Exhibit 10.2(d)
EXECUTION COPY
WAIVER NO. 4
     THIS WAIVER NO. 4 is being executed and delivered as of May 31, 2006, by
and among Chicago Bridge and Iron Company N.V., a corporation organized under
the laws of the Kingdom of the Netherlands (the “Company”), certain Subsidiaries
party thereto as Borrowers (the “Subsidiary Borrowers”), JPMorgan Chase Bank,
N.A. (successor by merger to Bank One, NA) as Administrative Agent (the
“Administrative Agent”) under the hereinafter identified and defined Credit
Agreement and the lenders party to said Credit Agreement. All capitalized terms
used herein without definition shall have the same meanings as set forth in the
Credit Agreement.
W I T N E S S E T H:
     WHEREAS, the Company, the Subsidiary Borrowers, the Lenders and the
Administrative Agent are currently party to that certain Amended and Restated
Credit Agreement dated as of May 12, 2005 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
     WHEREAS, the Borrowers have requested the Lenders and the Administrative
Agent to waive certain provisions of the Credit Agreement in certain respects;
     WHEREAS, the Lenders and the Agent have agreed to waive certain provisions
of the Credit Agreement on the terms and conditions set forth in Section 1
hereof.
     NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Borrowers and the Lenders,
such parties hereby agree as follows:
CH1 3520229v.4
     1. Waiver. The Borrowers have informed the Lenders that Defaults or
Unmatured Defaults have occurred and are continuing, or are about to occur,
under Sections 7.1(A)(i)(a), 7.1(A)(ii), 7.1(A)(iii), 7.1(A)(iv), 8.1(B) and
8.1(C) of the Credit Agreement as a result of the Company’s failure to timely
(a) file with the Commission its financial results and related documents for the
third and fourth quarters of its 2005 fiscal year, for its 2005 fiscal year and
for the first quarter of its 2006 fiscal year and (b) deliver to the
Administrative Agent and the Lenders the financial reports (including without
limitation the plan and forecast) and related documents required under the
Credit Agreement for or during such periods (collectively, the “Specified
Defaults”). In accordance with the provisions of Section 9.2(i) of the Credit
Agreement, the Borrowers have requested that, subject to the terms hereof, the
Required Lenders waive the Specified Defaults and waive the application of the
default rate of interest provided under Section 2.10 of the Credit Agreement.
The Required Lenders hereby agree to such limited waiver and furthermore agree
that, solely during the period commencing on November 14, 2005 and ending at the
end of the Waiver Period (as defined below) and notwithstanding anything
contained in Sections 2.1(A), 2.2(A), 3.2, 3.4, 3.5(A) and other applicable
Sections of the Credit Agreement to the contrary, (x) Section 5.3(B) of the
Credit Agreement shall not be deemed to

 

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apply to the representations and warranties contained in Sections 6.4 and 6.10
of the Credit Agreement insofar as such Sections relate to the Company’s
internally prepared financial statements (and related statements, reports,
certificates and documents) for its four fiscal quarter period ending
December 31, 2005, which have been delivered to the Lenders in connection with
the prior Waivers and the draft September 30, 2005 Form 10-Q and the draft
December 31, 2005 Form 10-K which are being delivered to the Lenders in
connection with this Waiver (collectively, the “Unaudited Statements”) and the
financial information (and related statements, reports, certificates and
documents) which the Company has delivered to the Lenders on or prior to
December 31, 2005 and which the Company is currently in the process of
investigating as disclosed to the Lenders, (y) the last sentence of Section 5.3
of the Credit Agreement shall not be applicable and (z) the Company and the
Administrative Agent may agree to such modifications to the forms (as set forth
in the applicable Exhibits to the Credit Agreement) of Borrowing/Election
Notice, request for the issuance of a Letter of Credit and compliance
certificate as are reasonably deemed appropriate by the Company and the
Administrative Agent to give effect to the foregoing clauses (x) and (y);
provided that this waiver shall (i) only remain in effect during the period (the
“Waiver Period”) commencing on the date hereof and expiring on the earlier of
(a) the occurrence of any Default or Unmatured Default other than one of the
Specified Defaults and (b) the Waiver Expiration Date and (ii) be subject to the
receipt by the Administrative Agent of evidence satisfactory to it that the
requisite number of noteholders party to the Note Purchase Agreement have duly
executed and delivered an agreement to substantially the same effect as this
waiver agreement such that no default, event of default or unmatured default
would exist under the Note Purchase Agreement during the Waiver Period. As used
herein, “Waiver Expiration Date” means (a) September 30, 2006 with respect to
the “plan and forecast” described in Section 7.1(A)(iv) of the Credit Agreement
and (b) June 16, 2006 with respect to all other financial statements and reports
required under the Credit Agreement. Furthermore, the parties hereto agree that
from and after the date hereof until the earlier of the end of the Waiver Period
and the date of delivery to the Administrative Agent and the Lenders of the
financial statements which are the subject of the Specified Defaults, for
purposes of calculating the Applicable Floating Rate Margin, Applicable
Eurodollar Margin, Applicable L/C Fee Percentage and Applicable Commitment Fee
Percentage under Section 2.14(D)(ii), the Leverage Ratio shall be determined
based upon the Unaudited Statements.
     Pursuant to the provisions of Section 9.3 of the Credit Agreement, (a) no
delay or omission of the Lenders or the Administrative Agent to exercise any
right under the Loan Documents shall impair such right or be construed to be a
waiver of any Default or Unmatured Default or an acquiescence therein, and the
making of a Loan or the issuance of a Letter of Credit notwithstanding the
existence of a Default or the inability of the Company or any other Borrower to
satisfy the conditions precedent to such Loan or issuance of such Letter of
Credit shall not constitute any waiver or acquiescence and (b) any single or
partial exercise of any such right shall not preclude other or further exercise
thereof or the exercise of any other right, and no waiver, amendment or other
variation of the terms, conditions or provisions of the Loan Documents
whatsoever shall be valid unless in writing signed by the requisite number of
Lenders required pursuant to Section 9.2, and then only to the extent in such
writing specifically set forth. All remedies contained in the Loan Documents or
by law as a result of the Specified Defaults are hereby reserved on behalf of
the Administrative Agent and the Lenders following the Waiver Period.

 

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     2. Conditions of Effectiveness. This Waiver shall be deemed to have become
effective as of the date hereof, but such effectiveness shall be subject to the
following conditions: (a) the Administrative Agent shall have received
(i) executed counterparts of this Waiver duly executed and delivered by the
Company, the Subsidiary Borrowers and the Required Lenders and executed
counterparts of the Reaffirmation attached hereto duly executed and delivered by
the Subsidiary Guarantors and (ii) the Unaudited Statements and (b) the Company
shall have paid to the Administrative Agent, for the benefit of each Lender
which has delivered to the Administrative Agent or the Administrative Agent’s
counsel its executed signature page hereto by such time as is required by the
Administrative Agent, an amendment fee for each such consenting Lender.
     3. Representation and Warranties. Each Borrower hereby represents and
warrants that, other than in connection with the Specified Defaults, (i) all of
the representations and warranties contained in Article VI of the Credit
Agreement are true and correct and (ii) no Default or Unmatured Default is in
effect.
     5. No Implicit Waiver. Except as expressly set forth herein in connection
with the Specified Defaults, (i) the execution, delivery and effectiveness of
this Waiver shall neither operate as a waiver of any rights, power or remedy of
the Administrative Agent or the Lenders under the Credit Agreement or any other
documents executed in connection with the Credit Agreement, nor constitute a
waiver of any provision of the Credit Agreement nor any other document executed
in connection therewith and (ii) the Credit Agreement shall remain in full force
and effect in accordance with their original terms.
     6. GOVERNING LAW. THE ADMINISTRATIVE AGENT ACCEPTS THIS WAIVER NO. 4, ON
BEHALF OF ITSELF AND THE LENDERS, AT CHICAGO, ILLINOIS BY ACKNOWLEDGING AND
AGREEING TO IT THERE. ANY DISPUTE BETWEEN ANY BORROWER AND THE ADMINISTRATIVE
AGENT OR ANY LENDER ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO
THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH, THIS WAIVER, THE
CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, AND WHETHER ARISING IN
CONTRACT, TORT, EQUITY, OR OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE
INTERNAL LAWS (INCLUDING §735 ILCS 105/5-1 ET SEQ. BUT OTHERWISE WITHOUT REGARD
TO THE CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS.
[Signature Pages Follow]

 

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     IN WITNESS WHEREOF, this Waiver No. 4 has been duly executed as of the day
and year first above written.

            CHICAGO BRIDGE & IRON COMPANY N.V., as the Company
      By:   /s/ Philip K. Asherman         Name:   Philip K. Asherman       
Title:   Authorized Signer     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            CB&I CONSTRUCTORS, INC., as a Subsidiary Borrower
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:   Vice
President and Treasurer        CBI SERVICES, INC., as a Subsidiary Borrower
      By:   /s/ Terrence G. Browne         Name:   Terrence G. Browne       
Title:   Treasurer        CHICAGO BRIDGE & IRON COMPANY (DELAWARE), as a
Subsidiary Borrower
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:   Vice
President and Treasurer        CB&I TYLER COMPANY, as a Subsidiary Borrower
      By:   /s/ Luciano Reyes         Name:   Luciano Reyes        Title:  
Treasurer        CHICAGO BRIDGE & IRON COMPANY B.V., as a Subsidiary Borrower
      By:   /s/ Philip K. Asherman         Name:   Philip K. Asherman       
Title:   Managing Director     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA), as
Administrative Agent and as a Lender
      By:   /s/ H. David Jones         Name:   H. David Jones        Title:  
Vice President        BANK OF AMERICA, N.A., as Syndication Agent and as a
Lender
      By:   /s/ Patrick Martin         Name:   Patrick Martin        Title:  
Vice President        BANK OF MONTREAL, as a Documentation Agent and as a Lender
      By:   /s/ Joann Holman         Name:   Joann Holman        Title:  
Director        WELLS FARGO BANK, N.A., as a Documentation Agent and as a Lender
      By:   /s/ Brad S. Thompson         Name:   Brad S. Thompson       
Title:   Vice President     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            BNP PARIBAS, as a Documentation Agent and as a Lender
      By:   /s/ Pierre-Nicholas Rogers         Name:   Pierre-Nicholas Rogers   
    Title:   Managing Director              By:   /s/ Jamie Dillon        
Name:   Jamie Dillon        Title:   Managing Director        THE ROYAL BANK OF
SCOTLAND plc , as a Documentation Agent and as a Lender
      By:   /s/ Paul McDonagh         Name:   Paul McDonagh        Title:  
Managing Director        FORTIS CAPITAL CORP., as a Lender
      By:   /s/ Trond Rokholt         Name:   Trond Rokholt        Title:  
Managing Director              By:   /s/ Steven Silverstein         Name:  
Steven Silverstein        Title:   Vice President     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            CREDIT SUISSE, Cayman Islands Branch (formerly known as CREDIT
SUISSE FIRST BOSTON, acting through its Cayman Islands Branch), as a Lender
      By:   /s/ Thomas Cantello         Name:   Thomas Cantello        Title:  
Vice President              By:   /s/ James Neira         Name:   James Neira   
    Title:   Associate        BARCLAYS BANK plc, as a Lender
      By:           Name:           Title:           CALYON NEW YORK BRANCH, as
a Lender
      By:   /s/ Bertrand Cord'homme         Name:   Bertrand Cord'homme       
Title:   Director              By:   /s/ Michael Willis         Name:   Michael
Willis        Title:   Vice President        UBS LOAN FINANCE LLC, as a Lender
      By:   /s/ Richard L. Tavrow         Name:   Richard L. Tavrow       
Title:   Director              By:   /s/ Irja R. Otsa         Name:   Irja R.
Otsa        Title:   Associate Director     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            PNC BANK, NATIONAL ASSOCIATION, as a Lender
      By:   /s/ W.J. Bowne         Name:   W.J. Bowne        Title:   Managing
Director        REGIONS BANK, as a Lender
      By:   /s/ Keith S. Page         Name:   Keith S. Page        Title:  
Senior Vice President        ALLIED IRISH BANK, PLC, as a Lender
      By:   /s/ Shreya Shah         Name:   Shreya Shah        Title:   Vice
President              By:   /s/ Gregory J. Wiske         Name:   Gregory J.
Wiske        Title:   Vice President        THE NORTHERN TRUST COMPANY, as a
Lender
      By:   /s/ Paul H. Theiss         Name:   Paul H. Theiss        Title:  
Vice President     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            STANDARD CHARTERED BANK, as a Lender
      By:   /s/ Frieda Youlios         Name:   Frieda Youlios        Title:  
Vice President              By:   /s/ Robert K. Reddington         Name:  
Robert K. Reddington        Title:   AVP/Credit Documentation
Credit Risk Control
Standard Chartered Bank N.Y.        ABU DHABI INTERNATIONAL BANK INC, as a
Lender
      By:   /s/ David J. Young         Name:   David J. Young        Title:  
Vice President              By:   /s/ Nagy S. Kolta         Name:   Nagy S.
Kolta        Title:   Executive Vice President        AMEGY BANK NATIONAL
ASSOCIATION, as a Lender
      By:   /s/ Jill S. Vaughan         Name:   Jill S. Vaughan        Title:  
Senior Vice President        BANK OF NEW YORK, as a Lender
      By:   /s/ Kevin Higgins         Name:   Kevin Higgins        Title:   Vice
President     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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            CAPITAL ONE, N.A., as a Lender
      By:   /s/ Debra Halling         Name:   Debra Halling        Title:  
Senior Vice President        WOODFOREST NATIONAL BANK, as a Lender
      By:   /s/ Dan E. Hauser         Name:   Dan E. Hauser        Title:  
President     

Signature Page to Waiver No. 4 to
Chicago Bridge & Iron Company N.V. et al
Amended and Restated Credit Agreement dated as of May 12, 2005

 

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REAFFIRMATION
     Each of the undersigned hereby acknowledges receipt of a copy of the
foregoing Waiver No. 4 in connection with that certain Amended and Restated
Credit Agreement dated as of May 12, 2005 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) by
and among Chicago Bridge and Iron Company N.V. (the “Company”), certain
Subsidiaries of the Company party thereto as Borrowers (the “Subsidiary
Borrowers”), JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA) as
Administrative Agent (the “Administrative Agent”) under the Credit Agreement and
the lenders party to said Credit Agreement, which Waiver No. 4 is dated as of
May 31, 2006 (the “Waiver”). Capitalized terms used in this Reaffirmation and
not defined herein shall have the meanings given to them in the Credit
Agreement. Without in any way establishing a course of dealing by the
Administrative Agent or any Lender, each of the undersigned consents to the
Waiver and reaffirms the terms and conditions of the Guaranty and any other Loan
Document executed by it and acknowledges and agrees that such agreement and each
and every such Loan Document executed by the undersigned in connection with the
Credit Agreement remains in full force and effect and is hereby reaffirmed,
ratified and confirmed. All references to the Credit Agreement contained in the
above-referenced documents shall be a reference to the Credit Agreement as so
modified by the Waiver and as the same may from time to time hereafter be
amended, modified or restated.
[signature pages follow]

 

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CHICAGO BRIDGE & IRON COMPANY N.V.

By:   /s/ Philip K. Asherman
 

Name: Philip K. Asherman
Title: Authorized Signer
CHICAGO BRIDGE & IRON COMPANY
a Delaware corporation

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Vice President and Treasurer
CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Vice President and Treasurer
CB&I TYLER COMPANY

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer
CB&I CONSTRUCTORS, INC.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Vice President and Treasurer

 

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CBI SERVICES, INC.

By:   /s/ Terrence G. Browne
 

Name: Terrence G. Browne
Title: Treasurer
CHICAGO BRIDGE & IRON COMPANY
an Illinois corporation

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Vice President and Treasurer
HORTON CBI, LIMITED

By:   /s/ James W. House
 

Name: James W. House
Title: Treasurer
CBI VENEZOLANA, S.A.

By:   /s/ Orlando Gomes
 

Name: Orlando Gomes
Title: Treasurer
CBI EASTERN ANSTALT

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Director
CBI CONSTRUCTORS PTY, LTD.

By:   /s/ Ross Adame
 

Name: Ross Adame
Title: Director

 

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LEALAND FINANCE COMPANY B.V.

By:   /s/ Peter K. Bennet
 

Name: Peter K. Bennett
Title: Managing Director
CB&I (EUROPE) B.V.

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Director
ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD.

By:   /s/ Harold Paul Mercer
 

Name: Harold Paul Mercer
Title: Director
ASIA PACIFIC SUPPLY CO.

By:   /s/ Timothy J. Moran
 

Name: Timothy J. Moran
Title: Treasurer
CBI COMPANY LTD.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer
CBI CONSTRUCCIONES S.A.

By:   /s/ Jose Manuel Tappata
 

Name: Jose Manuel Tappata
Title: Director

 

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CBI CONSTRUCTORS LIMITED

By:   /s/ Peter K. Bennett
 

Name: Peter K. Bennett
Title: Director
CBI HOLDINGS (U.K.) LIMITED

By:   /s/ Timothy J. Moran
 

Name: Timothy J. Moran
Title: Director
CBI OVERSEAS, LLC

By:   /s/ Peter Han
 

Name: Peter Han
Title: Group Vice President
CENTRAL TRADING COMPANY, LTD.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Vice President and Treasurer
CHICAGO BRIDGE & IRON (ANTILLES) N.V.

By:   /s/ Philip K. Asherman
 

Name: Philip K. Asherman
Title: Managing Director
CHICAGO BRIDGE & IRON COMPANY B.V.

By:   /s/ Philip K. Asherman
 

Name: Philip K. Asherman
Title: Managing Director

 

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CMP HOLDINGS B.V.

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Director
PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD.

By:   /s/ Harold Paul Mercer
 

Name: Harold Paul Mercer
Title: Director
HOWE-BAKER INTERNATIONAL, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President
HOWE-BAKER ENGINEERS, LTD.
By and through its General Partner,
Howe-Baker Management, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President
HOWE-BAKER HOLDINGS, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President
HOWE-BAKER MANAGEMENT, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President
HBI HOLDINGS, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President

 

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CONSTRUCTORS INTERNATIONAL, L.L.C.

By:   /s/ Luke V. Scorsone
 

Name: Luke V. Scorsone
Title: President
MATRIX ENGINEERING, LTD.

By:   /s/ Scott T. Baker
 

Name: Scott T. Baker
Title: President
HOWE-BAKER INTERNATIONAL MANAGEMENT, L.L.C.

By:   /s/ Scott T. Baker
 

Name: Scott T. Baker
Title: President
A&B BUILDERS, LTD.

By:   /s/ James D. Gibson
 

Name: James D. Gibson
Title: President
MATRIX MANAGEMENT SERVICES, L.L.C.

By:   /s/ Dennis C. Planic
 

Name: Dennis C. Planic
Title: Vice President — Finance, Treasurer and CFO
SOUTHERN TROPIC MATERIAL SUPPLY COMPANY, LTD.

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Treasurer
CB&I (NIGERIA) LIMITED

By:   /s/ Peter R. Rano
 

Name: Peter R. Rano
Title: Director

 

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CHICAGO BRIDGE & IRON (ESPANA) S.A.

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Director
CBI (PHILLIPINES), INC.

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Treasurer
CB&I JOHN BROWN LIMITED

By:   /s/ Colin L. Astin
 

Name: Colin L. Astin
Title: Director
MORSE CONSTRUCTION GROUP, INC.

By:   /s/ Terrence G. Browne
 

Name: Terrence G. Browne
Title: Treasurer
CBI HUNGARY HOLDING LIMITED LIABILITY COMPANY

By:   /s/ Raymond Buckley
 

Name: Raymond Buckley
Title: Director
CBI LUXEMBOURG S.A.R.L.

By:   /s/ Timothy J. Moran
 

Name: Timothy J. Moran
Title: Managing Director

 

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CB&I FINANCE COMPANY LIMITED

By:   /s/ Alan R. Black
 

Name: Alan R. Black
Title: Managing Director
CBI AMERICAS, LTD.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer
CSA TRADING COMPANY, LTD.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer
CB&I WOODLANDS L.L.C.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer
WOODLANDS INTERNATIONAL INSURANCE COMPANY LIMITED

By:   /s/ Robert Havlick
 

Name: Robert Havlick
Title: Director
OCEANIC CONTRACTORS, INC.

By:   /s/ Luciano Reyes
 

Name: Luciano Reyes
Title: Treasurer