50 per diluted
share, compared with $18. Backlog at Dec.2 million in the comparable
2003 period, primarily due to the combination of higher revenue and
continued control of overhead and selling and administrative expenses.85 (pre-split) for full-year 2005. The
Company does not undertake to update any forward-looking statements
contained herein, whether as a result of new information, future
events or otherwise.com

----------------------------------------------------------------

CHICAGO BRIDGE + IRON COMPANY N. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)

Three Months Ended
Dec.delloro.com

specialise middle

New
business taken during the fourth quarter of 2004 surged to $1.7% 12.
The report indicates that the market leader, Alcatel, and some
smaller vendors, such as ECI Telecom and Marconi, gained port market
share in EMEA during 4Q04.

issues cookbooks

Business Editors

THE WOODLANDS, Texas----CB+I
(NYSE:CBI) today reported net income of $65. Glenn, CB+I's Chairman,
President and CEO. We are pleased that our
financial strength has allowed us to increase the return to CB+I's
shareholders by means of our recently-announced stock split and
dividend increase., and
increased 54% in the EAME segment as a result of significant LNG
projects under way in Nigeria and Russia and the inclusion of a full
year of results from CB+I John Brown. "Our
record backlog should continue to generate solid revenue performance,
while growing international demand for LNG, clean fuels, and refinery
modernization and upgrading projects is driving new business
prospects. DSL port shipments to
Asia declined 32% during the same period .
"The strength in EMEA port shipments was broad-based during 4Q04.

africa middle

6 million for the completion of the Company's
administrative offices in The Woodlands, Texas.7%
Asia Pacific 807 2.

africa booksellers

9 million or $1. 31, 2004, compared with $66.
Income from operations in 2004 was $102 .
----------------------------------------------------------------

CHICAGO BRIDGE + IRON COMPANY N.

oceania asia

4 million from $30. With more than 60 locations and
approximately 11,000 employees throughout the world, CB+I capitalizes
on its global expertise and local knowledge to safely and reliably
deliver projects virtually anywhere.8% 5.4%

Interest expense (2,392) (1,686) (8,232) (6,579)
Interest income 1,067 239 2,233 1,300
------- ------- --------- ---------
Income before
taxes and
minority interest 37,055 28,707 96,080 98,062

Income tax expense (11,806 ) (8,740) (31,284) (29,713)
------- ------- --------- ------- --
Income before
minority interest 25,249 19,967 64,796 68,349

Minority interest in
(income) loss (497) (1,269) 1,124 (2,395)
------- ------- --------- ---------
Net income $ 24,752 $ 18,698 $ 65,920 $ 65,954
======= ======= ========= =========

Net income per share
Basic $ 0.2% $ 16,857 6.4% $ 103,341 6.V.
All of the major DSL manufacturers posted double-digit sequential
increases for the quarter, as Service Providers such as British
Telecom, France Telecom, and Telecom Italia continue to build their
networks to handle subscriber growth and future services," said Steve
Nozik, Principal Analyst for Broadband Access Research at Dell'Oro
Group.

For booksellers who specialise in local issues, local history.

who asia

Fourth quarter awards included a new LNG import terminal in Wales and
an LNG expansion project in the eastern U.6 billion at the end of 2003.31 (pre-split) for the first
quarter and $1.CBI.V.5% 17,384 5.

specializing publications

The increase in revenue year over year was attributable to the
strong backlog going into 2004 , and progress on significant projects
in the North America and Europe, Africa, Middle East (EAME ) segments.1 million, compared with
$103. Capital expenditures
for 2004 were $17. A variety of factors could cause business conditions and
results to differ materially from what is contained in the
forward-looking statements including, but not limited to, the
Company's ability to realize cost savings from its expected execution
performance of contracts; the uncertain timing and the funding of new
contract awards, and project cancellations and operating risks; cost
overruns on fixed priced contracts; changes in the costs or
availability of or delivery schedule for components, materials and
labor; increased competition; fluctuating revenues resulting from a
number of factors, including the cyclical nature of the individual
markets in which the Company's customers operate; lower than expected
activity in the hydrocarbon industry -- including but not limited to
LNG and clean fuels projects -- demand from which is the largest
component of the Company's revenue, or lower than expected growth in
the Company's other primary end markets; a downturn in the economy in
general; political and economic conditions including, but not limited
to, war, conflict or civil or economic unrest in countries in which we
operate; the Company's ability to integrate and successfully operate
acquired businesses and the risks associated with those businesses;
and the ultimate outcome or effect of the pending FTC proceeding on
the Company's business, financial condition and results of operations .4%)
Central + South America 2,799 12.

specializing subsaharan

Net income for the fourth
quarter of 2004 increased 32% to $24. Our safety results have been
excellent and our balance sheet is solid. The decline was partially offset by higher revenue volume,
cost savings generated by strong project execution, and higher
coverage of fixed costs. Fourth quarter 2004 operating income
increased 27% to $38.4 million ,
compared with $112.9 million at Dec. CB+I had cash in
excess of debt of $151.

CB+I is one of the world's leading engineering, procurement and
construction (EPC) companies, specializing in lump-sum turnkey
projects for customers that produce, process, store and distribute the
world 's natural resources. For more information, contact Dell'Oro Group at
650-622-9400 or visit www.

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8 million or $0. Revenue declined 19% in the Asia
Pacific segment, primarily due to the completion of significant
projects in Australia, and 12% in the Central and South America
segment, as a result of fewer new awards in certain Latin American
markets.

Any statements made in this release that are not based on
historical fact are forward-looking statements and represent
management 's best judgment as to what may occur in the future. 31, Ended Dec.

Record Level DSL Port Shipments to Europe Middle East and Africa --EMEA-- Offset Declines in Asia During 4Q04 According to Dell'Oro Group

ethnic drink

S.6 billion in 2003. 31, 2003.2 billion for full-year 2005; and EPS is
expected to be in a range of $0. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Three Months Twelve Months
Ended Dec.4% 6.7% 12,195 13.1%
--------- ---------
Total $ 102,079 5.
Backlog may also fluctuate with currency movements.

Business Editors/High-Tech Writers

REDWOOD CITY, Calif .

books publications

CB+I Reports 2004 Results; Record Revenue and New Business Taken; Backlog Up Nearly 50%

7 million or $0.S.5 million in the fourth quarter of
2003.46
Diluted $ 0.2%
Europe/Africa /Middle East 8,445 5. To
purchase this report, call 650-622-9400 x223 or email
Julie@DellOro .com

About Dell'Oro Group

As the trusted source for market information about the networking
and telecommunications industries, Dell'Oro Group provides in-depth,
objective research and analysis that enables component manufacturers,
equipment vendors, and investment firms to make fact-based , strategic
decisions.

oceania east

4 million, compared with $31.
"We believe CB+I is well positioned for 2005 ," Glenn added.7% 6. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

Dec. "The decline in Asia was driven by seasonal weakness in Japan
and a slowdown in contract awards by Chinese Service Providers," he
added.

booksellers middle

3 billion, compared with $1.9% 10.8%

Intangibles
amortization 388 611 1,817 2,548

Other operating
income, net (148) (103) (88) (2,833)
------- ------- --------- - --------
Income from
operations 38,380 30,154 102,079 103,341

% of Revenue 6.39 $ 1.7%
Central + South America 11,300 13. 31,
2004 2003

ASSETS

Current assets $ 685,279 $ 512,427
Property and equipment, net 119,474 124 ,505
Goodwill and other intangibles, net 262,732 249,982
Other non-current assets 35,233 45,448
--------- ------- --

Total assets $1,102,718 $ 932,362
========= =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities $ 481,190 $ 376,252
Long-term debt 50,000 75,000
Other non-current liabilities 102,290 91,946
Shareholders' equity 469,238 389,164
--------- -- -------

Total liabilities
and shareholders' equity $1,102,718 $ 932,362
========= =========

------------------------------ ----------------------------------

CHICAGO BRIDGE + IRON COMPANY N.

asia caribbean

50 $ 0.33 $ 1. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AND OTHER FINANCIAL DATA
(in thousands)

Twelve Months
Ended Dec.

oceania shopping

The decline was due to the impact of loss
provisions taken in the second quarter for two projects, one in the
EAME segment's Saudi Arabian region and the other in the North America
segment. Information about CB+I is
available at www.4% 5.8% 8,790 8.5%
------- -------
Total $ 38,380 6.

specialise booksellers

Revenue for the fourth quarter of 2004 increased
21% to $572. We are seeking to expand our ability to provide
single-source solutions for complex process and technology projects
anywhere in the world.4 billion for full-year
2005; revenue is expected to be in a range of $425-$450 million for
the first quarter and $2.80-$1.38 $ 1. 31, Dec.2% (302) (0.5% 6,000 2.

caucasus food

31, 2004, new business taken increased 53%
to a record $2.
Additional factors which could cause actual results to differ from
such forward-looking statements are set forth in the Company's Form
10-K filed with the SEC for the year ended December 31, 2003.

issues local

39 per diluted share for the
comparable 2003 period."
Revenue in 2004 grew 18% to a record $1.3 million in 2003.0-$2.40 $ 1.3%
Asia Pacific 4,445 2. 31,
2004 2003
CASH FLOWS

Cash flows from operating activities $ 132,769 $ 90,366
Cash flows from investing activities (26,051) (102,030)
Cash flows from financing activities 16,754 22,046
------- -------

Increase in cash and cash
equivalents 123,472 10,382
Cash and cash equivalents,
beginning of the year 112,918 102,536
------- -------
Cash and cash equivalents,
end of the year $ 236,390 $ 112 ,918
======= =======

OTHER FINANCIAL DATA

Depreciation and amortization expense $ 22,498 $ 21,431
Capital expenditures $ 17,430 $ 31,286
(Increase)/decrease in receivables,
net $ (51,856) $ 10,614
Decrease/(increase) in contracts in
progress, net 45,306 (80,479)
Decrease/(increase) in non-current
contract retentions 5,619 (4,867)
Increase in accounts payable 37,104 49,048
------- -------
Change in contract capital $ 36,173 $ (25,684)
======= =======

specializing issues

39 per diluted share for 2003.
For the year ended Dec.7 billion in 2003.4
billion, compared with $400 million in the year-earlier period.
"We are pleased to report that results exceeded expectations for
the fourth quarter of 2004," said Gerald M.
CB+I ended 2004 with cash and cash equivalents of $236.7 million at Dec.----

Alcatel, ECI Telecom and Marconi Gain Ground in EMEA

Dell'Oro Group, the trusted source for market information about
the networking and telecommunications industries, announced today that
DSL Access Concentrator (DSLAMs + DLCs) port shipments to EMEA
increased 38% over the prior calendar quarter.

publications food

6 billion, compared with $1., as well as a renewable
energy project in the western U.9 billion, compared with
$1. 31, 2004. 31,
2004 2003 2004 2003

Revenue $572,717 $471,536 $1,897,182 $1,612,277
Cost of revenue 506,404 415,503 1,694,871 1,415,715
------- ------- --------- ---------
Gross profit 66,313 56,033 202,311 196,562
% of Revenue 11. 31,
2004 2003

NEW BUSINESS TAKEN(a) % of % of
Total Total

North America $ 513,797 37% $ 246,269 62%
Europe /Africa/Middle East 800,662 59% 104,863 26%
Asia Pacific 40,120 3% 32,258 8%
Central + South America 10,242 1% 16,756 4%
------- -------
Total $1,364,821 $ 400 ,146
======= =======

REVENUE % of % of
Total Total

North America $ 367,240 64% $ 271,433 58%
Europe/Africa/Middle East 146 ,071 26% 100,535 21%
Asia Pacific 36,369 6% 68,621 14%
Central + South America 23,037 4% 30,947 7%
------- -------
Total $ 572,717 $ 471,536
======= =======

INCOME (LOSS) FROM % of % of
OPERATIONS Revenue Revenue

North America $ 26,329 7.
These commitments are included in backlog until work is
performed and revenue is recognized or until cancellation.

shopping specialise

S.3 million in 2003,
which included $15. We have confidence in our business model and
anticipate continued growth in 2005.29-$0.2% 5.51 $ 0.39

Weighted average shares
outstanding
Basic 48,259 46,247 47,684 45,315
Diluted 49,726 48,441 49,501 47,527

----------------------------- -----------------------------------

CHICAGO BRIDGE + IRON COMPANY N.7% $ 30,154 6 .0%
Europe/Africa/Middle East 12,625 2.V. 31, Dec.

About the Report

The Dell'Oro Group Access Report provides complete, in-depth
coverage of the market, including tables covering revenue, unit
volume, and prices for DSL and cable equipment, including Cable Modem
Termination Systems (CMTS), Digital Subscriber Line Access
Multiplexers (DSLAMs), and Customer Premises Equipment (CPE).

booksellers ethnic

For the year, revenue grew 16% in the North America segment, due
mainly to higher volumes of LNG and turnaround work in the U.2-$2.V.2%

Selling and
administrative
expenses 27,693 25,371 98,503 93,506
% of Revenue 4.2% 4,809 15 .4%
======= =======

Twelve Months Ended
Dec.

books local

31, 2004, increased
47% to $2. The
actual outcome and results are not guaranteed, are subject to risks,
uncertainties and assumptions and may differ materially from what is
expressed.6% 11. 31, Dec. 31,
2004 2003

NEW BUSINESS TAKEN(a) % of % of
Total Total

North America $1,448,055 55% $1,105,369 65%
Europe/Africa/Middle East 962,299 37% 380,493 22%
Asia Pacific 135,226 5% 147,238 9%
Central + South America 68,969 3% 75,110 4%
--------- --- ------
Total $2,614,549 $1,708,210
========= =========

REVENUE % of % of
Total Total

North America $1,130,096 60% $ 970,851 60%
Europe/Africa/Middle East 508,735 27% 329,947 20%
Asia Pacific 175,883 9% 218,201 14%
Central + South America 82,468 4% 93,278 6%
--------- ---------
Total $1,897,182 $1,612,277
========= =========

INCOME (LOSS) FROM % of % of
OPERATIONS Revenue Revenue

North America $ 73,709 6.

local who

33 per
diluted share for the year ended Dec.0
million or $1. "For the year, substantial backlog going into 2004
led to record revenue as projects moved into the construction phase,
and a second consecutive year of record sales means we have entered
2005 in an even stronger position.7 million from $471."
The Company is issuing the following guidance for new business
taken, revenue and earnings per share (EPS) for 2005: new business
taken is expected to be in a range of $2.4% 5.5% $ 67,762 7.4%
========= =========

(a) New business taken represents the value of new project
commitments received by the Company during a given period.