Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 1

          THIS AMENDMENT NO. 1 is being executed and delivered as of May 16,
2005, 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 amend the Credit Agreement in certain respects;

          WHEREAS, the Lenders and the Agent have agreed to amend 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:

          1. Amendment. The Credit Agreement shall be and hereby is amended as
follows:

          Section 7.3(S) is amended and restated in its entirety to read as
follows:

     “(S) Restricted Payments. The Company shall not, nor shall it permit any
Subsidiary to, declare, make or pay any Restricted Payments (other than
permitted Restricted Payments listed on Schedule 7.3(S)) in excess of
$100,000,000 in the aggregate during any period of twelve (12) consecutive
months.”

          2. Conditions of Effectiveness. This Amendment shall be deemed to have
become effective as of the date hereof, but such effectiveness shall be subject
to the following conditions: the Administrative Agent shall have received
executed counterparts of this Amendment duly executed and delivered by the
Company, the Subsidiary Borrowers and the

 

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          Required Lenders and executed counterparts of the Reaffirmation
attached hereto duly executed and delivered by the Subsidiary Guarantors.

          3. Representation and Warranties. Each Borrower hereby represents and
warrants that (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, (i) the
execution, delivery and effectiveness of this Amendment 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 AMENDMENT NO.
1, 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 AMENDMENT, 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 Amendment No. 1 has been duly executed as of
the day and year first above written.

     

  CHICAGO BRIDGE & IRON COMPANY N.V., as the Company
By: CHICAGO BRIDGE & IRON COMPANY B.V.
Its: Managing Director

 
   
 
   

  By: Gerald M. Glenn
Name: Gerald M. Glenn
Title: Managing Director
 
   
 
   

  CHICAGO BRIDGE & IRON COMPANY B.V., as a Subsidiary Borrower
 
   
 
   

  By: Gerald M. Glenn
Name: Gerald M. Glenn
Title: Managing Director

Signature Page to Amendment No. 1 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: Richard A. Byers
Name: Richard A. Byers
Title: Vice President and Treasurer
 
   
 
   

  CBI SERVICES, INC., as a Subsidiary Borrower
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  CHICAGO BRIDGE & IRON COMPANY (DELAWARE), as a Subsidiary Borrower
 
   
 
   

  By: Richard A. Byers
Name: Richard A. Byers
Title: Vice President and Treasurer
 
   
 
   

  CB&I TYLER COMPANY, as a Subsidiary Borrower
 
   
 
   

  By: Richard A. Byers
Name: Richard A. Byers
Title: Treasurer

 

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  JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA), as
Administrative Agent and as a Lender
 
   
 
   

  By: H. David Jones
Name: H. David Jones
Title: Vice President
 
   
 
   

  BANK OF AMERICA, N.A., as Syndication Agent and as a Lender
 
   
 
   

  By: Robert W. Troutman
Name: Robert W. Troutman
Title: Managing Director
 
   
 
   

  BANK OF MONTREAL, as a Documentation Agent and as a Lender
 
   
 
   

  By: Joann Holman
Name: Joann Holman
Title: Director
 
   
 
   

  WELLS FARGO BANK, N.A., as a Documentation Agent and as a Lender
 
   
 
   

  By: Thomas F. Caver, III
Name: Thomas F. Caver, III
Title: Vice President

 

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  BNP PARIBAS, as a Documentation Agent and as a Lender
 
   
 
   

  By: Craig Pierce
Name: Craig Pierce
Title: Vice President
 
   
 
   

  By: Mike Shryock
Name: Mike Shryock
Title: Vice President
 
   
 
   

  THE ROYAL BANK OF SCOTLAND plc , as a Documentation Agent and as a Lender
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  FORTIS CAPITAL CORP., as a Lender
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands
Branch, as a Lender
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  By:

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Name:
Title:

 

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  BARCLAYS BANK plc, as a Lender
 
   
 
   

  By: David Barton
Name: David Barton
Title: Associate Director
 
   
 
   

  CALYON NEW YORK BRANCH, as a Lender
 
   
 
   

  By: Olivier Audemard
Name: Olivier Audemard
Title: Managing Direct
 
   
 
   

  By: Philippe Soustra
Name: Philippe Soustra
Title: Executive Vice President
 
   
 
   

  UBS LOAN FINANCE LLC, as a Lender
 
   
 
   

  By: Wilfred V. Saint
Name: Wilfred V. Saint
Title: Director
 
   
 
   

  By: Richard L. Tavrow
Name: Richard L. Tavrow
Title: Director
 
   
 
   

  PNC BANK, NATIONAL ASSOCIATION, as a Lender
 
   
 
   

  By: Sharon Geffel
Name: Sharon Geffel
Title: Vice President
 
   
 
   

 

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  REGIONS BANK, as a Lender
 
   
 
   

  By: Mark Burr
Name: Mark Burr
Title: Vice President, Corporate Banking
 
   
 
   

  ALLIED IRISH BANK, PLC, as a Lender
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  THE NORTHERN TRUST COMPANY, as a Lender
 
   
 
   

  By: Paul H. Theiss
Name: Paul H. Theiss
Title: Vice President
 
   
 
   

  STANDARD CHARTERED BANK, as a Lender
 
   
 
   

  By: Frieda Youlios
Name: Frieda Youlios
Title: Vice President
 
   
 
   

  By: Robert K. Reddington
Name: Robert K. Reddington
Title: AVP/Credit Documentation
 
   
 
   

  ABU DHABI INTERNATIONAL BANK INC, as a Lender
 
   
 
   
 
  By: David J. Young
Name: David J. Young
Title: Vice President
 
   

  By: Nagy S. Koita
Name: Nagy S. Koita
Title: Executive Vice President

 

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  AMEGY BANK NATIONAL ASSOCIATION, as a Lender
 
   
 
   

  By:

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Name:
Title:
 
   
 
   

  BANK OF NEW YORK, as a Lender
 
   
 
   

  By: Kevin Higgins
Name: Kevin Higgins
Title: Vice President
 
   
 
   

  HIBERNIA NATIONAL BANK, as a Lender
 
   
 
   

  By: Michael Meiss
Name: Michael Meiss
Title: Senior Vice President
 
   
 
   

  WOODFOREST NATIONAL BANK, as a Lender
 
   
 
   

  By: Dan E. Hauser
Name: Dan E. Hauser
Title: President