CB&I and China National Nuclear Corporation to Collaborate on Nuclear Power Plant Development

News provided by

Jul 16, 2014, 08:01 ET

THE WOODLANDS, Texas, July 16, 2014 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has signed a memorandum of understanding (MOU) with China National Nuclear Corporation (CNNC) to facilitate enhanced cooperation and collaboration between CNNC and CB&I in the development of nuclear power plants. The areas of cooperation include operation and maintenance support services for CNNC's operating nuclear power plants in China; engineering, procurement, and construction management (EPCM) of the AP1000^® nuclear power plants planned and owned by CNNC in China; international nuclear power market development; and nuclear power training programs and management personnel exchange in the U.S. and China.

CB&I now has cooperative agreements in place with two of the three state-owned corporations empowered by the State Council of the People's Republic of China to own and operate nuclear power plants in China. In 2013, CB&I announced an agreement with China Power Investment Corporation (CPI) to form a joint venture company to build nuclear power plants in China.

China plans to increase its nuclear power generation capacity to 58 GWe by 2020 and currently has 28 nuclear power units under construction. CB&I is providing EPCM for four AP1000 nuclear power units under construction in China, including two units at CNNC's site in Sanmen, Zhejiang province.

"This new commitment with CNNC will provide CB&I with the opportunity to expand and diversify the services offered in China while the international deployment of CNNC's indigenous nuclear power technologies will offer expanded growth in the international nuclear power marketplace," said Philip K. Asherman, CB&I's President and Chief Executive Officer.

About CB&I
CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in the world and a major provider of government services. With 125 years of experience and the expertise of approximately 55,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.cbi.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2013, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Logo - http://photos.prnewswire.com/prnh/20130430/DA04155LOGO

SOURCE CB&I