LST-1152. [60] Examples: USS Bamberg County, USS LST-230, USS LST-231 / USS Atlas, USS Caddo Parish, USS Calaveras County, USS LST-511, USS Burnett County, USS LST-517, USS Calhoun County, USS Cape May County, USS Clarke County, USS Clearwater County, USS Coconino County, USS LST-607, USS LST-1115 / USS Pentheus, and USS LST-1116 / USS Proserpine.

Other projects

Other major projects include:

Controversy

CB&I was revealed as a subscriber to the UK's Consulting Association, exposed in 2009 for operating an illegal construction industry blacklist; CB&I was one of 14 companies issued with enforcement notices by the UK Information Commissioner's Office. [64] A CB&I employee consulted the blacklist more than 900 times in 2007 alone, a 2010 employment tribunal was told. [65]

Chicago Bridge & Iron Beaumont

Chicago Bridge & Iron Beaumont was a yard owned by Chicago Bridge & Iron Company from 1982 to 2017 in Beaumont, Texas. Chicago Bridge & Iron Company Beaumont closed the Beaumont work yard, called Beaumont Island Park Fabrication Services, in 2017 after the site was flooded due to Hurricane Harvey in September 2017. In 2008 Chicago Bridge & Iron Company sold the site to Port of Beaumont. Port of Beaumont entered into a partnership with Allegiant Industrial Island Park to rebuild the 75 acres site. [66] [67] Allegiant Industrial opened the Allegiant Industrial Island Park Campus on the site in October 2018. The site has 500,000 square feet of welding and fabrication space. [68]

Related Research Articles

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USS <i>Endeavor</i> (AFDL-1)

USS Endeavor was a 200-foot AFDL-1 Class Small Auxiliary floating drydock in service with the United States Navy during World War II. Built and delivered by Chicago Bridge and Iron in Morgan City, Louisiana in September 1943, she entered service as USS AFD-1. She was redesignated AFDL-1 on 1 August 1946. In 1986, she was decommissioned, struck from the Naval Register and transferred to the Dominican Republic and redesignated DF-1. She is currently in Active Service as of 2017.

USS <i>Waterford</i>

USS Waterford (ARD-5) was an Auxiliary floating drydock that served in the United States Navy during World War II, the Korean War, the Vietnam War, and the Persian Gulf War. She later served the Chilean Navy as Talcahuano (133).

<span class="mw-page-title-main">Auxiliary floating drydock</span> Type of United States Navy drydocks

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USS <i>AFDM-2</i> Large auxiliary floating drydock of the US Navy

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USS <i>ABSD-3</i> WWII American floating drydock

ABSD-3 is an advanced base sectional dock, constructed of nine advance base dock (ABD) sections for the US Navy as an auxiliary floating drydock for World War II. ABSD-3 was delivered to the US Navy in April 1944, and was commissioned on 27 October 1944. Advance Base Sectional Dock-3 was constructed in sections during 1942 and 1943.

USS <i>ABSD-6</i> WWII American floating drydock

ABSD-6 is an advanced base sectional dock which was constructed of nine advance base docks (ABD) sections for the US Navy as an auxiliary floating drydock for World War II. ABSD-6 was built by Mare Island Naval Shipyard at Vallejo, California. ABSD-6 was commissioned on 28 September 1944. Advance Base Sectional Dock-6 was constructed in sections during 1942 and 1943. Each section are 3,850 tons and are 93 feet long each. Each Section had a 165 feet beam, a 75 feet molded depth and had 10,000 tons lifting capacity each. There were 4 ballast compartments in each section. With all nine sections joined, she was 825 feet long, 28 feet tall, and with an inside clear width of 133 feet 7 inches. ABSD-2 had a traveling 15-ton capacity crane with an 85-foot radius and two or more support barges. The two side walls were folded down under tow to reduce wind resistance and lower the center of gravity. ABSD-6 had 6 capstans for pulling, each rated at 24,000 lbf (110,000 N) at 30 ft/min (0.15 m/s), 4 of the capstans were reversible.

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Everett-Pacific Shipbuilding & Dry Dock Company was established in 1942 to build ships needed for World War II. Yard construction began on 1 March 1942. As part of the Emergency Shipbuilding Program, the US Navy provided some of the capital to start Everett-Pacific Shipbuilding at Port Gardner Bay in Everett, Washington. Everett-Pacific was sold in 1945 to the Pacific Car and Foundry, who was already a major manufacturer of railcars and trucks. Pacific Car and Foundry was building barges for the US Navy during World War II at plants in Renton, Seattle and Tacoma in the state of Washington. The lease for the shipyard in Everett, Washington ended in 1949 and the yard closed. Pacific Car and Foundry in 1972 changed its name to Paccar Inc. to reflect its major products. The Everett-Pacific shipyard site later became part of Western Gear, a heavy machinery manufacturer. From 1987 to 1992, the shipyard was rebuilt to become part of Naval Station Everett. Everett-Pacific Shipbuilding was started by William Pigott Jr. a Seattle businessmen and his brother Paul Pigott (1900-1961). William Pigott Jr. was born in 26 Aug. 1895 in Pueblo, CO and died on 8 July 1947 in San Francisco, CA.

Pollock-Stockton Shipbuilding Company was established in 1942 to build ships needed for World War II. As part of the Emergency Shipbuilding Program the US Navy provided some of the capital to start Pollock-Stockton Shipbuilding at Stockton, California. The shipyard was located at San Joaquin River and Stockton Channel, near Louis Park. After the war the shipyard closed down in February 1946.

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<span class="mw-page-title-main">Naval Advance Base Espiritu Santo</span> Major World War 2 base

Naval Advance Base Espiritu Santo or Naval Base Espiritu Santo, most often just called Espiritu Santo, was a major advance Naval base that the U.S. Navy Seabees built during World War II to support the Allied effort in the Pacific. The base was located on the island of Espiritu Santo in the New Hebrides, now Vanuatu, in the South Pacific. The base also supported the U.S. Army and Army Air Corps, U.S. Coast Guard, and US Marine Corps. It was the first large advance base built in the Pacific. By the end of the war it had become the second-largest base in the theater. To keep ships tactically available there was a demand for bases that could repair and resupply the fleet at advance locations, rather than return them to the United States. Prior to December 7th, Pearl Harbor was the U.S. fleet's largest advance base in the Pacific. Espiritu became capable of all aspects necessary to support the Fleet's operations from fleet logistics in fuel, food, and ammunition, to transport embarkation for combat operations or returning to the continental United States. The ship repair facilities and drydocks were capable of attending to most damage and routine maintenance. Had it not existed, ships would have had to return to Pearl Harbor, Brisbane, or Sydney for major repairs and resupply. The base became a major R and R destination for the fleet.

USS <i>Resourceful</i> AFDM-3-class dry dock of the United States Navy

USS Resourceful (AFDM-5),, was a AFDM-3-class floating dry dock built in 1943 and operated by the United States Navy.

USS <i>AFDM-3</i> AFDM-3-class dry dock of the United States Navy

USS AFDM-3,, was the lead ship of the AFDM-3-class floating dry dock built in 1943 and operated by the United States Navy.

USS <i>Resolute</i> (AFDM-10) AFDM-3-class dry dock of the United States Navy

USS Resolute (AFDM-10),, was a AFDM-3-class floating dry dock built in 1945 and operated by the United States Navy.

USS <i>Steadfast</i> AFDM-14-class dry dock of the United States Navy

USS Steadfast (AFDM-14) is a AFDM-14-class floating dry dock built in 1945 and operated by the United States Navy.

References

  1. 1 2 3 "CB&I Reports Fourth Quarter and Full Year 2017 Financial Results".
  2. 1 2 3 4 "Chicago Bridge Iron, Form 10-K, Annual Report". secdatabase.com. Archived from the original on December 20, 2016. Retrieved June 9, 2016.
  3. ↑ "Chicago Bridge Iron, Who We Are". Archived from the original on June 8, 2017. Retrieved Jun 7, 2017.
  4. 1 2 "Chicago Bridge & Iron". Companies History - The biggest companies in the world. 2013-06-29. Retrieved 2020-07-20.
  5. 1 2 Young, David (6 March 1997). "Chicago Bridge & Iron Set For Spinoff". Chicago Tribune . Retrieved 15 February 2017.
  6. ↑ Forgy-Schock, Babara (30 August 2007). "The Prairie Shipyard". Galesburg, Illinois: The Zephyr. Retrieved 10 December 2018.
  7. ↑ Peck, Merton J.; Scherer, Frederic M. (1962). The Weapons Acquisition Process: An Economic Analysis. Cambridge, MA: Division of Research, Graduate School of Business Administration, Harvard University. p. 619, of 736 pp. Retrieved 15 February 2017.[ verification needed ]
  8. ↑ "CB&I acquires John Brown Hydrocarbons". Businesswire. 2 June 2003. Archived from the original on 17 January 2017. Retrieved 27 June 2022.
  9. ↑ CB&I Staff (30 August 2007). "Current Report, Chicago Bridge & Iron Company N.V., The Netherlands (Form 8-K)". Washington, D.C.: United States Securities and Exchange Commission. Retrieved 25 March 2013– via secdatabase.com.
  10. ↑ CB&I Staff (21 November 2007). "Current Report, Chicago Bridge & Iron Company N.V., The Netherlands (Form 8-K)" (PDF). Washington, D.C.: United States Securities and Exchange Commission. Retrieved 25 March 2013– via secdatabase.com.
  11. ↑ [ dead link ]
  12. 1 2 "RIL commissions final phase of Jamnagar paraxylene project". Business Standard India. Press Trust of India. 2017-04-20. Retrieved 2017-06-07.
  13. ↑ Polson, Jim; Black, Thomas (30 July 2012). "CB&I to Buy Shaw Group for $3 Billion to Add Nuclear Unit". Bloomberg News . Retrieved 30 July 2012– via SFGate.com.[ dead link ]
  14. ↑ CB&I Staff (30 July 2012). "Current Report, Chicago Bridge & Iron Company N.V., The Netherlands (Form 8-K)". Washington, D.C.: United States Securities and Exchange Commission. Retrieved 15 February 2017– via secdatabase.com.
  15. ↑ Chaudhuri, Saabira (30 July 2012). "Shaw Group Agrees to CB&I's $3.04B Takeover Bid". MarketWatch .
  16. ↑ Zacks (14 February 2013). "CBI Completes Shaw Acquisition". Yahoo Finance . Chicago: Zacks Equity Research. Retrieved 15 February 2017.
  17. ↑ Downey, John (January 6, 2016). "CB&I Completes Sale of Nuclear Subsidiary". Charlotte Business Journal . Charlotte, N.C.: American City Business Journals. Retrieved February 15, 2017.
  18. ↑ Smith, Rebecca (2015-10-29). "Westinghouse Buys CB&I Division to Beef Up Its Nuclear Business". The Wall Street Journal. Retrieved 2016-10-19.
  19. ↑ "McDermott and CB&I Stockholders Approve Proposed Combination". McDermott International. 2018-05-02. Retrieved 2018-05-15.
  20. ↑ "McDermott adds onshore services with its Chicago Bridge and Iron deal". CNBC. 2017-12-19. Retrieved 2019-10-02.
  21. ↑ "McDermott Completes Combination with CB&I".
  22. ↑ "McDermott Is Said to Prepare for Bankruptcy as Soon as Next Week". bloomberg.com. 18 January 2020. Retrieved 18 January 2020.
  23. ↑ Chapa, Sergio (January 21, 2020). "Houston-based McDermott confirms oilfield service company will file for bankruptcy". Houston Chronicle . Retrieved January 21, 2020.
  24. ↑ CB&I Staff (15 February 2017). "Where We Work—Corporate Offices". CBI.com. Retrieved 15 February 2017.
  25. ↑ Mann, Joshua (2018-09-06). "McDermott to sell former CB&I HQ in The Woodlands to Howard Hughes". Houston Business Journal . Retrieved 2018-09-11.
  26. ↑ "Search for Chicago Bridge & Iron Company". National Park Service. Retrieved 2017-05-19.
  27. ↑ "Asset Detail". Npgallery.nps.gov. 2007-11-14. Retrieved 2017-07-22.
  28. ↑ "Asset Detail". Npgallery.nps.gov. 2019-02-04. Retrieved 2019-12-30.
  29. ↑ "Asset Detail". Npgallery.nps.gov. 1993-02-09. Retrieved 2017-07-22.
  30. ↑ "Asset Detail". Npgallery.nps.gov. 1998-05-20. Retrieved 2017-07-22.
  31. ↑ "Asset Detail". Npgallery.nps.gov. 2008-02-27. Retrieved 2017-07-22.
  32. ↑ "Asset Detail". Npgallery.nps.gov. 2008-01-24. Retrieved 2017-07-22.
  33. ↑ "NRHP nomination for Hughes Water Tower". Arkansas Preservation. Retrieved 2014-11-16.
  34. ↑ "Asset Detail". Npgallery.nps.gov. 2001-09-16. Retrieved 2017-07-22.
  35. ↑ "Asset Detail". Npgallery.nps.gov. 1997-11-24. Retrieved 2017-07-22.
  36. ↑ Eich, Allan; Rogers, Leah D. "Manning Water Tower" (PDF). National Park Service . Retrieved 2017-11-14.
  37. ↑ "Asset Detail". Npgallery.nps.gov. 2007-09-20. Retrieved 2017-07-22.
  38. ↑ "Asset Detail". Npgallery.nps.gov. 1998-06-25. Retrieved 2017-07-22.
  39. ↑ "Asset Detail". Npgallery.nps.gov. 2008-01-24. Retrieved 2017-07-22.
  40. ↑ "Asset Detail". Npgallery.nps.gov. 1998-05-15. Retrieved 2017-07-22.
  41. ↑ "Asset Detail". Npgallery.nps.gov. 2007-09-20. Retrieved 2017-07-22.
  42. ↑ "Asset Detail". Npgallery.nps.gov. 1985-03-21. Retrieved 2017-07-22.
  43. ↑ "Asset Detail". Npgallery.nps.gov. 2003-02-05. Retrieved 2017-07-22.
  44. ↑ ship history Medium Auxiliary Floating Dry Dock
  45. ↑ Chicago Bridge, Eureka
  46. ↑ USS AFDB-5
  47. ↑ navsource, USS Richland (AFDM-8)
  48. ↑ navsource, USS AFDM-9
  49. ↑ navsource, USS AFDM-3
  50. ↑ navsource, USS AFD-2
  51. ↑ navsource, USS AFD-3
  52. ↑ navsource, USS AFD-4
  53. ↑ navsource, USS AFD-5
  54. ↑ navsource, USS Dynamic (AFD-6)
  55. ↑ navsource, USS Ability (AFD-7)
  56. ↑ navsource, USS AFD-8
  57. ↑ navsource, USS AFD-9
  58. ↑ navsource, USS AFD-10
  59. ↑ navsource, USS AFD-11
  60. ↑ Chicago Bridge
  61. ↑ YD-120 navsourse
  62. ↑ "Peru LNG Inaugurates $3.8B Liquefaction Plant". Peru LNG. Downstream Today. 2010-06-10. Retrieved 2010-06-12.
  63. ↑ "CB&I announces Petrochemicals Expansion Project in the U.S." industrial-newsroom.com. Archived from the original on 16 February 2017. Retrieved 15 February 2017.
  64. ↑ "Construction blacklist". ICO.org. ICO. Archived from the original on 16 April 2015. Retrieved 7 September 2015.
  65. ↑ Boffey, Daniel (2 December 2012). "Crossrail Project Dragged Into Blacklist Scandal". The Guardian. Retrieved 5 May 2013.
  66. ↑ kfdm.com, news, Port of Bmt enters partnership to develop former CB&I property, July 5, 2018
  67. ↑ Port of Beaumont
  68. ↑ Allegiant Industrial opens Island Park Campus in Beaumont, Texas, October 24, 2018
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