3 billion, compared with $1. Revenue for the fourth quarter of 2004 increased
21% to $572.4% 6. 31,
2004 2003

NEW BUSINESS TAKEN(a) % of % of
Total Total

North America $ 513,797 37% $ 246,269 62%
Europe/Africa/Middle East 800,662 59% 104,863 26%
Asia Pacific 40,120 3% 32,258 8 %
Central + South America 10,242 1% 16,756 4%
------- -------
Total $1,364,821 $ 400,146
======= =======

REVENUE % of % of
Total Total

North America $ 367,240 64% $ 271,433 58%
Europe/Africa/Middle East 146,071 26% 100,535 21%
Asia Pacific 36,369 6% 68,621 14%
Central + South America 23,037 4% 30,947 7%
------- - ------
Total $ 572,717 $ 471,536
======= =======

INCOME (LOSS) FROM % of % of
OPERATIONS Revenue Revenue

North America $ 26,329 7 .

acm graduate

39 per diluted share for 2003. Information about CB+I is
available at www.51 $ 0.50 $ 0. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

Dec. Waisvisz believes that touch is crucial in
communicating with the new electronic performance art technologies, and has
developed physical interfaces that sense the performer's intent from lips
as well as fingertips. His performance will demonstrate the expanded scope of user
interfaces.

The conference features a six-day program including tutorials, panels,
papers, vendor exhibits, networking opportunities and keynote
presentations .org

computers caribbean

9 billion, compared with
$1. Fourth quarter 2004 operating income
increased 27% to $38. 31, 2004.2-$2.31 (pre-split) for the first
quarter and $1. With more than 60 locations and
approximately 11,000 employees throughout the world, CB+I capitalizes
on its global expertise and local knowledge to safely and reliably
deliver projects virtually anywhere.4%

Interest expense (2,392 ) (1,686) (8,232) (6,579)
Interest income 1,067 239 2,233 1,300
------- ------- --------- ---------
Income before
taxes and
minority interest 37,055 28,707 96,080 98,062

Income tax expense (11 ,806) (8,740) (31,284) (29,713)
------- ------- --------- --- ------
Income before
minority interest 25,249 19,967 64,796 68,349

Minority interest in
(income) loss (497) (1,269) 1,124 (2,395)
------- ------- --------- ---------
Net income $ 24,752 $ 18,698 $ 65,920 $ 65,954
======= ======= ========= =========

Net income per share
Basic $ 0.5%
------- -------
Total $ 38,380 6.4% $ 103,341 6. Approximately 2000 participants from over 40 countries will
join to debate, discuss and design the future of human-computer interaction
from 2-7 April at the Portland, Oregon Convention Center. Register now
and save on conference fees.m .

mellon list

31, 2004, compared with $66. 31, 2004, increased
47% to $2."
Revenue in 2004 grew 18% to a record $1.39

Weighted average shares
outstanding
Basic 48,259 46,247 47,684 45,315
Diluted 49,726 48,441 49,501 47,527

----- -----------------------------------------------------------

CHICAGO BRIDGE + IRON COMPANY N.4%
======= =======

Twelve Months Ended
Dec. Investors can also access the call
in a "listen only" mode via the Internet at the Company website at
http://www.

asia high

7 billion in 2003 .S.
For the year, revenue grew 16% in the North America segment, due
mainly to higher volumes of LNG and turnaround work in the U. Revenue declined 19% in the Asia
Pacific segment, primarily due to the completion of significant
projects in Australia, and 12% in the Central and South America
segment, as a result of fewer new awards in certain Latin American
markets.2%

Selling and
administrative
expenses 27,693 25,371 98,503 93,506
% of Revenue 4.33 $ 1. Management has scheduled a conference call for 11:00 a.

academic computers

, and
increased 54% in the EAME segment as a result of significant LNG
projects under way in Nigeria and Russia and the inclusion of a full
year of results from CB+I John Brown.
CB+I ended 2004 with cash and cash equivalents of $236.85 (pre-split) for full-year 2005.V. 31, Ended Dec.8% 5.46
Diluted $ 0.7% $ 30,154 6.1%
--------- ---------
Total $ 102,079 5.

CHI conferences are sponsored by the Association for Computing Machinery's
Special Interest Group on Computer-Human Interaction (ACM SIGCHI).

science south

7 million or $0.
Fourth quarter awards included a new LNG import terminal in Wales and
an LNG expansion project in the eastern U.S. Glenn, CB+I's Chairman,
President and CEO. The decline was partially offset by higher revenue volume,
cost savings generated by strong project execution, and higher
coverage of fixed costs.80-$1.V.5% $ 67,762 7.

list undergraduate

5 million in the fourth quarter of
2003. We have confidence in our business model and
anticipate continued growth in 2005.

PRESS RELEASE A View Into the Future of Computer-Human Interaction

list curricula

Our safety results have been
excellent and our balance sheet is solid.2 million in the comparable
2003 period, primarily due to the combination of higher revenue and
continued control of overhead and selling and administrative expenses.4 million, compared with $31.0-$2.29-$0.2% $ 16,857 6. 31, Dec.
------------------------------------------ ----------------------

CHICAGO BRIDGE + IRON COMPANY N.chi2005.
Eastern Time on March 31, 2005, to review the Company's fourth quarter and
year-end results.

acm caribbean

33 per
diluted share for the year ended Dec. 31, 2004, new business taken increased 53%
to a record $2.3 million in 2003,
which included $15.4 billion for full-year
2005; revenue is expected to be in a range of $425 -$450 million for
the first quarter and $2. The
Company does not undertake to update any forward -looking statements
contained herein, whether as a result of new information, future
events or otherwise.40 $ 1. 31, Dec.
Backlog may also fluctuate with currency movements. 31 , Dec. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AND OTHER FINANCIAL DATA
(in thousands)

Twelve Months
Ended Dec. 31,
2004 2003
CASH FLOWS

Cash flows from operating activities $ 132,769 $ 90,366
Cash flows from investing activities (26,051) (102,030)
Cash flows from financing activities 16,754 22,046
------- -------

Increase in cash and cash
equivalents 123,472 10,382
Cash and cash equivalents,
beginning of the year 112,918 102,536
------- -------
Cash and cash equivalents,
end of the year $ 236,390 $ 112 ,918
======= =======

OTHER FINANCIAL DATA

Depreciation and amortization expense $ 22,498 $ 21,431
Capital expenditures $ 17,430 $ 31,286
(Increase)/decrease in receivables,
net $ (51,856) $ 10,614
Decrease/(increase) in contracts in
progress, net 45,306 (80,479)
Decrease/(increase) in non-current
contract retentions 5,619 (4,867)
Increase in accounts payable 37,104 49,048
------- -------
Change in contract capital $ 36,173 $ (25,684)
======= =======

Opening the conference is Randy Pausch of Carnegie Mellon University.

acm undergraduate

50 per diluted
share , compared with $18. The increase in revenue year over year was attributable to the
strong backlog going into 2004, and progress on significant projects
in the North America and Europe, Africa, Middle East (EAME) segments. CB+I had cash in
excess of debt of $151.7 million at Dec. We are seeking to expand our ability to provide
single-source solutions for complex process and technology projects
anywhere in the world.2% 5.V.V. Waisvisz is the creator of live-electronic music, electric
theatre and Director of STEIM (STudio for Electro-Instrumental Music)
Foundation in Amsterdam .

curricula carnegie

Business Editors

THE WOODLANDS, Texas----CB+I
(NYSE:CBI) today reported net income of $65.6 billion at the end of 2003.7% 6.2% (302) (0.2% 4,809 15.7%
Central + South America 11,300 13.chi2005.

computers graduate

6 billion in 2003.
"We believe CB+I is well positioned for 2005," Glenn added. 31,
2004 2003 2004 2003

Revenue $572,717 $471,536 $1,897,182 $1,612,277
Cost of revenue 506,404 415,503 1,694,871 1,415,715
------- ------- --------- ---------
Gross profit 66,313 56,033 202,311 196,562
% of Revenue 11.7% 12,195 13.chi2005. The CHI 2005 Champion sponsors include: America Online,
Microsoft, OSTG, SAP AG, Tektronix and Yahoo! Inc.

mellon curricula

"We are pleased to report that results exceeded expectations for
the fourth quarter of 2004," said Gerald M.9% 10.org) features keynote speakers who have created innovative
experiences by applying technology to these domains. "I have worked with neurosurgeons to build user interfaces for
neurosurgical planning; designers, artists and engineers at Walt Disney
Imagineering to build theme park attractions; and psychologists to evaluate
virtual environments.

For more information , consult http://www.
For interested individuals unable to join the conference call, a replay of
the call will be available through April 7, 2005, at (719) 457-0820
(domestic), (Passcode: 4196988).

high list

6 billion, compared with $1.39 $ 1.8% 8,790 8. In
addition to ACM, various organizations in the technology industry support
the CHI conference.

east high

CB+I Reports 2004 Results; Record Revenue and New Business Taken; Backlog Up Nearly 50%

39 per diluted share for the
comparable 2003 period., as well as a renewable
energy project in the western U.4 million from $30.9 million at Dec. "Our
record backlog should continue to generate solid revenue performance,
while growing international demand for LNG, clean fuels, and refinery
modernization and upgrading projects is driving new business
prospects."
The Company is issuing the following guidance for new business
taken , revenue and earnings per share (EPS) for 2005: new business
taken is expected to be in a range of $2.
Additional factors which could cause actual results to differ from
such forward-looking statements are set forth in the Company's Form
10-K filed with the SEC for the year ended December 31, 2003 .com

----------------------------------------------------------------

CHICAGO BRIDGE + IRON COMPANY N. 31,
2004 2003

NEW BUSINESS TAKEN(a) % of % of
Total Total

North America $1,448,055 55% $1,105,369 65%
Europe/Africa /Middle East 962,299 37% 380,493 22%
Asia Pacific 135,226 5% 147,238 9%
Central + South America 68,969 3% 75,110 4%
--------- ---------
Total $2,614,549 $1,708,210
========= =========

REVENUE % of % of
Total Total

North America $1,130,096 60% $ 970,851 60%
Europe/Africa/Middle East 508,735 27% 329,947 20%
Asia Pacific 175,883 9% 218,201 14%
Central + South America 82,468 4% 93,278 6%
--------- ---------
Total $1,897,182 $1,612,277
========= =========

INCOME (LOSS) FROM % of % of
OPERATIONS Revenue Revenue

North America $ 73,709 6.

recommendations oceania

8%

Intangibles
amortization 388 611 1,817 2 ,548

Other operating
income, net (148) (103) (88) (2,833)
------- ------- --------- ---------
Income from
operations 38,380 30,154 102,079 103,341

% of Revenue 6.4% 5.7%
Asia Pacific 807 2.0%
Europe/Africa/Middle East 12,625 2.
As technology is applied in
the domains of medicine, art and entertainment, cross-discipline
collaboration is required for effective design and implementation.

Closing the conference is Michel Waisvisz who will present an interactive
performance.
To listen to the conference call, please dial (800 ) 406-5356 at least five
minutes before the scheduled start time.

About Fusion:
Fusion is a provider of VoIP (Voice Over Internet Protocol) and other
Internet services to, from , in and between emerging markets in Asia, the
Middle East, Africa, the Caribbean and Latin America .

list computer

For the year ended Dec. New
business taken during the fourth quarter of 2004 surged to $1.S.

Income from operations in 2004 was $102. 31, 2003.

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 . AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands , except per share data)

Three Months Twelve Months
Ended Dec. AND SUBSIDIARIES
SEGMENT INFORMATION
(in thousands)

Three Months Ended
Dec.3%
Asia Pacific 4,445 2. "Too much of the computer has been designed and used
as an exclusive extension of the formalistic capabilities of humans," notes
Waisvisz.

acm curricula

Net income for the fourth
quarter of 2004 increased 32% to $24.8 million or $0 .4
billion, compared with $400 million in the year-earlier period. Capital expenditures
for 2004 were $17.6% 11. All of these collaborations were rewarding because
the result contributed to a greater good," notes Pausch. NEW YORK, Fusion (Amex: FSN) announced
today that it plans to release financial results for the fourth quarter and
year ended December 31, 2004, before the open of market trading on Thursday,
March 31, 2005.

computer graduate

Backlog at Dec. The decline was due to the impact of loss
provisions taken in the second quarter for two projects, one in the
EAME segment's Saudi Arabian region and the other in the North America
segment.

Take a view into the future of computer-human interaction at CHI 2005,
www.

high carnegie

9 million or $1.4 million,
compared with $112.CBI .
These commitments are included in backlog until work is
performed and revenue is recognized or until cancellation. Attendance is
open to all with an interest in Human-Computer Interaction.fusiontel . Fusion currently
provides a full suite of communications services to corporations, postal
telephone and telegraph companies, international carriers, government
entities, Internet service providers and consumers in over 45 countries.

europe list

2%
Europe/Africa/Middle East 8,445 5.4%)
Central + South America 2,799 12.5% 6,000 2.org, 2-7 April in Portland at the Oregon Convention Center. The online archive of the webcast will be
available for one year following the call.

list europe

"For the year, substantial backlog going into 2004
led to record revenue as projects moved into the construction phase,
and a second consecutive year of record sales means we have entered
2005 in an even stronger position. We are pleased that our
financial strength has allowed us to increase the return to CB +I's
shareholders by means of our recently-announced stock split and
dividend increase.1 million , compared with
$103.3 million in 2003.2 billion for full-year 2005; and EPS is
expected to be in a range of $0. 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; changes in the costs or
availability of or delivery schedule for components, materials and
labor; increased competition; fluctuating revenues resulting from a
number of factors, including the cyclical nature of the individual
markets in which the Company 's customers operate; lower than expected
activity in the hydrocarbon industry -- including but not limited to
LNG and clean fuels projects -- 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; a downturn in the economy in
general; political and economic conditions including, but not limited
to, war, conflict or civil or economic unrest in countries in which we
operate; 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.

CB+I is one of the world's leading engineering, procurement and
construction (EPC) companies, specializing in lump-sum turnkey
projects for customers that produce, process, store and distribute the
world's natural resources.38 $ 1. 31,
2004 2003

ASSETS

Current assets $ 685,279 $ 512,427
Property and equipment, net 119,474 124 ,505
Goodwill and other intangibles, net 262,732 249,982
Other non-current assets 35,233 45,448
--------- ------- --

Total assets $1,102,718 $ 932,362
========= =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities $ 481,190 $ 376,252
Long-term debt 50,000 75,000
Other non-current liabilities 102,290 91,946
Shareholders' equity 469,238 389,164
--------- -- -------

Total liabilities
and shareholders' equity $1,102,718 $ 932,362
========= =========

------------------------------ ----------------------------------

CHICAGO BRIDGE + IRON COMPANY N.com. Please allow extra time prior to the call to visit
the site and download the necessary software to listen to the Internet
broadcast.

computers africa

0
million or $1.7 million from $471.6 million for the completion of the Company's
administrative offices in The Woodlands, Texas.7% 12.4% 5.5% 17,384 5.4%
========= =========

(a) New business taken represents the value of new project
commitments received by the Company during a given period. The
next conference on Computer and Human Interaction, CHI 2005
(www. He
will discuss how to build innovative and effective cross -disciplinary
projects.