Chicago Bridge & Iron Company
Global engineering, procurement, construction, storage-solutions, and asset-services company specializing in industrial and energy infrastructure.
Last updated November 4, 2026
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Overview
Chicago Bridge & Iron Company, commonly known as CB&I, is an industrial infrastructure company whose history began with bridge construction in Chicago in 1889 and later developed into a global specialist in steel storage systems, process facilities, pressure vessels, and related engineering and construction services. Although its original name reflects its nineteenth-century bridge-building origins, the company gradually moved toward large-scale fabrication and field erection of steel structures for municipal water systems, petroleum storage, chemical processing, energy infrastructure, and industrial facilities. The company’s early expansion followed the growth of American railroads, municipal water networks, and the petroleum industry. In addition to bridges, CB&I built railroad structures, locomotive turntables, roof trusses, elevated water tanks, standpipes, and bulk-liquid storage equipment. Its engineering work later included spherical pressure vessels, floating-roof storage tanks, refinery vessels, and other specialized plate structures. These capabilities helped it serve customers beyond the United States, with international activity beginning in South America in the 1920s, followed by expansion into Asia and the Middle East. CB&I became associated with several important developments in industrial storage and fabrication. The company built early field-erected spherical pressure vessels, often called Hortonspheres, and commercialized floating-roof technology that reduced evaporation losses and improved the safety and durability of petroleum storage. During the 1930s and 1940s it increasingly adopted welded rather than riveted construction. During the Second World War, its Seneca, Illinois shipyard built 157 Landing Ship Tank vessels for the United States Navy, making CB&I one of the major inland producers of wartime shipping. After the war, CB&I broadened its engineering portfolio into nuclear, aerospace, liquefied natural gas, and international energy projects. Its post-war work included nuclear containment and storage structures, liquid-oxygen spheres at Cape Canaveral, and what the company describes as the first large LNG tank, built at Lake Charles, Louisiana, in 1960. By the late 1960s, roughly one-third of its business was international. The company also undertook refineries, wind tunnels, oil terminals, and offshore storage projects. Corporate restructuring and acquisitions reshaped the business from the late twentieth century onward. CB&I became part of CBI Industries in 1979, was acquired by Praxair in 1996, and later separated from Praxair’s carbon-dioxide operations through a 1997 public offering. It acquired process-technology and engineering businesses including Howe-Baker Engineers, John Brown Hydrocarbons, and Lummus Global, strengthening its position in hydrocarbon processing and petrochemical technology. The 2013 acquisition of The Shaw Group expanded its presence in nuclear, power, and industrial construction but also exposed CB&I to major project delays, cost overruns, and disputes connected with the construction of AP1000 nuclear reactors. McDermott International acquired CB&I in 2018 for approximately $6 billion. The combination encountered integration and financial difficulties, and McDermott filed for Chapter 11 bankruptcy protection in January 2020. In 2024, an investor consortium led by Mason Capital acquired CB&I from McDermott. The business returned its headquarters to The Woodlands and continued operating as a private company. In 2026, CB&I completed the acquisition of Petrofac’s Asset Solutions business, adding operations, maintenance, late-life asset management, brownfield modification, engineering consulting, and decommissioning capabilities. Following that transaction, CB&I operates through two principal global businesses: CB&I Storage Solutions, headquartered in The Woodlands, and CB&I Asset Solutions, headquartered in Aberdeen, Scotland. Its storage activities cover water, atmospheric, cryogenic and low-temperature, high-pressure, and specialty storage structures, as well as terminals and integrated process facilities. Asset Solutions extends the company beyond traditional lump-sum EPC work into reimbursable operations and maintenance services for onshore and offshore energy assets.
History
Horace E. Horton founded Chicago Bridge & Iron in 1889 after moving from Rochester, Minnesota, to Chicago. The company initially benefited from the rapid development of Midwestern railways, building bridges and associated railway structures. By the end of the nineteenth century, its work had expanded to roundhouses, locomotive turntables, roof trusses, elevated water tanks, standpipes, and bulk-liquid storage structures. The discovery and commercialization of petroleum created a larger market for steel tanks, refinery vessels, and other plate-fabricated equipment. During the early twentieth century, CB&I developed a reputation for combining design engineering with field construction. It built above-ground petroleum tanks, municipal water infrastructure, pressure vessels, and specialized steel structures. The company’s early field-erected spherical pressure vessels became known as Hortonspheres. It also helped develop and commercialize floating-roof tank technology, which reduced vapor losses and improved storage safety. International expansion began in South America in 1924, followed by operations in Asia in 1926 and the Middle East in 1939. Licensing arrangements with European engineering companies further extended its technical reach. Under George Horton during the 1930s and 1940s, CB&I moved increasingly from riveted to welded plate construction. This improved structural strength, reduced fabrication time, and supported larger industrial projects. The company also entered nuclear-related work, including storage tanks for DuPont at Hanford, Washington. During the Second World War, CB&I used its inland facilities to build Landing Ship Tanks for the United States Navy. Its Seneca, Illinois shipyard produced 157 vessels, and the company ranked 92nd among United States corporations by the value of its wartime military production contracts. After 1945, CB&I redirected its shipbuilding capacity toward peacetime industrial and energy work. It constructed a large containment vessel at the Knolls Atomic Power Laboratory for testing a prototype nuclear-submarine reactor. In 1955, the company connected a nuclear engine to the commercial electricity grid, and it also fabricated liquid-oxygen spheres at Cape Canaveral for the United States space program. In 1960, it built a large LNG tank at Lake Charles, Louisiana. International activity continued to grow, and by 1967 approximately one-third of CB&I’s business was outside the United States. Projects during this era included refineries in Nigeria, wind tunnels in Canada, oil terminals in Hong Kong, and offshore storage work in Dubai. The company introduced the Khazzan Dubai No. 1 project in 1969, constructing an offshore storage structure onshore and towing it to its installation site on an air cushion. In 1977, CB&I became publicly listed on the New York Stock Exchange under the symbol CBI. A 1979 reorganization created CBI Industries as the parent company, with Chicago Bridge & Iron as a wholly owned subsidiary. CBI Industries acquired Liquid Carbonic in 1984. Praxair acquired CBI Industries in 1996, retained the carbon-dioxide business, and separated the engineering and construction operations through a 1997 initial public offering. In the 2000s, CB&I expanded through acquisitions. Howe-Baker Engineers added process technology, PDM’s engineered construction and water-storage divisions strengthened construction and storage capabilities, and John Brown Hydrocarbons expanded hydrocarbon engineering. The 2007 purchase of Lummus Global from ABB added approximately 3,000 employees and significantly increased the company’s process-technology and petrochemical reach. In 2010, CB&I acquired Shell’s coal-gasification technology business, including associated patents, intellectual property, and licenses. Its technology arm later supplied paraxylene technology for Reliance Industries’ Indian aromatics complex, which began operating in 2017. The acquisition of The Shaw Group, completed in 2013, was intended to broaden CB&I into nuclear, power, and industrial construction. Instead, the combined business faced serious execution problems, including delays, cost overruns, and legal disputes associated in substantial part with two Westinghouse AP1000 units at the Vogtle nuclear plant in Georgia. CB&I Stone Webster, the subsidiary associated with that business, was sold to Westinghouse in 2016. CB&I also closed its Beaumont, Texas, facility after damage from Hurricane Harvey in 2017 and later sold the yard to the Port of Beaumont. McDermott International acquired CB&I in 2018. The integration proved difficult, and McDermott entered Chapter 11 proceedings in January 2020. In 2024, an investor consortium led by Mason Capital acquired CB&I from McDermott, retaining the operating business and returning its headquarters to The Woodlands. In 2026, CB&I completed the acquisition of Petrofac’s Asset Solutions business. The transaction added approximately 3,000 employees and established a second major business line focused on operations, maintenance, late-life asset management, brownfield modification, engineering consulting, and decommissioning for onshore and offshore energy assets. CB&I now combines these services with its long-established Storage Solutions business, which serves water, LNG, petrochemical, industrial-gas, energy, and other infrastructure markets.
- 2026
Petrofac Asset Solutions acquisition completed
[1]CB&I completed its acquisition of Petrofac’s Asset Solutions business and added a major asset-operations and decommissioning platform.
- 2024
CB&I returns to independent ownership
[1]A Mason Capital-led investor consortium acquired CB&I from McDermott.
- 2020
McDermott Chapter 11 filing
[1]McDermott filed for Chapter 11 bankruptcy protection after integration and financial difficulties.
- 2018
Acquired by McDermott International
[1]McDermott acquired CB&I and CB&I ceased to be separately listed on the NYSE.
- 2013
The Shaw Group acquisition completed
[1]CB&I completed its acquisition of The Shaw Group, expanding into nuclear, power, and industrial construction.
- 2007
Lummus Global acquired
[1]CB&I acquired Lummus Global from ABB, adding process technology and international energy-industry capabilities.
- 1997
Engineering and construction business spun off
[1]Following Praxair’s acquisition of CBI Industries, the engineering and construction business was separated through an IPO.
- 1979
CBI Industries reorganization
[1]CBI Industries became the parent company and Chicago Bridge & Iron became its wholly owned subsidiary.
- 1977
Public listing
[1]The company’s shares began trading on the New York Stock Exchange under the ticker CBI.
- 1960
Large LNG storage milestone
[1]CB&I built a large liquefied-natural-gas tank at Lake Charles, Louisiana.
Products and positioning
Industrial infrastructure
Municipal and industrial infrastructure
Water Storage
CB&I designs and constructs tanks, reservoirs, and related facilities for municipal water supply, distribution, wastewater, and industrial water applications. The offering draws on the company’s historic experience with elevated water tanks and standpipes and is delivered through regional storage operations in North America and other international markets.
Industrial storage
Atmospheric Storage
Atmospheric storage products include above-ground tanks for liquids and gases held at or near ambient pressure. They serve petroleum, petrochemical, water-treatment, food-processing, and other industrial users, with CB&I providing design, fabrication, construction, and associated project services.
Energy storage infrastructure
Low-Temperature and Cryogenic Storage
This line covers tanks and facilities for LNG and other liquefied gases that must be stored at very low temperatures. CB&I’s work can include engineering, fabrication, field erection, insulation-related systems, commissioning, and integration with terminal infrastructure.
Pressure vessels
High-Pressure Storage
CB&I manufactures and installs high-pressure vessels and spherical storage structures for oil and gas, petrochemical, industrial-gas, and related applications. The business descends from the company’s early work on field-erected spherical pressure vessels, including the technology associated with Hortonspheres.
Fabricated industrial structures
Specialty Plate Structures
Specialty plate structures are engineered steel components and vessels tailored to particular industrial processes. Examples include wastewater-treatment vessels, silos, bulk-storage bins, process vessels, and other custom-fabricated structures requiring specialized design and field construction.
EPC and terminal infrastructure
Storage Terminals and Process Facilities
CB&I develops integrated storage terminals and process facilities that combine tanks with piping, process equipment, instrumentation, control systems, utilities, and commissioning services. These projects support LNG, petrochemical, refining, industrial-gas, and other energy-related operations.
Operations and asset services · 2026
Asset Solutions
CB&I Asset Solutions provides operations and maintenance, well-operations support, late-life asset management, brownfield modification, engineering consulting, and decommissioning for onshore and offshore energy assets. The business was added through the 2026 acquisition of Petrofac’s Asset Solutions business.
Brand decisions
2026
Acquisition of Petrofac Asset SolutionsM&ABackground
CB&I sought to diversify beyond traditional lump-sum EPC work and add recurring and reimbursable operations-related services.
Action taken
CB&I completed the acquisition of Petrofac’s Asset Solutions business on April 9, 2026.
Aftermath
Approximately 3,000 employees joined CB&I. The company organized its activities into CB&I Asset Solutions in Aberdeen and CB&I Storage Solutions in The Woodlands.
2024
Return to independent ownershipM&ABackground
Following McDermott’s restructuring, CB&I was separated from its former parent and acquired by a private investor consortium.
Action taken
A consortium led by Mason Capital acquired CB&I from McDermott and retained its operating workforce and facilities.
Aftermath
CB&I resumed operation as an independent private business and moved its headquarters back to The Woodlands, Texas.
Proceeds before taxes and transaction expenses. $475 million (2024)
2018
McDermott acquisitionM&ABackground
CB&I and McDermott pursued a combination intended to create a larger engineering, construction, and energy-infrastructure contractor.
Action taken
McDermott acquired CB&I in May 2018, after which CB&I’s NYSE listing ended.
Aftermath
Integration problems and financial pressure contributed to McDermott’s Chapter 11 filing in January 2020.
Acquisition value. approximately $6 billion (May 2018)
2016
Sale of CB&I Stone WebsterM&ABackground
CB&I Stone Webster carried nuclear and power-construction activities associated with The Shaw Group and its earlier acquisition of Stone & Webster.
Action taken
CB&I sold the subsidiary to Westinghouse Electric Company.
Aftermath
The sale reduced CB&I’s direct exposure to the troubled nuclear-construction business and narrowed its portfolio.
Sale proceeds. $229 million (January 2016)
2012
Agreement to acquire The Shaw GroupM&ABackground
CB&I intended to expand beyond storage and conventional EPC work into nuclear, power, and broader industrial construction.
Action taken
CB&I agreed to acquire The Shaw Group for approximately $3 billion; the transaction closed in February 2013.
Aftermath
The deal increased strategic reach but brought significant execution exposure, including delays, cost overruns, and disputes connected with AP1000 nuclear-reactor construction.
Announced transaction value. approximately $3 billion (2012)
2007
Acquisition of Lummus GlobalM&ABackground
CB&I sought to strengthen its process-technology portfolio and expand its reach in energy and petrochemical engineering.
Action taken
CB&I acquired Lummus Global from ABB on November 19, 2007.
Aftermath
The acquisition added approximately 3,000 employees and broadened CB&I’s technology, licensing, and international project capabilities.
1996
Praxair acquisition and subsequent business separationM&ABackground
Praxair acquired CBI Industries, whose businesses included Chicago Bridge & Iron and Liquid Carbonic. Praxair retained the carbon-dioxide operations while the engineering and construction business was separated.
Action taken
The CB&I engineering and construction business was spun off through a 1997 initial public offering.
Aftermath
The transaction restored CB&I as a separately traded engineering and construction company and enabled it to pursue industrial infrastructure markets independently.
Recent events
- 2026
CB&I completes Petrofac Asset Solutions acquisition[1]
M&A · Leadership change
The transaction closed on April 9, 2026, with approximately 3,000 Petrofac employees joining CB&I and the business organized into Asset Solutions and Storage Solutions units.
- 2025
CB&I agrees to acquire Petrofac Asset Solutions[1]
M&A
CB&I announced an agreement to acquire Petrofac’s Asset Solutions business, broadening its offering into operations, maintenance, late-life asset management, and decommissioning.
- 2024
Investor consortium acquires CB&I from McDermott[1]
M&A
A consortium led by Mason Capital acquired CB&I from McDermott, with the business continuing operations and moving its headquarters back to The Woodlands.
- 2020
McDermott files for Chapter 11 bankruptcy protection[1]
Bankruptcy
McDermott International filed for Chapter 11 protection after difficulties integrating CB&I and broader financial pressure on the combined business.
- 2018
McDermott International acquires CB&I[1]
M&A
McDermott acquired CB&I in May 2018 in a transaction valued at approximately $6 billion; CB&I shares subsequently ceased trading on the New York Stock Exchange.
- 2017
CB&I announces sale of Technology business[1]
Other
The company announced plans to sell its Technology business and concentrate more closely on engineering, procurement, construction, and fabrication services.
- 2016
CB&I sells Stone & Webster subsidiary to Westinghouse[1]
M&A
CB&I sold CB&I Stone Webster, which had originated through The Shaw Group’s earlier acquisition of Stone & Webster, to Westinghouse Electric for approximately $229 million.
- 2013
CB&I completes acquisition of The Shaw Group[1]
M&A
The acquisition closed in February 2013 and created a larger engineering and construction platform with substantial nuclear and power exposure.
- 2012
CB&I agrees to acquire The Shaw Group[1]
M&A
CB&I agreed to acquire The Shaw Group in a transaction valued at approximately $3 billion, expanding its nuclear, power, and industrial capabilities.
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