Chevron unit gives Chicago Bridge & Iron a $550 million contract for work in Australia

THE WOODLANDS, Texas (CRWENewswire) — Chicago Bridge & Iron Co. said Wednesday it received a $550 million contract from Chevron Australia Pty. Ltd. for work on a liquid natural gas project.

The Chevron Corp. unit is hiring Chicago Bridge to design and build two liquid natural gas tanks at the Gorgon LNG liquefaction project on Barrow Island off the northwest coast of Australia.

Chicago Bridge also will design and build four tanks to hold condensate, an extremely light petroleum fluid produced by natural gas wells.

Work is set for completion in the third quarter of 2013.

The Gorgon project is a joint venture between the Australian subsidiaries of Chevron, ExxonMobil and Shell, that is developing the so-called Gorgon natural gas fields.

The Greater Gorgon natural gas fields, Australia’s largest-known natural gas resource, contain about 40 trillion cubic feet of gas.

In midday trading, Chicago Bridge shares rose 47 cents, to 2.6 percent, $18.52.

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