First Reserve Corporation Requests Registration Of CB&I Shares

Business Wire, Feb 17, 2003

Business Editors

THE WOODLANDS, Texas--(BUSINESS WIRE)--Feb. 17, 2003

Chicago Bridge & Iron Company N.V. (NYSE:CBI) announced today that First Reserve Corporation has requested CB&I to register 4.4 million common shares (out of First Reserve's total holdings of 13.6 million shares) under provisions of its shareholder agreement with CB&I. WEDGE Engineering B.V. has also preliminarily indicated that it will participate in this sale. The Company intends to file a Form S-3 Registration Statement with the U.S. Securities and Exchange Commission (SEC) to register these shares for a secondary offering. In addition to helping to increase the liquidity of CB&I stock, this sale will enable First Reserve to return a portion of its invested capital to its limited partners while retaining its seats on the CB&I Board and its position as CB&I's largest shareholder.

A registration statement relating to these securities has not been filed with the SEC. These securities may not be sold nor may offers to buy be accepted prior to the time a registration statement is filed and becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state.