Cb&i november 2016 investor update

1. A World of Solutions
CB&I Investor Presentation
November 2016
A Leading Provider of Technology and Infrastructure for the Energy Industry

2. A World of Solutions 2
Safe Harbor Statement
This presentation contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning
future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements
provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks
and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or
conditions, or use or contain words, terms, phrases or expressions such as “achieve,” “forecast,” “plan,” “propose,” “strategy,”
“envision,” “hope,” “will,” “continue,” “potential,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,”
“could,” “may,” “might” or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors
and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with
the SEC for the year ended December 31, 2015, and any updates to those risk factors or “Forward-Looking Statements”
included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated
herein by reference.

3. A World of Solutions 3
Overview
 Leading provider of technology and
infrastructure for the energy industry
 Market Cap of ~$2.9 Billion (October 2016)
 $20 Billion Backlog (September 30, 2016)
 More than 40,000 employees worldwide
 125 years of experience and expertise in
reliable solutions
 Relentless focus on safety: 0.02 LTIR for the
first nine months of 2016

4. A World of Solutions 4
125 Years of Excellence
CB&I Values
 Safety
 Ethics
 Teamwork
 Innovation
Customers
 Quality
 Reliability
 Delivery
 Scale
Shareholders
 Earnings growth
 Sustainability
 Share value
CB&I Values
Customers
Shareholders

5. A World of Solutions 5
Breadth of Services
Fabrication Services
 Fabrication & erection
 Process & modularization
 Pipe fitting and distribution
 Engineered products
 Specialty equipment
 Engineering
 Procurement
 Construction
 Commissioning
Engineering & ConstructionTechnology
 Licensed technology
 Proprietary catalysts
 Technical services
Capital Services
 Program management
 Maintenance services
 Remediation and restoration
 Emergency response
 Environmental consulting

6. A World of Solutions 6
Experience and Global ReachCompetitive Advantage: Experience and Global Reach

7. A World of Solutions 7
Backlog Profile
U.S.
80%
Other
20%
By Geography
Fixed-Price
70%
Cost-Reimbursable
30%
By Contract Type
Engineering &
Construction
$11,070
56%
Capital Services
$5,451
27%
Fabrication Services
$2,309
12%
Technology
$941
5%
By Operating Group
Source: 2016-Q3 CB&I Financial Results
Note: Fixed-Price contract type includes: Fixed-Price, Hybrid and Unit Based contracts

8. A World of Solutions 8
Competitive Advantage: 70% Fixed-Price Backlog
Lower Risk
CB&I Fixed-Price Approach
Direct control of critical-path elements of
project:
 Direct-hire labor, with continuity from one
project to the next
 Vertically integrated supply chain
 Disciplined risk management process in
screening prospective work
Elevated Risk
Traditional Fixed-Price Approach
Indirect control of critical-path elements of
project:
Х Subcontracted labor, with little continuity
from one project to the next
Х Reliance upon a variety of other
subcontractors, which can create issues with
quality and schedule conformance / flexibility
Х Variable approaches to risk management
and screening
Note: Fixed-Price contract type includes: Fixed-Price, Hybrid and Unit Based contracts

9. A World of Solutions 9
Competitive Advantage: Complete Supply Chain Solution

10. A World of Solutions 10
Competitive Advantage: Diversified Across Energy Infrastructure

11. A World of Solutions 11
Technology Group Overview
Differentiation
 Most complete portfolio of
olefins technologies
 World leader in heavy oil
upgrading technologies
 Breadth of technologies
provides complete solutions
Strategic Benefit
 Operating income driver
 Recurring earnings streams
 Early visibility to customers
Capabilities
 Petrochemical, gas processing
and refining technologies
 Proprietary catalysts
 Consulting and technical
services

12. A World of Solutions 12
Differentiation
 Execution excellence
 Global footprint
 Self-perform capabilities
 Direct-hire labor
 Contracting flexibility
Strategic Benefit
 Critical mass
 Backlog and revenue driver
 Integrated offerings
Engineering & Construction Group Overview
Capabilities
 Engineering, procurement and
construction (EPC)
 Energy-focused, end-market
diversity including:
 Petrochemicals
 LNG
 Refining
 Combined-cycle power

13. A World of Solutions 13
LNG Supply and Demand
0
50
100
150
200
250
300
350
400
450
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
LNGVolume(mmtpa)
Long Term Demand Growth Expected to Continue
Operating Plants Sanctioned Demand
Sources: BP, Shell
Assumptions: 4.5 mmtpa average train size
~8-10 additional trains

14. A World of Solutions 14
Fabrication Services Group Overview
Differentiation
 Global brand leadership;
mega-project capability in
plate structures, pipe
fabrication, modules
 Large-scale fabrication
facilities and yards
 Induction bending technology
drives quality and savings
Strategic Benefit
 Stable business underpinning
 Diversification of offerings
 Client access
Capabilities
 Engineering, procurement,
fabrication and erection of
liquid and gas structures
 Pipe fabrication; process
modules; pipe & fitting
distribution
 Self-perform fabrication and
erection capabilities worldwide
 Proprietary equipment and
engineered products

15. A World of Solutions 15
Differentiation
 Most comprehensive provider of
products and services
 Global footprint through CB&I’s
network
 Standardized processes, systems
and tools
 Experience and expertise to reduce
customer OpEx
Capital Services Group Overview
Strategic Benefit
 Diversification
 Integrated offerings
 Long-term customer relationships
 Stable revenues and earnings
Capabilities
 Operations & Maintenance
 Environmental Services
 Program Management

16. A World of Solutions 16
Objective: Deliver Improved P/E Multiple & Long Term Value
Drive revenue and earnings
growth through:
Operational Performance
• Disciplined approach to
margins and risk
• Successful backlog
execution
• Target S&A expense at
3% of revenue
Drive shareholder returns
through:
Capital Allocation
• Organic and strategic
growth opportunities
• Share repurchases
• Dividends
Drive valuation through:
Financial Performance
• Generate operating
cash Flows ≥ net income
• Reduce total debt
• Strategic tax planning

17. A World of Solutions 17
Selected Strategy Metrics
Target
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
2016 Q1 2016 Q2 YTD 2016 Q3 YTD 2016 Guidance Midpoint
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Target S&A Expense at 3.0% of Revenue
Revenue S&A Expense % of Revenue
90.0
92.0
94.0
96.0
98.0
100.0
102.0
104.0
106.0
108.0
110.0
YE 2012 YE 2013 YE 2014 YE 2015 Q3 2016 Target
Level
Shares Outstanding
22.0%
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
2016 Q1 2016 Q2 YTD 2016 Q3 YTD
Tax Rate

18. A World of Solutions 18
2016 Guidance Drivers
Revenue Guidance
$10.6-$11.0 Billion
 Over 75% of 2016 revenue guidance in backlog at the end of 2015
EPS Guidance
$4.70-$5.00
 Ramp-up in Gulf Coast projects
 Improvement in equity earnings, tax benefits and lower non-controlling interest
 Includes expected one-time Q4 tax benefit of $0.35 per share
Operating Cash Flow Guidance
 At or above net income

19. A World of Solutions 19