Document:

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                                                                  EXHIBIT 10.23b
                                                                  EXHIBIT 10.24a

                                                                  EXECUTION COPY

                           AMENDMENT NO. 2 AND CONSENT

            THIS AMENDMENT NO. 2 AND CONSENT is being executed and delivered as
of May 13, 2004, 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"), Bank One, NA as Administrative Agent (the "Administrative Agent")
under the hereinafter identified and defined Credit Agreements and certain of
the lenders party to said Credit Agreements. All capitalized terms used herein
without definition shall have the same meanings as set forth in the hereinafter
identified and defined Three-Year 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 Three-Year Credit
Agreement dated as of August 22, 2003 (as amended, restated, supplemented or
otherwise modified from time to time, the "Three-Year Credit Agreement"), and
that certain Five-Year Credit Agreement dated as of August 22, 2003 (as amended,
restated, supplemented or otherwise modified from time to time, the "Five-Year
Credit Agreement," and, together with the Three-Year Credit Agreement, the
"Credit Agreements");

            WHEREAS, Chicago Bridge & Iron Company, a Delaware corporation and a
Subsidiary Borrower (the "Issuer"), desires to enter into a transaction (the
"Convertible Note Offering") pursuant to which (i) the Issuer will issue, and
incur and maintain Indebtedness under, certain Convertible Senior Notes due 2024
in an aggregate principal amount not to exceed $172,500,000, such Convertible
Senior Notes being convertible into common shares of the Company and as
otherwise described in Schedule I hereto (the "Convertible Notes") and (ii) the
Company and certain Subsidiaries will guarantee the Indebtedness under the
Convertible Notes;

            WHEREAS, the Company has informed the Administrative Agent and the
Lenders of its desire to prepay all of the Company's Indebtedness (accompanied
by the payment of all accrued interest thereon and all related make-whole
premiums) under the Note Purchase Agreement (the "Private Note Prepayment," and,
together with the Convertible Note Offering, the "Transactions");

            WHEREAS, the Company has requested that, notwithstanding anything
contained in the Credit Agreements, the Lenders consent (the "Consent") to the
Transactions; and

            WHEREAS, the Lenders party hereto are willing to grant the Consent
on the terms and conditions stated herein;

            WHEREAS, the Borrowers have also requested the Lenders and the
Administrative Agent to amend the Credit Agreements in certain other respects;

            WHEREAS, the Lenders and the Administrative Agent have agreed to
amend the Credit Agreements on the terms and conditions set forth in section 2
hereof.

<PAGE>

            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.    Consent. The Lenders party hereto hereby grant the Consent;
provided that (a) the Private Note Prepayment is consummated in full within 35
days of the date of the Convertible Note Offering and (b) the aggregate amount
of the make-whole premiums effected in connection with the Private Note
Prepayment does not exceed $8,000,000. The parties hereto acknowledge and agree
that, upon the effectiveness of this Amendment No. 2 and Consent and subject to
the continued effectiveness of the foregoing Consent, the Credit Agreements
(including without limitation Sections 7.3(A), 7.3(E) and 7.3(S)) shall be
deemed amended to permit, in addition to the matters otherwise permitted
thereunder, the Transactions.

            2.    Amendments. Each Credit Agreement shall be and hereby is
amended as follows:

            (a)   Section 1.1 is amended to insert the following new defined
      terms thereto:

                  "Convertible Notes" is defined in the Second Amendment.

                  "Convertible Note Documents" means the Convertible Notes, the
                  indenture entered into in connection therewith and any and all
                  instruments and documents related to the foregoing.

                  "Note Documents" means the Convertible Note Documents and the
                  Note Purchase Agreement.

                  "Private Note Prepayment" is defined in the Second Amendment.

                  "Second Amendment" means that certain Amendment No. 2 and
                  Consent dated as of May 13, 2004 by and among the Borrowers,
                  the Lenders party thereto and the Administrative Agent.

            (b)   Section 1.1 is further amended to amend and restate the
      following definitions appearing therein:

                  "Callidus Sale" is defined in the First Amendment, except that
                  (i) the reference to "$12,000,000" appearing therein shall be
                  deemed a reference to "$13,000,000" and (ii) the reference to
                  "June 30, 2004" appearing therein shall be deemed a reference
                  to "July 31, 2004".

                  "Consolidated Fixed Charges" means, for any period, the sum of
                  (i) Consolidated Long-Term Lease Rentals for such period and
                  (ii) consolidated interest expense of the Company and its
                  Subsidiaries (including capitalized interest and the interest
                  component of Capitalized Leases) for such period; but
                  excluding therefrom the aggregate amount of interest paid as
                  part of the Private Note Prepayment.

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                  "EBIT" means, for any period, on a consolidated basis for the
                  Company and its Subsidiaries, the sum of the amounts for such
                  period, without duplication, calculated in each case in
                  accordance with Agreement Accounting Principles, of (i) Net
                  Income, plus (ii) Interest Expense to the extent deducted in
                  computing Net Income, plus (iii) charges against income for
                  foreign, federal, state and local taxes to the extent deducted
                  in computing Net Income, plus (iv) any other non-recurring
                  non-cash charges (excluding any such non-cash charges to the
                  extent any such non-cash charge becomes, or is expected to
                  become, a cash charge in a later period) to the extent
                  deducted in computing Net Income, plus (v) extraordinary
                  losses incurred other than in the ordinary course of business
                  to the extent deducted in computing Net Income, plus (vi) up
                  to $8,000,000 of the aggregate amount of the one-time
                  nonrecurring make-whole premium paid as part of the Private
                  Note Prepayment, minus (vii) any non-recurring non-cash
                  credits to the extent added in computing Net Income, minus
                  (viii) extraordinary gains realized other than in the ordinary
                  course of business to the extent added in computing Net
                  Income.

            (c)   Section 1.1 is further amended to amend the definition of
      "Adjusted Indebtedness" by adding the following sentence at the end
      thereof:

                  "In addition, solely during the period commencing on the date
                  of the Convertible Note Offering and ending (x) 35 days
                  thereafter or (y) if earlier, the date the Private Note
                  Prepayment is consummated in full Adjusted Indebtedness will
                  exclude, for purposes of calculating the Leverage Ratio, the
                  Indebtedness outstanding under the Note Purchase Agreement."

            (d)   Section 1.1 is further amended to amend the definitions of
      "Contractual Obligations" and "Restricted Payments" by deleting the
      references to "the Note Purchase Agreement" appearing therein and
      substituting "any of the Note Documents" in lieu thereof.

            (e)   Section 7.2(K)(iii) is amended to delete the references to
      "the Note Purchase Agreement" appearing therein and substitute "any of the
      Note Documents" in lieu thereof.

            (f)   Section 7.3(A)(ix) is amended to delete the reference to
      "$10,000,000" appearing therein and substitute "$12,000,000" in lieu
      thereof.

            (g)   The former Section 7.3(A)(x) is renumbered as Section
      7.3(A)(xi) and is amended to delete the reference to "(other than
      Indebtedness incurred pursuant to clauses (i), (ii), (iv), (v), (vi),
      (vii), (viii) and (ix) of this Section 7.3(A)" appearing therein and
      substitute "(other than Indebtedness incurred pursuant to clauses (i),
      (ii), (iv), (v), (vi), (vii), (viii), (ix) and (x) of this Section 7.3(A)"
      in lieu thereof.

<PAGE>

            (h)   A new Section 7.3(A)(x) is inserted to read as follows:
      "Indebtedness outstanding under the Convertible Notes; and"

            (i)   Section 7.3(S) is amended to delete the reference to "(other
      than permitted Restricted Payments listed on Schedule 7.3(S))" and insert
      "(other than permitted Restricted Payments listed on Schedule 7.3(S) and
      the Private Note Prepayment)" in lieu thereof.

            (j)   Section 7.3(T) is amended to delete the references to "Note
      Purchase Agreement" and "the Note Purchase Agreement" appearing therein
      and substitute "any of the Note Documents" in lieu thereof.

            3.    Conditions of Effectiveness. This Amendment No. 2 and Consent
shall be deemed to have become effective as of the date hereof, but such
effectiveness shall be subject to the conditions specified in the proviso
contained in Section 1 hereof and the following conditions: (i) the
Administrative Agent shall have received executed counterparts hereto duly
executed and delivered by the Company, the Subsidiary Borrowers and the
"Required Lenders" (under each of the Credit Agreements); (ii) the Convertible
Note Offering shall have been consummated on terms and conditions satisfactory
to the Administrative Agent; and (iii) no Default or Unmatured Default shall
have occurred and remain unwaived or uncured.

            4.    Representations, Warranties and Covenants. Each Borrower
hereby represents and warrants that (i) all of the representations and
warranties contained in Article VI of each Credit Agreement are true and correct
and (ii) no Default or Unmatured Default is in effect. Each Borrower hereby
covenants and agrees to deliver to the Administrative Agent, as soon as
practicable after the date hereof, counterparts to the Reaffirmation attached
hereto duly executed by the Subsidiary Guarantors.

            5.    No Implicit Waiver. Except as expressly set forth herein, (i)
the execution, delivery and effectiveness of this Amendment No. 2 and Consent
shall neither operate as a waiver of any rights, power or remedy of the
Administrative Agent or the Lenders under the Credit Agreements or any other
documents executed in connection with the Credit Agreements, nor constitute a
waiver of any provision of the Credit Agreements nor any other document executed
in connection therewith and (ii) the Credit Agreements shall remain in full
force and effect in accordance with their original terms.

            6.    GOVERNING LAW. THE ADMINISTRATIVE AGENT ACCEPTS THIS AMENDMENT
NO. 2 AND CONSENT, 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 CONSENT AND AMENDMENT, THE CREDIT AGREEMENTS 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 SECTION 735 ILCS
105/5-1 ET SEQ.

<PAGE>

BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS) OF THE STATE
OF ILLINOIS.

                            [Signature Pages Follow]

<PAGE>

            IN WITNESS WHEREOF, this Amendment No. 2 and Consent 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:-----------------------------------------
                                   Name: Gerald M. Glenn
                                   Title: Managing Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

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

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

                                   CB&I TYLER COMPANY, as a Subsidiary Borrower

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

                                   CBI SERVICES, INC., as a Subsidiary Borrower

                                   By:-----------------------------------------
                                   Name: Terrence G. Browne
                                   Title: Treasurer

                                   CB&I CONSTRUCTORS, INC., as a Subsidiary
                                   Borrower

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

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                   BANK ONE, NA (having its principal office in
                                   Chicago, Illinois), as Administrative Agent
                                   and as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

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

                                   By:-----------------------------------------
                                   Name:
                                   Title::

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

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   CREDIT SUISSE FIRST BOSTON, ACTING THROUGH
                                   ITS CAYMAN ISLANDS BRANCH, as a Documentation
                                   Agent and as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                   WELLS FARGO BANK, N.A., as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   BNP PARIBAS , as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   FORTIS CAPITAL CORP., as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   SOUTHWEST BANK OF TEXAS, N.A., as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                   WASHINGTON MUTUAL BANK, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   THE NORTHERN TRUST COMPANY, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   KEYBANK NATIONAL ASSOCIATION, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   JPMORGAN CHASE BANK, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                   REGIONS BANK, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   ALLIED IRISH BANK, PLC, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   STANDARD CHARTERED BANK, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   HIBERNIA NATIONAL BANK, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   LEHMAN COMMERCIAL PAPER INC., as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                   ARAB BANKING CORPORATION, as a Lender

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                                   By:-----------------------------------------
                                   Name:
                                   Title::

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

                                  REAFFIRMATION

            Each of the undersigned hereby acknowledges receipt of a copy of the
foregoing Amendment No. 2 and Consent in connection with that certain Three-Year
Credit Agreement dated as of August 22, 2003 (as amended, restated, supplemented
or otherwise modified from time to time, the "Three-Year Credit Agreement"), and
that certain Five-Year Credit Agreement dated as of August 22, 2003 (as amended,
restated, supplemented or otherwise modified from time to time, the "Five-Year
Credit Agreement," and, together with the Three-Year Credit Agreement, the
"Credit Agreements") by and among Chicago Bridge and Iron Company N.V. (the
"Company"), certain Subsidiaries of the Company party thereto as Borrowers (the
"Subsidiary Borrowers"), Bank One, NA as Administrative Agent (the
"Administrative Agent") under the Credit Agreements and the lenders party to
said Credit Agreements, which Amendment No. 2 and Consent is dated as of May 13,
2004 (the "Amendment and Consent"). Capitalized terms used in this Reaffirmation
and not defined herein shall have the meanings given to them in the Three-Year
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
Amendment and Consent 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 Agreements remains in full force and effect and is
hereby reaffirmed, ratified and confirmed. All references to the Credit
Agreements contained in the above-referenced documents shall be a reference to
the Credit Agreements as so modified by the Amendment and Consent and as the
same may from time to time hereafter be amended, modified or restated.

CHICAGO BRIDGE & IRON COMPANY N.V.
By: CHICAGO BRIDGE & IRON COMPANY B.V.
Its: Managing Director

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

CHICAGO BRIDGE & IRON COMPANY

a Delaware corporation

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

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

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

CB&I TYLER COMPANY

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

CB&I CONSTRUCTORS, INC.

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

CBI SERVICES, INC.

By --------------------------------
Name: Terrence G. Browne
Title: Treasurer

CHICAGO BRIDGE & IRON COMPANY
an Illinois corporation

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

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

HORTON CBI, LIMITED

By --------------------------------
Name: James W. House
Title: Treasurer

CBI VENEZOLANA, S.A.

By --------------------------------
Name: Mario D. Marquez
Title: Vice President

CBI EASTERN ANSTALT

By --------------------------------
Name: John R. Edmonds
Title: Administrator

CBI CONSTRUCTORS PTY, LTD.

By --------------------------------
Name: Vassily J. Calligeros
Title: Director

LEALAND FINANCE COMPANY B.V.

By --------------------------------
Name: Timothy J. Moran
Title: Managing Director

CB&I (EUROPE) B.V.

By --------------------------------
Name: Ray Buckley
Title: Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD.

By --------------------------------
Name: Harold Paul Mercer
Title: Vice President

ASIA PACIFIC SUPPLY CO.

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

CBI COMPANY LTD.

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

CBI CONSTRUCCIONES S.A.

By --------------------------------
Name: Rick P. Nieland
Title: Director

CBI CONSTRUCTORS LIMITED

By --------------------------------
Name: Ray Buckley
Title: Director

CBI HOLDINGS (U.K.) LIMITED

By --------------------------------
Name: Ray Buckley
Title: Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

CBI OVERSEAS, LLC

By --------------------------------
Name: Wong Keem Ming
Title: Treasurer

CENTRAL TRADING COMPANY, LTD.

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

CHICAGO BRIDGE & IRON (ANTILLES) N.V.

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

CHICAGO BRIDGE & IRON COMPANY B.V.

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

CMP HOLDINGS B.V.

By --------------------------------
Name: Ray Buckley
Title: Director

PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD.

By --------------------------------
Name: Harold Paul Mercer
Title: Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

HOWE-BAKER INTERNATIONAL, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: President and CEO

HOWE-BAKER ENGINEERS, LTD.

By --------------------------------
Name: James R. McAdory III
Title: President

HOWE-BAKER HOLDINGS, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: President and CEO

HOWE-BAKER MANAGEMENT, L.L.C.

By -------------------------------
Name: James R. McAdory III
Title:President

MATRIX ENGINEERING, LTD.
By and through its General Partner,
Matrix Management Services, L.L.C

By --------------------------------
Name: James R. McAdory III
Title: Chairman of the Board and CEO

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

HBI HOLDINGS, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: President and CEO

HOWE-BAKER INTERNATIONAL MANAGEMENT, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: Chairman of the Board and CEO

A&B BUILDERS, LTD.
By and through its General Partner,
Matrix Management services, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: Chairman of the Board and CEO

MATRIX MANAGEMENT SERVICES, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: Chairman of the Board and CEO

CONSTRUCTORS INTERNATIONAL, L.L.C.

By --------------------------------
Name: James R. McAdory III
Title: President and CEO

SOUTHERN TROPIC MATERIAL SUPPLY COMPANY, LTD.

By --------------------------------
Name: Harold Paul Mercer
Title: Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

CB&I (NIGERIA) LIMITED

By --------------------------------
Name: John R. Edmonds
Title: Director

CHICAGO BRIDGE & IRON (ESPANA) S.A.

By --------------------------------
Name: Ray Buckley
Title: Director

CBI (PHILLIPINES), INC.

By --------------------------------
Name: Alan R. Black
Title: Treasurer

CB&I JOHN BROWN LIMITED

By --------------------------------
Name: Colin L. Astin
Title: Director

MORSE CONSTRUCTION GROUP, INC.

By --------------------------------
Name: Terrence G. Browne
Title: Treasurer

CBI HUNGARY HOLDING LIMITED LIABILITY COMPANY

By --------------------------------
Name: Ray Buckley
Title: Managing Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement

<PAGE>

CALLIDUS TECHNOLOGIES, L.L.C.

By --------------------------------
Name: W. P. Bartlett
Title: President and CEO

CALLIDUS TECHNOLOGIES INTERNATIONAL, L.L.C.

By --------------------------------
Name: W. P. Bartlett
Title: President and CEO

CBI LUXEMBOURG S.A.R.L.

By --------------------------------
Name: Ray Buckley
Title: Managing Director

CB&I FINANCE COMPANY LIMITED

By --------------------------------
Name: Alan R. Black
Title: Managing Director

                Signature Page to Amendment No. 2 and Consent to
                    Chicago Bridge & Iron Company N.V. et al
           Three-Year Credit Agreement and Five-Year Credit Agreement<PAGE>
                                                                    EXHIBIT 10.1

                                NOBLE CORPORATION
                            SHORT TERM INCENTIVE PLAN

                               Revised: July 2004*

SECTION 1.  PURPOSE

         The success of Noble Corporation ("Noble") and its subsidiaries
(collectively, unless the context otherwise requires, the "Company") is a result
of the efforts of all key employees. In order to focus each employee's efforts
on optimizing the Company's overall results, operationally and financially, the
Company maintains this Short Term Incentive Plan (the "Plan") to reward
employees for successful achievement of specific goals.

         An effective incentive plan should both align employee interests with
those of shareholders and motivate and influence employee behavior. Key
positions within the Company have the ability to make a positive contribution to
key factors that increase shareholder value. These factors can be quantified and
measured through achievement of various financial and operational targets, such
as safety, earnings per share and return on capital employed. The objectives of
using such targets in the formulation of the specific Company goals are to link
an employee's annual incentive award more closely to the creation of shareholder
wealth and to promote a culture of high performance and an environment of team
work.

SECTION 2.  PARTICIPATION AND ELIGIBILITY

         Full-time employees in salary classifications 18N and higher who have
completed one year of service at the close of the Plan year are eligible for
consideration of a bonus under the Plan, subject to the discretion of the
Compensation Committee (the "Committee") of the Board of Directors (the "Board")
of Noble. Each such employee will be considered either a "corporate employee" or
a "division employee" for purposes of adjustment of such employee's target bonus
pursuant to Section 6. Full-time, non-exempt employees not in such salary
classifications who have completed one year of service at the close of the Plan
year are also eligible for consideration of a bonus under the Plan, subject to
the discretion of the Committee. The Plan year shall be the calendar year.

* Established in 1977

                                       1
<PAGE>
         To be eligible to receive a bonus payment with respect to a Plan year,
the person must be actively employed on the last day of such Plan year and must
continue to be employed through the date on which bonus payments for such Plan
year are made. The bonus for an employee with less than two years of service as
of the end of a Plan year will be prorated based upon the number of full months
employed, unless another manner of adjustment is determined by the Committee in
its discretion.

         In the event of death, disability or retirement, the employee or estate
of the former employee may receive a pro-rated payment from the Plan, at the
discretion of the Committee and the CEO. For purposes of the Plan, "disability"
means any termination of employment with the Company or an affiliate of the
Company because of a long-term or total disability, as determined by the
Committee and CEO, and "retirement" means a termination of employment with the
Company on a voluntary basis by a person if, immediately prior to such
termination of employment, the sum of the age and the number years of continuous
service of such person with the Company (or affiliate) is equal to or greater
than 60.

         In order to align the interests of the participants under the Plan with
shareholders, participants in pay grades 27 and higher ("Scheduled
Participants") will receive one-half of their bonus amount in Noble Corporation
ordinary shares ("Ordinary Shares"), until the ownership targets set forth in
Annex I are satisfied. Scheduled Participants may elect to receive up to 100
percent of their bonus amount in Ordinary Shares. So long as a Scheduled
Participant satisfies and maintains the ownership target applicable to such
Scheduled Participant under the Plan, such Scheduled Participant may elect to
receive up to 100 percent of his or her bonus amount in cash.

         The total bonus paid for a Plan year shall not be greater than the
aggregate bonus accruals for all participating offices and divisions for such
Plan year. If the accrual amount for a specific participating office or division
for a Plan year is greater than the bonus amount under the Plan for such office
or division, the excess accrual balance will not be distributed. If the accrual
amount for a specific participating office or division for a Plan year is less
than the bonus amount under the Plan, only the accrual balance will be
distributed.

         Should the Company not achieve positive net income for the year, no
bonus will be paid pursuant to the Plan.

                                       2
<PAGE>
SECTION 3.  ADMINISTRATIVE PROCEDURES

         During the fourth quarter of each year, the Company will commence
preparation of budgets and forecasts for the succeeding Plan year. The Board
will approve the budget for the Plan year not later than March 31st of such Plan
year.

         Goals for a Plan year for each of the categories in Section 5 will be
approved by the Committee not later than the second quarter meeting of the Board
in such Plan year. The specific goals established for the Plan year will be set
forth in an Annex II to this Plan for such Plan year, and the Annex II hereto
for each Plan year shall be incorporated into and made a part of this Plan for
such Plan year.

         If, after the establishment of goals for a Plan year, the budget
changes substantially due to subsequent events, such as the acquisition or sale
of assets, then the Chief Executive Officer of Noble (the "CEO") shall, at his
discretion, recommend to the Committee the adjustment of the respective goals in
order that they may not be adversely impacted by such an event. Any such revised
goals shall be applicable to the Plan year from and after the time of their
approval.

SECTION 4.  TARGET BONUS

         A target bonus is determinable for each full-time employee in salary
classification 18N or higher who has completed one year of service at the close
of a Plan year. The target bonus for an employee is an amount equal to the
employee's salary at the end of the Plan year multiplied times the target bonus
percentage assigned to such employee's salary classification. 50 percent of this
amount will be paid based on the achievement of the stated goals under the Plan,
as set forth on page 4, and 50 percent will be available at the discretion of
the Compensation Committee based on merit, individual and team performance and
additional selected criteria. Target bonus percentages range from five percent
to 75 percent based on salary classification, as follows:

         Salary Classification                    Target Bonus Percentage
         ---------------------                    -----------------------

                18N                                          5%
                19N                                         10%
                20N through 22N                             15%
                23N                                         20%
                24N through 25N                             25%
                26N through 27N                             30%
                28N through 29N                             35%
                30C through 31C                             45%
                32C through 34C                             50%
                35C through 36C                             55%
                37C                                         75%

                                       3
<PAGE>

SECTION 5.  GOAL CATEGORIES AND WEIGHTINGS

         Goals for the following categories will be approved by the Committee
for each Plan year. Such goals will then be set forth in the Annex II to this
Plan for such Plan year. The relative weighting assigned to each goal will be as
set forth below subject to annual review by the Committee.

         CORPORATE GOALS
                                                                Assigned Weight
                                                                ---------------
         1.       Safety Results                                       40%
         2.       Earnings per Share                                   30%
         3.       Return on Capital Employed                           30%

         OPERATING DIVISION GOALS

         Gulf Coast Marine, Mexico, Middle East (including the Adriatic Sea and
         India), West Africa, North Sea, Brazil and Hibernia:

         1.       Safety Results                                       40%
         2.       Earnings per Share                                   30%
         3.       Return on Capital Employed                           30%

         TECHNOLOGY GOALS

         A.       Noble Technology Services Division
                  (Noble Downhole Technology, Maurer Technology, NED)

         1.       Capital Budget                                       40%
         2.       Commercialization of Products and Services           30%
         3.       Earnings Before Interest, Taxes, Depreciation        30%
                     and Amortization (EBITDA)

         B.       Triton Engineering Services Company*

         1.       Net Income                                          100%

* At the discretion of the Compensation Committee, a maximum amount of 20-50% of
Triton's EBITDA will be paid out in STIP awards.

                                       4
<PAGE>
SECTION 6.  ADJUSTMENT OF TARGET BONUS

         The respective employee target bonuses determined pursuant to Section 4
for a Plan year are subject to adjustment as set forth in this Section to
reflect the levels of achievement of the specific, predetermined goals for such
Plan year. Any bonus multiplier achieved will be applied to the stated corporate
and division goals, pursuant to the terms of the Plan, and a maximum bonus
multiplier of 2.0 may be applied to the discretionary portion of the STIP award,
subject to the approval of the Committee and CEO, as stated in Section 7 of this
document.

         Corporate Employees. In order to promote cooperation between the
         corporate office and the divisions, the target bonus for a corporate
         employee will be weighted 25 percent for achievement of the corporate
         goals, 25 percent for the cumulative average achievement of the
         division goals and 50 percent will be based on merit, individual and
         team performance and additional selected criteria, as determined by the
         Compensation Committee.

         Operating and Technology Division Employees. In order to promote
         cooperation among the operating and technology divisions and
         recognition by each division of its contribution to the Company's
         overall performance, the target bonus for a division employee will be
         weighted 25 percent for achievement of the applicable division goals,
         25 percent for achievement of the corporate goals and 50 percent will
         be based on merit, individual and team performance and additional
         selected criteria, as determined by the Compensation Committee.

         Subject to the determination by the Board of a sufficient bonus pool
for a Plan year pursuant to Section 7, the bonus payable to an eligible employee
in salary classification 18N or higher will be an amount equal to such
employee's target bonus amount multiplied times the applicable multiplier
determined under the following schedule:

             Combined Weighted                         Applicable Multiplier
       Percentage of Goal Achievement                to Calculate Bonus Payable
       ------------------------------                --------------------------
             Greater than 160%                                 2.00
                    141 - 160%                                 1.75
                    131 - 140%                                 1.50
                    121 - 130%                                 1.40
                    106 - 120%                                 1.20
                     96 - 105%                                 1.00
                     76 -  95%                                  .75
                     65 -  75%                                  .50
                     Below 65%                                  .00

                                       5
<PAGE>

SECTION 7.  ALLOCATION OF BONUS PAYABLE

         After the end of each Plan year, the Board, in its best business
judgment, will determine the total bonus pool for such Plan year, giving due
consideration to the aggregate target bonus amounts, overall Company
performance, and levels of attainment of the specific, predetermined corporate
or division goals for such Plan year. In determining overall Company
performance, the Board will consider the Company's performance in relation to
both the predetermined corporate and division goals and the prevailing market
conditions in the industry during the Plan year.

         The total bonus pool authorized by the Board for a Plan year may be an
amount equal to, less than, or greater than the aggregate amount of the bonuses
payable to all eligible employees in salary classifications 18N through 37C (the
"Aggregate Calculated Pool").

         All eligible employees in salary classifications 18N through 37C will
receive a bonus as calculated in accordance with Section 6, provided the Board
has determined and authorized a total bonus pool in an amount equal to or
greater than the Aggregate Calculated Pool. If the Board authorizes a total
bonus pool in an amount less than the Aggregate Calculated Pool, then the Board
shall also determine the percentage of such bonus pool (which may be any
percentage up to 100 percent) that shall be allocated to the eligible employees
in salary classifications 18N through 37C, and the bonuses otherwise payable to
such employees, subject to the last sentence of the next succeeding paragraph,
will be prorated accordingly based on the amount so allocated. In such event,
the percentage of the total bonus pool not so allocated, if any, shall be
available for payment to the eligible full-time, non-exempt employees not in
salary classifications 18N through 37C based upon merit. If the Board authorizes
a total bonus pool in an amount greater than the Aggregate Calculated Pool, then
the excess amount will be allocated to eligible full-time, non-exempt employees
not in salary classifications 18N through 37C, subject to the discretion of the
Committee. Managers having responsibility for recommending the allocation of
bonuses to eligible full-time, non-exempt employees not in salary
classifications 18N through 37C shall submit their recommended bonus based on
their performance and contributions to the Senior Vice President of
Administration and the CEO for review and approval.

         All bonus calculations, allocations and recommendations are subject to
review and approval by the Committee. Notwithstanding anything otherwise
contained in this Plan, the Committee and the CEO (and any delegated designee of
the CEO) shall have the authority to adjust individual bonus amounts as deemed
to be appropriate for any reason, including, but not limited to, company or
division performance, individual employee performance, employee conduct, etc.

                                       6

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