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Stock Market & Financial Investment News

News Breaks
June 19, 2014
10:48 EDTKBR, CBI, FLR, JECKBR declines after 'disappointing' unexpected quarterly losses
Shares of engineering, construction and services company KBR (KBR) are falling after the firm reported that it will undertake a strategic review of its business following "disappointing" first quarter losses. WHAT'S NEW: KBR reported a Q1 loss per share of (29c), while analysts had forecast earnings per share of 38c. The company's Q1 revenue of $1.6B missed the consensus estimate of $1.77B. KBR's recently appointed CEO, Stuart Bradie, called the overall results for the quarter "disappointing" and said that they were impacted by losses at its Service segment's pipe fabrication and module assembly facility in Canada and on two U.S. construction projects, as well as underperformance in its IGP business. Bradie said its Hydrocarbons, and especially the firm's Gas Monetization segments, continued their strong performance during the quarter. KBR is set to undergo an in-depth strategic review of its businesses to evaluate how the company can best address the markets it serves. Once completed, KBR will provide an update to the market and expects to resume its previous practice of providing earnings guidance. Looking forward, Bradie explained that the firm's market position "remains strong" with a good pipeline of early stage front end engineering design and engineering procurement and construction opportunities throughout the world. WHAT'S NOTABLE: On April 9, KBR appointed Bradie president and CEO of the company effective June 2. Bradie succeeded William Utt, who retired. On May 30, KBR announced that it has completed the previously announced restatement of its financial statements for the year ended December 31, 2013. KBR announced at that time that it was amending its unaudited financial statements as of September 30, 2013, and its unaudited quarterly data for the quarter ended December 31, 2013. OTHERS TO WATCH: Other companies in the engineering and construction sector include Chicago Bridge & Iron (CBI), Fluor (FLR), and Jacobs Engineering (JEC). PRICE ACTION: During morning trading, KBR fell $2.63, or 10%, to $23.69.
News For KBR;CBI;FLR;JEC From The Last 14 Days
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October 16, 2014
08:39 EDTKBRKBR Daewoo Consortium wins FLNG FEED contract
KBR announced that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering, has been awarded a front end engineering design, or FEED, contract by Eni East Africa SpA for a floating liquefied natural gas, or FLNG, facility for the Coral South Development Project located in Mozambique. With the award, the KD consortium will be one of three consortia competing for the engineering, procurement, construction, installation and commissioning contract to build the new floating LNG facility for Eni East Africa and its partners to develop the hydrocarbon discovery in the Rovuma Basin in Mozambique.
October 15, 2014
08:09 EDTCBIExelon, Chicago Bridge & Iron and 8 Rivers partner for demonstration plant
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October 14, 2014
08:05 EDTCBICB&I announces gasification technology award in China
CB&I announced it has been awarded a contract by Shandong Sincier Petrochemical for the license and engineering design of a gasification unit to be built near Dongying, Shandong Province, China. The unit will utilize CB&I's proprietary E-GasPlus technology for a three-train facility to produce syngas for hydrogen, fuel gas and power. This plant will have the capability of operating on coal and petroleum coke, or a combination of these fuels with a liquid or solid residue from an upstream hydrocracking unit. This will be in addition to six other process units licensed earlier by Sincier using CB&I's technology to produce octane boosting, clean gasoline blendstocks, residue upgrading and petrochemicals production.
07:46 EDTJECJacobs on team to deliver Ravenhall Prison project in Melbourne, Australia
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07:46 EDTJECJacobs awarded contract from Los Angeles County Department of Public Works
Jacobs announced that it has received an award from the Los Angeles County Department of Public Works to provide project management/construction management and project controls support services for the design, renovation and construction of multiple facilities at the Rancho Los Amigos National Rehabilitation Center in Downey, California. The overall program budget is up to $400M.The project includes the renovation and rehabilitation of an historic building, a new patient tower addition, two medical office buildings, demolition of multiple structures, and landscape/hardscape of over half of the site. Additionally, it includes design management and coordination with involved jurisdictions including the Office of Statewide Health Planning and Development and the State Historic Preservation Office. The project is expected to be delivered using both job order contracting for make-ready work and design-build for the major building portions.
October 9, 2014
08:04 EDTCBIChicago Bridge & Iron awarded polypropylene contract in China
CB&I has been awarded a contract by Shenhua Ningxia Coal Industry Group Co. for the license and engineering design of a polypropylene unit to be built in Lingwu, Yinchuan City, Ningxia, People's Republic of China. The unit will use CB&I's Novolen technology to produce 600,000 metric tons per annum of polypropylene.
08:03 EDTCBICBI joint venture with Chevron wins technology award in Bahrain
Chicago Bridge & Iron (CBI) and Chevron's (CVX) joint venture Chevron Lummus Global has been awarded a contract in excess of $100M by Bahrain Petroleum Co. The scope of work includes the license of its LC-Fining and Isocracking technologies and engineering design packages for the new residue hydrocracking and vacuum gasoil hydrocracking units for the Bapco Modernization Program.
October 8, 2014
09:05 EDTFLRFluor wins construction contract from American Electric
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October 7, 2014
08:01 EDTCBIChicago Bridge & Iron signs $90M contract to overhaul five oil storage tanks
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07:46 EDTJECJacobs recieves contract from CBBT
Jacobs Engineering announced that it was awarded a contract from the Chesapeake Bay Bridge and Tunnel Commission to serve as the design manager for a new tunnel along the 23-mile toll crossing at Thimble Shoals Channel between Virginia Beach, Virginia, and the Delmarva Peninsula. Company officials did not disclose the contract value. Under the terms of the design management contract, Jacobs is completing project development, including the tunnel, associated bridges, and artificial islands, to support the Districtís design-build procurement. Jacobs is also managing procurement and providing support to the CBBT in reviewing technical requirements of the design-build proposals and final award of the design-build contractor.
07:46 EDTJECJacobs Engineering awarded contract option at NASA Kennedy Space Center
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