EXHIBIT C
CB&I Reports Strong Third Quarter Results 

Net Income Up 37%; Revenues Up 56%; Backlog Continues to Grow 

THE WOODLANDS, Texas -- Oct. 29, 2003 -- CB&I (NYSE: CBI) today reported its net income increased 37% to $18.0 million or $0.37 per 

diluted share for the three months ended Sept. 30, 2003, exceeding Wall Street consensus estimates by $0.01 per share, compared with 

$13.2 million or $0.29 per diluted share for the third quarter of 2002. Net income for the first nine months of 2003 increased 32% to $47.3 

million or $1.00 per diluted share, compared with $35.8 million or $0.81 per diluted share for the first nine months of 2002. For the three 

months ended Sept. 30, 2003, sales exceeded plan with new business taken reported at $445 million compared with $435 million in 2002. 

Significant new contracts during the quarter included the previously announced liquefied natural gas (LNG) terminal project in the southern 

United States. New business taken for the first nine months of 2003 was $1.31 billion compared with $1.27 billion for the same period last 

year. Backlog at Sept. 30, 2003, stood at $1.6 billion compared with $1.3 billion at the end of the third quarter 2002. "Visibility of CB&I's 

revenues continues to improve with the Company's growing backlog, as new business taken has again exceeded revenues for the quarter. 

In addition, CB&I continued to perform profitably, while generating excellent cash flows during the third quarter," said Gerald M. Glenn, 

CB&I's Chairman, President and CEO. "The strong backlog we had going into 2003 is now producing significant revenue growth as projects 

are put in place in the field." Revenues for the third quarter of 2003 grew 56% to $429.1 million from $275.8 million in the third quarter of 

2002. Revenues increased more than 175% in the Company's Europe, Africa, Middle East (EAME) segment, due to strong backlog going 

into the year and the inclusion of post-acquisition revenues from the John Brown Hydrocarbons Limited acquisition made on May 30, 2003. 

Revenues more than doubled in the Asia Pacific (AP) segment, due primarily to large projects now under way in China and Australia. 

Revenues increased in North America, due mainly to a higher volume of process-related work, but declined slightly in the Central and South 

America (CSA) segment as a result of lower new awards in certain Latin American markets. Revenues for the first nine months of 2003 

increased 39% to $1.14 billion compared with $819.8 million for the comparable 2002 period. Gross profit for the three months ended Sept. 

30, 2003 increased 35% to $51.5 million or 12.0% of revenues compared with 13.9% of revenues for the comparable period in 2002. Gross 

margin performance was consistent with the Company's business plan but was lower than the previous year due to the mix and timing of 

projects being executed in the period. For the first nine months of 2003, gross profit increased 26% to $140.5 million compared with $111.5 

million in the first nine months of 2002. Third quarter 2003 income from operations increased 38% to $28.1 million compared with $20.3 

million in third quarter 2002. North American results increased primarily due to the significantly higher volume of process-related EPC 

projects for the hydrocarbon industry. Higher revenues and project cost savings led to improved operating income in the EAME segment, 

while the AP segment benefited from several significant projects currently under way. Operating income declined in the CSA segment due 

to lower revenues. Third quarter income from operations benefited from a gain on the sale of real estate near the Company's Plainfield, 

Illinois, facility. For the first nine months of 2003, income from operations increased 31% to $73.2 million compared with $55.8 million in the 

year-earlier period. No exit costs or other special charges were recorded in the third quarter or first nine months of 2003. In 2002, the 

Company reported exit costs of $0.7 million in the third quarter and $3.0 million for the first nine months. The Company's overall effective 

tax rate was higher in the third quarter and nine months as a larger portion of 2003 earnings were generated in the United States. During 

the quarter, the Company completed a 9.9 million share follow-on equity offering, including 1.3 million shares sold as a result of the 

underwriters exercising their over-allotment option. CB&I sold 1 million primary shares in this offering. CB&I ended the third quarter with 

cash and cash equivalents of $95.4 million, compared with $57.4 million at the end of the second quarter and $86.5 million at Sept. 30, 

2002. The Company realized proceeds in the third quarter of $20.3 million from the sale of primary shares. Subsequently, the Company 

used a portion of its cash during the fourth quarter to buy out the ownership of a minority interest which had been acquired in a December 

2000 transaction. Capital expenditures in the third quarter of 2003 were $7.2 million compared with $4.7 million for the year-earlier period. 

Capital expenditures for the first nine months of 2003 were $27.6 million compared with $17.3 million in the comparable 2002 period. CB&I 

had cash in excess of debt of $15.0 million at Sept. 30, 2003, compared with debt in excess of cash of $24.3 million at the end of second 

quarter 2003. "Consistent, profitable growth has been one of our key strategic aims, and we are pleased with our continued progress," 

Glenn added. "For the first time in our recent history, CB&I's current worldwide employment has surpassed 10,000 people, and we certainly 

must acknowledge the contributions of all our employees in helping us to reach our business goals. As we continue to integrate our most 

recent acquisitions, we are confident our customers and shareholders alike will benefit from the additional skills, experience and breadth of 

service that we bring to the marketplace." Any statements made in this release that are not based on historical fact are forward-looking 

statements and represent management's best judgment as to what may occur in the future. The actual outcome and results are not 

guaranteed, are subject to risks, uncertainties and assumptions and may differ materially from what is expressed. A variety of factors could 

cause business conditions and results to differ materially from what is contained in the forward-looking statements including, but not limited 

to, the Company's ability to realize cost savings from its expected execution performance of contracts; the uncertain timing and the funding 

of new contract awards, and project cancellations and operating risks; cost overruns on fixed priced contracts; increased competition; 

fluctuating revenues resulting from a number of factors, including the cyclic nature of the individual markets in which the Company's 

customers operate; lower than expected activity in the hydrocarbon industry, demand from which is the largest component of the Company's 

revenue, or lower than expected growth in the Company's other primary end markets; the Company's ability to integrate and successfully 

operate acquired businesses and the risks associated with those businesses; and the ultimate outcome or effect of the pending FTC 

proceeding on the Company's business, financial condition and results of operations. Additional factors which could cause actual results to 

differ from such forward-looking statements are set forth in the Company's Prospectus filed on Form 424B3 with the SEC on June 27, 2003. 

The Company does not undertake to update any forward-looking statements contained herein, whether as a result of new information, 

future events or otherwise. CB&I is a global specialty engineering, procurement and construction (EPC) company serving customers in 

several primary end markets, including hydrocarbon exploration, production and refining; natural gas; water; and the energy sector in 

general. We offer a complete package of design, engineering, fabrication, construction and maintenance services. Our projects include 

hydrocarbon processing plants, LNG terminals and peak shaving plants, offshore structures, pipelines, bulk liquid terminals, water storage 

and treatment facilities, and other steel structures and their associated systems. Information about CB&I is available at www.CBIepc.com. * 

New business taken represents the value of new project commitments received by the Company during a given period. Such commitments 

are included in backlog until work is performed and revenue recognized or until cancellation. Backlog may also fluctuate with currency 

movements. For Further Information Contact:Media: Bruce Steimle (832) 513-1111Analysts: Marty Spake (832) 513-1245 
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF INCOME 

(in husands, except per sham data) 

TbMoh Nk Moh 

Endea %qhmb.3 34 Endea %qtmb.3 34 

303 20UZ 2003 302 

Cost ofrewmes 

SelLng and adminlbatiw expenses 

%dhv &m&s 

Intangibles m&bn 

Other operat& km, mt 

Erit costs 

Incorm from operations 

%Qhv &m&s 

Interest expewe 

Interest &om 

Incorm befm taxes and nimriiy hres t 

~ncorm tax expense W31 152891 (20,9731 114,341 

Incorm befm rvimrityihrest 18>444 13,598 48,332 36,%6 

Mkrity interes t in incorm 

Net km 

Weighted average shs cubtad& 

Basic 

Dhted 
CHICAGO BRIDGE &IRON COMPANY N.V. AND SUBSIDIARIES 

NEWBUBNISS TAKEN* 

Ndhlim 

Eqe, Afdca& Middle kt 

AsidPat& 

Ce&d& Smthhlim 

Total 

REVEms 

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Total 

INCOME FROM OPERlXImS 

E~~Erbt &s$ 

Ndhlim 

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Tdal 

EW COSTS 

INCOME FROM OPERlX1ms 

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Total 

EGMENT INFORMATION 

(in thousands) 

% Qf % of 

Tohl Total 

$ 353% 69% $ 363,194 B% 

?7,413 17% 3J2, 9% 

45241 10% 15,719 4% 

16.716 4% 18.541 4% 

$ 444.744 $ 435.483 

%d %d 

Total Total 

%Qf % of 

Toial Total 

%d %d 

Total Total 

* Newbusiness takenrep~sents the due of mw project commitments recekedby the Company du!q a gj~n period. Such commitments 

are included inbacklog until work is perfomed and revenue recognized or until cancellation. Backlog may also fluctuate with currency 

movements.