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CB&I, owned by a consortium of financial investors led by New York-based Mason Capital Management, announced on Wednesday that it has received a “significant” lump sum contract award and full notice to proceed from Technip Energies on behalf of Caturus for the engineering, procurement, fabrication, construction, and pre-commissioning of five 50,000-cbm full containment concrete LNG storage tanks.
The company defines a significant contract as between $250 million and $500 million.
CB&I said the award includes foundation design and construction, piping to grade, and LNG tank top platforms.
The company’s scope of work will be executed from its Houston-area and Plainfield, Illinois offices, with construction expected to begin in the third quarter of 2026 and mechanical completion targeted for 2029.
US investment firm Kimmeridge and its partners UAE’s Mubadala Energy and Canada Pension Plan Investment Board recently made a positive final investment decision (FID) on the Commonwealth LNG export project.
Technip Energies also received full notice to proceed for a “major” EPC contract with Commonwealth LNG, worth above 1 billion euros ($1.16 billion) of revenue.
Mubadala Energy, which already holds a 24.1 percent stake in Kimmeridge’s Caturus platform comprised of Commonwealth LNG and Caturus’ upstream operations, is also an equity participant in the project’s financing.
Canada Pension Plan Investment Board (CPP Investments) will contribute $1.2 billion in financing to increase its total stake in the Caturus platform to 31 percent, including previous investments.
Phase 1 development is expected to generate more than $3 billion in annual export revenue when operations commence in 2030, according to the partners.
