Download pdf - CHICAGO BRIDGE & IRON COMPANY N.V.d18rn0p25nwr6d.cloudfront.net/CIK-0001027884/28de6fa4-49f1-4f6… · CB&I signatory thereto, and each of the noteholders signatory thereto 10.5 Fifth

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-KCURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 9, 2017

CHICAGO BRIDGE & IRON COMPANY N.V.(Exact name of registrant as specified in its charter)

The Netherlands

(State or Other Jurisdiction of Incorporation or Organization)

1-12815 98-0420223(Commission File Number)

(I.R.S. EmployerIdentification No.)

Prinses Beatrixlaan 35 2595 AK The Hague

The Netherlands N.A.(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: 31 70 373 2010

N.A.(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed in our Form 10-Q for the quarter ended June 30, 2017 filed with the Securities and Exchange Commission on August 9, 2017 (the “Form10-Q”), as of June 30, 2017, Chicago Bridge & Iron Company N.V. (“CB&I,” “we” or “us”) would not have been in compliance with the financial covenants withrespect to the following debt arrangements and instruments:

• our five-year, $1.15 billion committed revolving credit facility (the “Revolving Facility”), with Bank of America N.A. (“BofA”), as administrative

agent, and BNP Paribas Securities Corp, BBVA Compass, Crédit Agricole Corporate and Investment Bank (“Crédit Agricole”) and TD Securities,each as syndication agents;

• our five-year, $800 million committed revolving credit facility (the “Second Revolving Facility”), with BofA, as administrative agent, and BNPParibas Securities Corp., BBVA Compass, Crédit Agricole and Bank of Tokyo Mitsubishi UFJ, each as syndication agents;

• our five-year, $500 million term loan (the “Second Term Loan” and collectively, with Committed Facilities, “Bank Facilities”), with BofA asadministrative agent;

• our senior notes (series A, B, C and D) totaling $800 million in aggregate principal amount outstanding as of June 30, 2017 (the “Senior Notes”); and

• our senior notes totaling $200 million in aggregate principal amount outstanding as of June 30, 2017 (the “Second Senior Notes” and, together with the

Senior Notes, the “Notes”, and, together with the Revolving Facility, the Second Revolving Facility, the Second Term Loan and the Senior Notes, the“Senior Facilities”).

Accordingly, as previously disclosed in the Form 10-Q, effective August 9, 2017 (the “Effective Date”), we entered into certain amendments (the “August 9Amendments”) that waive noncompliance with our existing covenants under the Senior Facilities as of June 30, 2017 and certain other defaults and events ofdefault. In addition, the August 9 Amendments:

• Eliminate our minimum net worth covenant required by our previous amendments to the Bank Facilities;

• Require minimum levels of trailing 12-month earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined by theamendments, as follows: $500.0 million at September 30, 2017; $550.0 million at December 31, 2017; $500.0 million at March 31, 2018; $450.0million at June 30, 2018 and September 30, 2018; and $425.0 million at December 31, 2018 and thereafter (“Minimum EBITDA”). Trailing 12-monthEBITDA for purposes of determining compliance with the Minimum EBITDA covenant will be adjusted to exclude: an agreed amount attributable toany restructuring or integration charges during the third and fourth quarters of 2017; an agreed amount attributable to previous charges on certainprojects which occurred during the first and second quarters of 2017; and an agreed amount for potential future charges for the same projects if theywere to be incurred during the third and fourth quarters of 2017 (collectively, the “EBITDA Addbacks”);

• Provide for the replacement of our previous maximum leverage ratio and minimum fixed charge ratio with a new maximum leverage ratio of 1.75(“Maximum Leverage Ratio”) and new minimum fixed charge coverage ratio of 2.25 (“Minimum Fixed Charge Coverage Ratio), which aretemporarily suspended and will resume as of March 31, 2018. Trailing 12-month EBITDA for purposes of determining compliance with the MaximumLeverage Ratio and consolidated net income for purposes of determining compliance with the Minimum Fixed Charge Coverage Ratio will be adjustedfor the EBITDA Addbacks;

• Require us to execute on our plan to market and sell our Technology operations (primarily comprised of our Technology reportable segment) andEngineered Products operations (representing a portion of our Fabrication Services reportable segment) by December 27, 2017 (the “TechnologySale”), with an extension of up to 60 days at the discretion of the holders of a majority of the outstanding Notes and at the discretion of theadministrative agents of the Bank Facilities;

• Require us to maintain a minimum aggregate availability under our Revolving Facility and Second Revolving Facility, including borrowings andletters of credit, of $150.0 million at all times from the Effective Date through the date of the Technology Sale, and $250.0 million thereafter. Ouramendments require the net cash proceeds from the Technology Sale be used to repay our Senior Facilities (“Mandatory Repayment Amount”), withthe repayment of the Senior Notes and the Second Senior Notes to include certain make-whole payments. Further, our aggregate capacity under theRevolving Facility and Second Revolving Facility will be reduced by seventy percent (70%) of the portion of the Mandatory Repayment Amountallocable to the Revolving Facility and Second Revolving Facility, upon closing the Technology Sale and certain other mandatory prepayment events;

• Limit the amount of certain of our funded indebtedness to $3.0 billion prior to the Technology Sale and $2.9 billion thereafter, in each case, subject to

reduction pursuant to scheduled repayments and mandatory prepayments thereof (but, with respect to the Revolving Facility and Second RevolvingFacility, only to the extent the commitments have been reduced by such prepayments) made by us after the Effective Date;

• Prohibit mergers and acquisitions, open-market share repurchases and dividend payments and certain inter-company transactions;

• Replace the previous financial letter of credit sublimits for our Revolving Facility and Second Revolving Facility with a $100.0 million letter of creditsublimit for each;

• Adjust the interest rate on borrowings under the Committed Facilities to either prime rate plus 4.00% or LIBOR plus 5.00%;

• Increase the interest rate on borrowings under the Second Term Loan to prime rate plus 4.00% or LIBOR plus 5.00%;

• Increase our fixed interest rate on the Notes by an incremental 2.50% over the rates in effect immediately prior to such amendment; and

• Established (i) a requirement under the Notes that we maintain our credit profile, which if not maintained will result in an incremental annual cost ofup to 1.50% of the outstanding balance under the Notes and (ii) a requirement under the Notes that we maintain a leverage ratio, as defined by theamendments, which if not maintained, could result in an incremental annual cost of up to 1.00% (or 0.50% depending on our leverage level) of theoutstanding balance under the Notes; provided that the incremental annual cost related to our credit profile and leverage ratio cannot exceed 2.00% perannum.

As previously disclosed in the Form 10-Q, based on our forecasted EBITDA and cash flows, we project that future compliance with certain financial and othercovenants under the Senior Facilities subsequent to December 31, 2017 will require the completion of the Technology Sale and application of the associated netproceeds consistent with our expectations. The Technology Sale is subject to a number of factors and conditions outside of our control, and there can be noguarantee that the sale will be completed, or if completed, that the sale will generate the net cash proceeds required for us to remain in compliance with ourfinancial and other covenants. See the Form 10-Q for further discussion.

The foregoing description of the August 9 Amendments does not purport to be complete and is qualified in its entirety by reference to the complete text of:(1) Amendment No. 8 and Waiver, dated as of August 9, 2017, to the Credit Agreement, dated as of October 28, 2013, filed as Exhibit 10.1 hereto; (2) AmendmentNo. 5 and Waiver, dated as of August 9, 2017, to Amended and Restated Revolving Credit Agreement, dated as of July 8, 2015, filed as Exhibit 10.2 hereto;(3) Amendment No. 5 and Waiver, dated as of August 9, 2017, to the Term Loan Agreement, dated as of July 8, 2015, filed as Exhibit 10.3 hereto; (4) SeventhAmendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement dated as of December 27, 2012, filed as Exhibit 10.4 hereto;and (5) Fifth Amendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement, dated as of July 22, 2015, filed as Exhibit 10.5hereto; each of which is incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this current report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT NUMBER DESCRIPTION

10.1

Amendment No. 8 and Waiver, dated as of August 9, 2017, to the Credit Agreement, dated as of October 28, 2013, byand among CB&I, Chicago Bridge & Iron Company (Delaware), certain Subsidiaries of CB&I signatory thereto, Bankof America, N.A., as administrative agent and collateral agent, and each the Lenders signatory thereto

10.2

Amendment No. 5 and Waiver, dated as of August 9, 2017, to Amended and Restated Revolving Credit Agreement,dated as of July 8, 2015, by and among CB&I, Chicago Bridge & Iron (Delaware), certain subsidiaries of CB&Isignatory thereto, Bank of America, N.A., as administrative agent and collateral agent, and each of the Lenderssignatory thereto

10.3

Amendment No. 5 and Waiver, dated as of August 9, 2017, to Term Loan Agreement, dated as of July 8, 2015, by andamong CB&I, Chicago Bridge & Iron (Delaware), Bank of America, N.A., as administrative agent and collateral agent,and each of the Lenders signatory thereto

10.4

Seventh Amendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement, dated asof December 27, 2012, by and among CB&I, Chicago Bridge & Iron Company (Delaware), certain Subsidiaries ofCB&I signatory thereto, and each of the noteholders signatory thereto

10.5

Fifth Amendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement, dated as ofJuly 22, 2015, by and among CB&I, Chicago Bridge & Iron Company (Delaware), certain Subsidiaries of CB&Isignatory thereto, and each of the noteholders signatory thereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.

CHICAGO BRIDGE & IRON COMPANY N.V.

By: Chicago Bridge & Iron Company B.V. Its: Managing Director

Date: August 15, 2017 By: /s/ Michael S. Taff Michael S. Taff Managing Director (President Financial Officer)

INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION

10.1

Amendment No. 8 and Waiver, dated as of August 9, 2017, to the Credit Agreement, dated as of October 28, 2013, by and among CB&I,Chicago Bridge & Iron Company (Delaware), certain Subsidiaries of CB&I signatory thereto, Bank of America, N.A., as administrative agentand collateral agent, and each the Lenders signatory thereto

10.2

Amendment No. 5 and Waiver, dated as of August 9, 2017, to Amended and Restated Revolving Credit Agreement, dated as of July 8, 2015, byand among CB&I, Chicago Bridge & Iron (Delaware), certain subsidiaries of CB&I signatory thereto, Bank of America, N.A., as administrativeagent and collateral agent, and each of the Lenders signatory thereto

10.3

Amendment No. 5 and Waiver, dated as of August 9, 2017, to Term Loan Agreement, dated as of July 8, 2015, by and among the Company,Chicago Bridge & Iron (Delaware), Bank of America, N.A., as administrative agent and collateral agent, and each of the Lenders signatorythereto

10.4

Seventh Amendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement, dated as of December 27, 2012,by and among CB&I, Chicago Bridge & Iron Company (Delaware), certain Subsidiaries of CB&I signatory thereto, and each of the noteholderssignatory thereto

10.5

Fifth Amendment and Waiver, dated as of August 9, 2017, to the Note Purchase and Guarantee Agreement, dated as of July 22, 2015, by andamong CB&I, Chicago Bridge & Iron Company (Delaware), certain Subsidiaries of CB&I signatory thereto, and each of the noteholderssignatory thereto

Exhibit 10.1

Execution Version

AMENDMENT NO. 8 AND WAIVER TO CREDIT AGREEMENT

This Amendment No. 8 and Waiver to Credit Agreement (this “ Amendment”), dated as of August 9, 2017, is made by and among CHICAGO BRIDGE & IRON COMPANY N.V. , a corporation organized under the laws of the Kingdom of the Netherlands (the “ Company”), CHICAGO BRIDGE & IRONCOMPANY (DELAWARE) , a Delaware corporation (the “ InitialBorrower”), CERTAIN SUBSIDIARIES OF THE COMPANY SIGNATORY HERETO(each a “ DesignatedBorrower” and, together with the Initial Borrower, collectively the “ Borrowers” and each a “ Borrower”), BANK OF AMERICA, N.A. ,a national banking association organized and existing under the laws of the United States (“ BankofAmerica”), in its capacity as administrative agent for theLenders and collateral agent for the Secured Bank Creditors (in such capacities, the “ AdministrativeAgent” and the “ CollateralAgent”, respectively), and eachof the Lenders signatory hereto.

W I T N E S S E T H:

WHEREAS , each of the Company, the Borrowers, the Administrative Agent, the Collateral Agent and the Lenders have entered into that certain CreditAgreement, dated as of October 28, 2013 (as amended by that certain Amendment to Credit Agreement, dated as of June 11, 2014, Amendment No. 2 to CreditAgreement, dated as of December 31, 2014, Amendment No. 3 to Credit Agreement, dated as of July 8, 2015, Amendment No. 4 to Credit Agreement, dated as ofOctober 27, 2015, Amendment No. 5 to Credit Agreement, dated as of February 24, 2017, Amendment No. 6 and Waiver to Credit Agreement, dated as of May 8,2017, Amendment No. 7 to Credit Agreement, dated as of May 29, 2017 (“ AmendmentNo.

7”), and as hereby amended and as from time to time furtheramended, modified, supplemented, restated, or amended and restated, the “ CreditAgreement”; capitalized terms used in this Amendment not otherwise definedherein shall have the respective meanings given thereto in the Credit Agreement, as amended hereby), pursuant to which the Lenders have made available to theBorrowers a senior revolving credit facility in an original aggregate principal amount of $1,350,000,000; and

WHEREAS , the Company has entered into the Guaranty pursuant to which it has guaranteed certain or all of the obligations of the Borrowers under theCredit Agreement and the other Loan Documents;

WHEREAS , the Company, the Borrowers and certain Subsidiaries have entered into certain of the Security Instruments to provide collateral as security forthe obligations of the Borrowers under the Credit Agreement and the other Loan Documents; and

WHEREAS , the Borrowers have requested that the Administrative Agent, the Collateral Agent and the Lenders agree to amend the Credit Agreement incertain respects and to waive certain Defaults and Events of Default under the Credit Agreement that occurred or may have occurred on or prior to the date hereof,which the Administrative Agent, the Collateral Agent and the Lenders party hereto are willing to do on the terms and conditions contained in this Amendment;

NOW, THEREFORE , in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged,the parties hereto agree as follows:

1. Amendments to Credit Agreement . Subject to the terms and conditions set forth herein, the Credit Agreement (exclusive of Schedules and Exhibitsthereto) shall be amended such that after giving effect to all such amendments, it shall read in its entirety as set forth on Annex I attached hereto.

2. Amendments to Schedules and Exhibits to Credit Agreement . Subject to the terms and conditions set forth herein, (i) Schedules 1.01A , 1.01B , 1.01C ,7.01 , 7.04A, 7.04B and 7.05 to the Credit

Agreement shall be amended such that after giving effect to all such amendments, they shall read in their entirety as set forth on Annex II-1 attached hereto and (ii) Exhibit D to the Credit Agreement shall be amended and Exhibits L and M shall be added, such that after giving effect to all such amendments and additions, theyshall read in their entirety as set forth on Annex II-2 attached hereto.

3. Waiver . Pursuant to Section 10.01 of the Credit Agreement and subject to the terms and conditions hereof, effective as of the date hereof, theAdministrative Agent, the Collateral Agent and each Lender party hereto hereby waives any Default or Event of Default that occurred or may have occurred on orprior to the date hereof under:

(a) Section 8.01(b) of the Credit Agreement, arising as a result of the failure of the Company and its Subsidiaries to comply with certainrequirements of Section 6.13(a) of the Credit Agreement and Section 16 of Amendment No. 7, as described in Annex III attached hereto; providedthat suchwaiver will remain effective only if the Loan Parties deliver to the Collateral Agent the items listed in Annex III attached hereto by the dates specified insuch Annex;

(b) Section 8.01(b) of the Credit Agreement, arising as a result of breaches of the last paragraph of Section 7.03 of the Credit Agreement due to thenegative pledge provisions set forth in indemnity agreements supporting surety bonds related to Project Jazz;

(c) Section 8.01(b) of the Credit Agreement, arising as a result of the failure of the Company to comply with the terms of Section 7.18 of the CreditAgreement for the fiscal quarter ended June 30, 2017;

(d) Section 8.01(d) of the Credit Agreement, arising as a result of the failure of the Company to deliver an Officer’s Certificate required by Section 6.02(a) of the Credit Agreement, providing, among other things, notice of the other Defaults and Events of Default described in this Section; and

(e) Section 8.01(e) of the Credit Agreement, arising as a result of the occurrence of a default or event of default under the NPA Notes (each, an “NPANoteDefault”) that is being waived pursuant to the NPA Amendments (as defined below).

The waivers set forth in this Amendment are limited to the extent specifically described above and shall in no way serve to waive any NPA Note Default orcompliance with Section 6.02(a) , 6.13(a), 7.03 or 7.18 of the Credit Agreement or Section 16 of Amendment No. 7, or any other terms, covenants or provisions ofthe Credit Agreement or any other Loan Document, or any obligations of the Borrowers, other than as expressly set forth above.

4. Effectiveness; Conditions Precedent . This Amendment, the amendments to the Credit Agreement provided in Sections 1 and 2 hereof and the waiverprovided in Section 3 hereof shall be effective as of the date first written above upon the satisfaction of the following conditions precedent:

(a) The Administrative Agent shall have received counterparts of this Amendment, duly executed by the Company, each Borrower, each Guarantor,the Collateral Agent and the Required Lenders, which counterparts may be delivered by facsimile or other electronic means (e.g. “.pdf” or “.tif”).

(b) The Administrative Agent shall have received a copy of an amendment to the Existing Revolving Credit Agreement and the Existing 2015 TermLoan Credit Agreement, in each case, in the form previously provided to it and in form and substance reasonably satisfactory to the Administrative Agent,duly executed by the requisite parties thereto.

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(c) The Administrative Agent shall have received a copy of an amendment to each Note Purchase Agreement (the “ NPAAmendments”), whichshall include a waiver of the NPA Note Defaults, in each case, in the form previously provided to it and in form and substance reasonably satisfactory to theAdministrative Agent, duly executed by the requisite parties thereto.

(d) The Administrative Agent shall have received resolutions of each Dutch Loan Party, UK Loan Party and U.S. Loan Party authorizing thisAmendment and the other Loan Documents to which such Person is a party executed in connection with this Amendment.

(e) The Administrative Agent or Collateral Agent, as applicable, shall have received each of the agreements, instruments and other documents (eachin form and substance reasonably acceptable to the Administrative Agent or Collateral Agent, as applicable) set forth on Annex IV to Amendment No. 7,other than the items listed on Annex III attached hereto.

(f) The Administrative Agent shall have received a copy of the addendum to the existing engagement letter between FTI Consulting and theCompany setting forth the scope of the Strategic Review, in form and substance reasonably satisfactory to the Administrative Agent.

(g) (i) The Company shall have paid any fees required to be paid on the date hereof pursuant to that certain Fee Letter dated as of August 9, 2017among the Company, the Initial Borrower, Bank of America and Merrill Lynch, Pierce, Fenner & Smith Incorporated, (ii) an amendment fee shall have beenreceived by the Administrative Agent for each Lender executing this Amendment by 3:00 p.m. (New York time) on August 9, 2017 for the account of suchLender, equal to 0.50% (50 bps) multiplied by each such Lender’s Commitments as of the date hereof and (iii) all other fees and expenses of theAdministrative Agent (including the fees and expenses of counsel and the financial advisor to the Administrative Agent) to the extent due and payable underSection 10.04(a) of the Credit Agreement and for which invoices have been presented on or before the date that is one day prior to the date hereof shall havebeen paid in full (which fees and expenses may be estimated to date without prejudice to final settling of accounts for such fees and expenses).

For purposes of determining compliance with the conditions set forth in this Section 4, each Lender that has signed this Amendment shall be deemed to haveconsented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable orsatisfactory to such Lender unless the Administrative Agent shall have received noticed from such Lender prior to the date hereof specifying its objection thereto.

5. Representations and Warranties . In order to induce the Administrative Agent, the Collateral Agent and the Lenders to enter into this Amendment, theCompany represents and warrants to the Administrative Agent, the Collateral Agent and the Lenders as follows:

(a) The representations and warranties made by the Company in Article V of the Credit Agreement are true and correct in all material respects(except to the extent that such representation or warranty is qualified by reference to materiality or Material Adverse Effect, in which case it shall be true andcorrect in all respects) on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date;

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(b) This Amendment has been duly authorized, executed and delivered by the Company and the Borrowers and constitutes a legal, valid and bindingobligation of such parties, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting the rights ofcreditors, and subject to equitable principles of general application; and

(c) After giving effect to the NPA Amendments, this Amendment and the corresponding amendments to the Existing Revolving Credit Agreementand the Existing 2015 Term Loan Credit Agreement, no Default or Event of Default has occurred and is continuing, or would result from the effectiveness ofthis Amendment.

6. Equalization; Excess Cash . By no later than 4:00 p.m. (New York time) on August 14, 2017:

(a) the Company shall prepay Loans and, as applicable, loans advanced under the Existing Revolving Credit Agreement in such amounts as arerequired to ensure that (i) the Total Outstandings under the Credit Agreement as a proportion of the Aggregate Commitments thereunder are equal to (ii) the“Total Outstandings” under the Existing Revolving Credit Agreement as a proportion of the “Aggregate Commitments” thereunder;

(b) the Company and its Subsidiaries shall have applied any available Excess Cash as specified in Section 2.05(c) of the Credit Agreement; and

(c) the Administrative Agent shall have received a certificate of a Financial Officer of the Company certifying that (i) the Company is in compliancewith Section 7.18(c) of the Credit Agreement and (ii) the Company and its Subsidiaries have no Excess Cash.

The Company’s failure to comply with the terms of this Section shall be an immediate Event of Default pursuant to Section 8.01(b) of the Credit Agreement.

7. Consent of the Guarantors . Each Guarantor hereby consents, acknowledges and agrees to the amendments and other matters set forth herein and herebyconfirms and ratifies in all respects the Guaranty to which it is a party (including without limitation the continuation of each Guarantor’s payment and performanceobligations thereunder upon and after the effectiveness of this Amendment and the amendments, waivers and consents contemplated hereby) and the enforceabilityof the applicable Guaranty against the applicable Guarantor in accordance with its terms.

8. Entire Agreement . This Amendment, together with all the Loan Documents (collectively, the “ RelevantDocuments”), sets forth the entireunderstanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the partiesrelating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any partyhereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwiseexpressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other inrelation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally orotherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

9. Full Force and Effect of Credit Agreement . Except as hereby specifically amended, waived, modified or supplemented, the Credit Agreement (and eachprior amendment thereto) and each other Loan Document is hereby confirmed and ratified in all respects and shall be and remain in full force and effect accordingto its respective terms.

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10. Governing Law . This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, and shallbe further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

11. Enforceability . Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of theparties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

12. References . All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby. ThisAmendment shall constitute a “Loan Document” for all purposes of the Loan Documents.

13. Successors and Assigns . This Amendment shall be binding upon and inure to the benefit of the Company, the Borrowers, the Administrative Agent,the Collateral Agent and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees arepermitted assignees as provided in Section 10.06 of the Credit Agreement.

14. No Novation . Neither the execution and delivery of this Amendment nor the consummation of any other transaction contemplated hereunder isintended to constitute a novation of the Credit Agreement or of any of the other Loan Documents or any obligations thereunder.

15. Counterparts . This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whosesignature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of thisAmendment by facsimile or other electronic means (e.g. “.pdf” or “.tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.

16. FATCA . For purposes of determining withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after theeffective date of this Amendment, it is understood and agreed that the Administrative Agent may treat (and the Lenders hereby authorize the Administrative Agentto treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

17. Posting-Closing Matters . The Company covenants and agrees that promptly, and in any event within the time allotted to the Company pursuant toAnnex IV , deliver, or cause to be delivered, to the Administrative Agent or Collateral Agent, as applicable, each of the agreements, instruments and otherdocuments (each in form and substance reasonably acceptable to the Administrative Agent or Collateral Agent, as applicable) set forth on Annex IV , or otherwisesatisfy, those items set forth on Annex IV .

18. Release . EACH OF THE COMPANY AND THE BORROWERS, ON ITS OWN BEHALF AND ON BEHALF OF THE OTHER LOAN PARTIES,ITS AND THEIR RESPECTIVE AFFILIATES, SUBSIDIARIES, PREDECESSORS, SUCCESSORS, LEGAL REPRESENTATIVES AND ASSIGNS (EACHOF THE FOREGOING, COLLECTIVELY, THE “ RELEASINGPARTIES”), HEREBY ACKNOWLEDGES AND STIPULATES THAT AS OF THE DATEOF THIS AMENDMENT, NONE OF THE RELEASING PARTIES HAS ANY CLAIMS OR CAUSES OF ACTION OF ANY KIND WHATSOEVERRELATED TO THE CREDIT AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY AGAINST, OR ANY GROUNDS OR CAUSE FOR

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REDUCTION, MODIFICATION, SET ASIDE OR SUBORDINATION OF THE INDEBTEDNESS OR ANY LIENS OR SECURITY INTERESTS OF, THEADMINISTRATIVE AGENT, THE COLLATERAL AGENT, THE LENDERS, THE L/C ISSUERS, THE OTHER SECURED BANK CREDITORS, OR ANYOF THEIR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, OR REPRESENTATIVES, OR AGAINST ANY OF THEIRRESPECTIVE PREDECESSORS, SUCCESSORS OR ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “ RELEASEDPARTIES”). INPARTIAL CONSIDERATION FOR THE AGREEMENT OF THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, THE LENDERS AND THEL/C ISSUERS PARTY HERETO TO ENTER INTO THIS AMENDMENT, EACH OF THE RELEASING PARTIES HEREBY UNCONDITIONALLY WAIVESAND FULLY AND FOREVER RELEASES, REMISES, DISCHARGES AND HOLDS HARMLESS THE RELEASED PARTIES FROM ANY AND ALLCLAIMS, CAUSES OF ACTION, DEMANDS AND LIABILITIES OF ANY KIND WHATSOEVER, WHETHER DIRECT OR INDIRECT, FIXED ORCONTINGENT, LIQUIDATED OR UNLIQUIDATED, DISPUTED OR UNDISPUTED, KNOWN OR UNKNOWN, RELATED TO THE CREDITAGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY, WHICH ANY OF THE RELEASING PARTIES HAS OR MAY ACQUIRE INTHE FUTURE RELATING IN ANY WAY TO ANY EVENT, CIRCUMSTANCE, ACTION OR FAILURE TO ACT AT ANY TIME ON OR PRIOR TO THEDATE OF THIS AMENDMENT, SUCH WAIVER, RELEASE AND DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OFTHE CIRCUMSTANCES AND EFFECTS OF SUCH WAIVER, RELEASE AND DISCHARGE, AND AFTER HAVING CONSULTED LEGAL COUNSEL OFITS OWN CHOOSING WITH RESPECT THERETO. THIS SECTION IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE RELEASEDPARTIES BY THE RELEASING PARTIES AND SHALL NOT IN ANY WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE OR WAIVER BYTHE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES.

[Signature pages follow.]

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IN WITNESS WHEREOF , the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of theday and year first above written. CHICAGO BRIDGE & IRON COMPANY (DELAWARE) ,as the Initial Borrower

By: /s/ Luciano ReyesName: Luciano ReyesTitle: Treasurer

CB&I LLC , as a Designated BorrowerBy: CB&I HoldCo, LLC, its Sole Member

By: /s/ Regina N. HamiltonName: Regina N. HamiltonTitle: Secretary

CBI SERVICES, LLC , as a Designated BorrowerBy: CB&I HoldCo, LLC, its Sole Member

By: /s/ Regina N. HamiltonName: Regina N. HamiltonTitle: Secretary

CHICAGO BRIDGE & IRON COMPANY B.V. , as aDesignated Borrower

By: /s/ Michael S. TaffName: Michael S. TaffTitle: Managing Director

CHICAGO BRIDGE & IRON COMPANY , as a DesignatedBorrower

By: /s/ Luciano ReyesName: Luciano ReyesTitle: Vice President and Treasurer

Chicago Bridge & IronAmendment No. 8 to Credit Agreement

Signature Page

COMPANY :

CHICAGO BRIDGE & IRON COMPANY N.V.

By: CHICAGO BRIDGE & IRON COMPANY B.V., itsManaging Director

By: /s/ Michael S. TaffName: Michael S. TaffTitle: Authorized Signatory

Chicago Bridge & IronAmendment No. 8 to Credit Agreement

Signature Page

ACKNOWLEDGEMENT

Each of the undersigned Subsidiary Guarantors hereby acknowledge and agree to the foregoing Amendment. CHICAGO BRIDGE & IRON COMPANY , a Delawarecorporation

By: /s/ Michael S. Taff Name: Michael S. Taff Title: Authorized Signatory

CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

By: /s/ Luciano Reyes Name: Luciano Reyes Title: Treasurer

CB&I TYLER COMPANY


CB&I LLCBy: CB&I HoldCo, LLC, its Sole Member

By: /s/ Regina N. Hamilton Name: Regina N. Hamilton Title: Secretary

CHICAGO BRIDGE & IRON COMPANY , an Illinoiscorporation


A & B BUILDERS, LTD.


Chicago Bridge & Iron

Amendment No. 8 to Credit AgreementSignature Page

ASIA PACIFIC SUPPLY CO.


CBI AMERICAS LTD.


CSA TRADING COMPANY LTD.


CB&I WOODLANDS LLC


CBI COMPANY LTD.


CENTRAL TRADING COMPANY LTD.


CONSTRUCTORS INTERNATIONAL, L.L.C.




HBI HOLDINGS, LLC


HOWE-BAKER INTERNATIONAL, L.L.C.


HOWE-BAKER ENGINEERS, LTD.


HOWE-BAKER HOLDINGS, L.L.C.


HOWE-BAKER MANAGEMENT, L.L.C.


HOWE-BAKER INTERNATIONAL MANAGEMENT, LLC


MATRIX ENGINEERING, LTD.




MATRIX MANAGEMENT SERVICES, LLC By: /s/ Luciano Reyes

Name: Luciano Reyes Title: Treasurer

OCEANIC CONTRACTORS, INC.


CBI VENEZOLANA, S.A.

By: /s/ Rui Orlando Gomes Name: Rui Orlando Gomes Title: Treasurer

CBI MONTAJES DE CHILE LIMITADA

By: /s/ Rui Orlando Gomes Name: Rui Orlando Gomes Title: Director/Legal Representative

CB&I EUROPE B.V.

By: /s/ Raymond Buckley Name: Raymond Buckley Title: Director

CBI EASTERN ANSTALT


CB&I POWER COMPANY B.V.(f/k/a CMP HOLDINGS B.V.)




CBI CONSTRUCTORS PTY LTD

By: /s/ Ian Michael Bendesh Name: Ian Michael Bendesh Title: Director

CBI ENGINEERING AND CONSTRUCTIONCONSULTANT (SHANGHAI) CO. LTD.

By: /s/ Raymond Buckley Name: Raymond Buckley Title: Chairman

CBI (PHILIPPINES), INC.

By: /s/ Tom Anderson Name: Tom Anderson Title: President

CBI OVERSEAS, LLC


CB&I CONSTRUCTORS LIMITED

By: /s/ Duncan Wigney Name: Duncan Wigney Title: Director

CB&I HOLDINGS (U.K.) LIMITED


CB&I UK LIMITED




CB&I MALTA LIMITED


LUTECH RESOURCES LIMITED

By: /s/ Jonathan Stephenson Name: Jonathan Stephenson Title: Secretary

NETHERLANDS OPERATING COMPANY B.V.

By: /s/ H. M. Koese Name: H. M. Koese Title: Director

CBI NEDERLAND B.V.

By: /s/ Ashok Joshi Name: Ashok Joshi Title: Director

ARABIAN GULF MATERIAL SUPPLY COMPANY, LTD.

By: /s/ Luciano Reyes Name: Luciano Reyes Title: Director

PACIFIC RIM MATERIAL SUPPLY COMPANY, LTD.


SOUTHERN TROPIC MATERIAL SUPPLY COMPANY,LTD.




CHICAGO BRIDGE & IRON (ANTILLES) N.V. By: /s/ Michael S. Taff

Name: Michael S. Taff Title: Managing Director

LUMMUS TECHNOLOGY HEAT TRANSFER B.V.

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Director

LEALAND FINANCE COMPANY B.V.

By: /s/ Michael S. Taff Name: Michael S. Taff Title: Managing Director

CB&I FINANCE COMPANY LIMITED

By: /s/ Jan Broekman Name: Jan Broekman Title: Authorized Signatory

CB&I OIL & GAS EUROPE B.V.


CBI COLOMBIANA S.A.

By: /s/ Michael S. Taff Name: Michael S. Taff Title: Director

CHICAGO BRIDGE & IRON COMPANY B.V.




CB&I TECHNOLOGY INTERNATIONALCORPORATION (f/k/a LUMMUS INTERNATIONALCORPORATION)

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Vice President – Finance – Treasurer

CB&I TECHNOLOGY VENTURES, INC.(f/k/a LUMMUS CATALYST COMPANY LTD.)

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Vice President & Treasurer

CB&I TECHNOLOGY OVERSEAS CORPORATION (f/k/aLUMMUS OVERSEAS CORPORATION)

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Vice President & Treasurer

CATALYTIC DISTILLATION TECHNOLOGIES

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Management Committee Member

CB&I TECHNOLOGY INC. (f/k/a LUMMUSTECHNOLOGY, INC.)

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: CFO & Treasurer

CBI SERVICES, LLCBy: CB&I HoldCo, LLC, its Sole Member




WOODLANDS INTERNATIONAL INSURANCECOMPANY

By: /s/ Timothy Moran Name: Timothy Moran Title: Director

CB&I HUNGARY HOLDING LIMITED LIABILITYCOMPANY

By: /s/ William G. Lamb Name: William G. Lamb Title: Director

LUMMUS NOVOLEN TECHNOLOGY GMBH

By: /s/ Godofredo Follmer Name: Godofredo Follmer Title: Managing Director

CB&I LUMMUS GMBH

By: /s/ Andreas Schwarzhaupt Name: Andreas Schwarzhaupt Title: Managing Director

CB&I S.R.O.

By: /s/ Jiri Gregor Name: Jiri Gregor Title: Managing Director

CBI PERUANA S.A.C.

By: /s/ James E. Bishop Name: James E. Bishop Title: General Manager

HORTON CBI, LIMITED

By: /s/ Gregory L. Guse Name: Gregory L. Guse Title: Director



CB&I (NIGERIA) LIMITED

By: /s/ Andy Dadosky Name: Andy Dadosky Title: Director

CB&I SINGAPORE PTE LTD.

By: /s/ Michael S. Taff Name: Michael S. Taff Title: Director

CB&I NORTH CAROLINA, INC.


SHAW ALLOY PIPING PRODUCTS, LLC

By: /s/ Luciano Reyes Name: Luciano Reyes Title: Manager

CB&I WALKER LA, L.L.C.

By: /s/ Luciano Reyes Name: Luciano Reyes Title: Manager



CBI OVERSEAS (FAR EAST) INC.

By: /s/ Joseph Christaldi Name: Joseph Christaldi Title: Director

THE SHAW GROUP INC.


LUMMUS GASIFICATION TECHNOLOGY LICENSINGCOMPANY

By: /s/ John R. Albanese, Jr. Name: John R. Albanese, Jr. Title: Director

CB&I LAURENS, INC.

By: /s/ William G. Lamb Name: William G. Lamb Title: Vice President – Global Tax

SHAW SSS FABRICATORS, INC.


CHICAGO BRIDGE & IRON COMPANY(NETHERLANDS), LLC

By: /s/ Regina N. Hamilton Name: Regina N. Hamilton Title: Director



CBI US HOLDING COMPANY INC.


CBI HOLDCO TWO INC.


CBI COMPANY BV

By: /s/ Ashok Joshi Name: Ashok Joshi Title: Director

CB&I HOLDCO, LLC




ADMINISTRATIVE AGENT :

BANK OF AMERICA, N.A.,as Administrative Agent

By: /s/ Bridgett J. Manduk MowryName: Bridgett J. Manduk MowryTitle: Vice President


Amendment No. 8 and Waiver to Credit AgreementSignature Page

COLLATERAL AGENT :

BANK OF AMERICA, N.A.,As Collateral Agent

By: /s/ Bridgett J. Manduk MowryName: Bridgett J. Manduk MowryTitle: Vice President



LENDERS :

BANK OF AMERICA, N.A., as a Lender, Swing Line Lenderand L/C Issuer

By: /s/ Sophie LeeName: Sophie LeeTitle: Vice President



ARAB BANKING CORPORATION (B.S.C.), GrandCayman Branch, as a Lender

By: /s/ Richard TullName: Richard TullTitle: Head of Wholesale Banking, North America

By: /s/ Victoria GaleName: Victoria GaleTitle: Vice President



BANK OF MONTREAL, as a Lender and an L/C Issuer

By: /s/ Michael GiftName: Michael GiftTitle: Director



BNP PARIBAS, as a Lender and an L/C Issuer

By: /s/ Todd RodgersName: Todd RodgersTitle: Director

By: /s/ Mary-Ann WongName: Mary-Ann WongTitle: Vice President



BOKF, NA DBA BANK OF TEXAS, as a Lender

By: /s/ Marian LivingstonName: Marian LivingstonTitle: Senior Vice President



COMERICA BANK, as a Lender

By: /s/ Gary P. MachName: Gary P MachTitle: Vice President



COMMERZBANK AG, NEW YORK BRANCH, as a Lender

By: /s/ Barbara StacksName: Barbara StacksTitle: Director

By: /s/ Peter LiuName: Peter LiuTitle: Vice President



COMPASS BANK, as a Lender and an L/C Issuer

By: /s/ Aaron LoydName: Aaron LoydTitle: Director



CRÉDIT AGRICOLE CORPORATE AND INVESTMENTBANK, as a Lender and an L/C Issuer

By: /s/ Page DillehuntName: Page DillehuntTitle: Managing Director

By: /s/ Michael WillisName: Michael WillisTitle: Managing Director



DBS BANK LTD., as a Lender

By: /s/ Yeo How NgeeName: Yeo How NgeeTitle: Managing Director



HSBC BANK USA, NATIONAL ASSOCIATION, as aLender

By: /s/ Rumesha AhmedName: Rumesha AhmedTitle: Vice President



ING BANK N.V., DUBLIN BRANCH, as a Lender

By: /s/ Sean HassettName: Sean HassettTitle: Director

By: /s/ Padraig MatthewsName: Padraig MatthewsTitle: Director



INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as aLender

By: /s/ Jennifer Feldman FacciolaName: Jennifer Feldman FacciolaTitle: VP & Relationship Manager

By: /s/ Francesco Di MarioName: Francesco Di MarioTitle: FVP & Head of Credit



LLOYDS BANK PLC, as a Lender

By: /s/ Erin WalshName: Erin WalshTitle: Assistant Vice President

By: /s/ Daven PopatName: Daven PopatTitle: Senior Vice President



NATIONAL BANK OF KUWAIT, S.A.K. - NEW YORK , asa Lender

By: /s/ Marwan IsbaihName: Marwan IshaihTitle: General Manager

By: /s/ Michael McHughName: Michael McHughTitle: Executive Manager



NBAD AMERICAS N.V., as a Lender

By: /s/ David YoungName: David YoungTitle: Director, Client Relationship

By: /s/ William GhazarName: William GhazarTitle: Executive Director, Head of Client Relationship



REGIONS BANK, as a Lender

By: /s/ Joey PowellName: Joey PowellTitle: Director



RIYAD BANK, HOUSTON AGENCY, as a Lender

By: /s/ Michael MeissName: Michael MeissTitle: General Manager

By: /s/ Tim HartnettName: Tim HartnettTitle: Vice President & Administrative Officer



SANTANDER BANK, N.A., as a Lender

By: /s/ Andres BarbosaName: Andres BarbosaTitle: Executive Director



STANDARD CHARTERED BANK, as a Lender

By: /s/ Daniel MatternName: Daniel MatternTitle: Associate Director



SUMITOMO MITSUI BANKING CORPORATION, as aLender

By: /s/ James D. WeinsteinName: James D. WeinsteinTitle: Managing Director



THE BANK OF NOVA SCOTIA, as a Lender

By: /s/ Michael GradName: Michael GradTitle: Director



THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as aLender

By: /s/ Mark MaloneyName: Mark MaloneyTitle: Authorized Signatory



THE NORTHERN TRUST COMPANY, as a Lender

By: /s/ Robert P. VeltianName: Robert P. VeltianTitle: Vice President



THE TORONTO-DOMINION BANK, NEW YORKBRANCH, as a Lender

By: /s/ Annie DovalName: Annie DovalTitle: Authorized Signatory



U.S. BANK NATIONAL ASSOCIATION, as a Lender and anL/C Issuer

By: /s/ David C. HeysonName: David C. HeysonTitle: Senior Vice President



WHITNEY BANK, as a Lender

By: /s/ J. Greg ScottName: J. Greg ScottTitle: Senior Vice President



ZB, N.A. D/B/A AMEGY BANK NATIONALASSOCIATION, as a Lender

By: /s/ Lauren EllerName: Lauren EllerTitle: Assistant Vice President



ANNEXI

CONFORMED CREDIT AGREEMENT

( seeattached)

Published CUSIP Numbers: 16725RAA8 (Deal)Revolver: 16725RAB6

EXECUTION VERSION

CREDIT AGREEMENT 1

Dated as of October 28, 2013among

CHICAGO BRIDGE & IRON COMPANY N.V.,as Guarantor,

CHICAGO BRIDGE & IRON COMPANY (DELAWARE),as Initial Borrower,

and

CERTAIN SUBSIDIARIES,as Designated Borrowers,

BANK OF AMERICA, N.A.,as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer,

and

The Other Lenders Party Hereto

BANK OF AMERICA MERRILL LYNCH, COMPASS BANK, BNP PARIBAS SECURITIES CORP., CRÉDIT AGRICOLE CORPORATE ANDINVESTMENT BANK,

andRBS SECURITIES INC.,

as Joint Lead Arrangers and Joint Bookrunners

COMPASS BANK, BNP PARIBAS, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, and THE ROYAL BANK OF SCOTLAND PLC,as Co-Syndication Agents

BANK OF MONTREAL, HSBC BANK USA, N.A., andTHE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Co-Documentation Agents

1 Conformed version to include Amendments No. 1, 2, 3, 4, 5, 6, 7 and 8.

TABLE OF CONTENTS Page ARTICLE I DEFINITIONS AND ACCOUNTING TERMS 1

1.01 Defined Terms 1 1.02 Other Interpretive Provisions 44 1.03 Accounting Terms 45 1.04 Rounding 45 1.05 Exchange Rates; Currency Equivalents 45 1.06 Additional Alternative Currencies 46 1.07 Change of Currency 47 1.08 Times of Day 47 1.09 Letter of Credit Amounts 48 1.10 Supplemental Disclosure 48

ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS 48

2.01 Committed Loans 48 2.02 Borrowings, Conversions and Continuations of Committed Loans 48 2.03 Letters of Credit 50 2.04 Swing Line Loans 60 2.05 Prepayments 63 2.06 Termination or Reduction of Commitments 67 2.07 Repayment of Loans 67 2.08 Interest 67 2.09 Fees 68 2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate 69 2.11 Evidence of Debt 69 2.12 Payments Generally; Administrative Agent’s Clawback 70 2.13 Sharing of Payments by Lenders 72 2.14 Designated Borrowers 72 2.15 [ Reserved.] 74 2.16 Cash Collateral 74 2.17 Defaulting Lenders 75

ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY 77

3.01 Taxes 77 3.02 Illegality 82 3.03 Inability to Determine Rates 83 3.04 Increased Costs; Reserves on Eurodollar Rate Loans 84 3.05 Compensation for Losses 86 3.06 Mitigation Obligations; Replacement of Lenders 86 3.07 Survival 87

-i-

TABLE OF CONTENTS(continued)

Page ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 87

4.01 Conditions of Initial Credit Extension 87 4.02 Conditions to All Credit Extensions 88 4.03 Conditions to Initial Advance to Each New Designated Borrower 90

ARTICLE V REPRESENTATIONS AND WARRANTIES 91

5.01 Organization; Corporate Powers 91 5.02 Authority, Execution and Delivery; Loan Documents 91 5.03 No Conflict; Governmental Consents 92 5.04 No Material Adverse Change 92 5.05 Financial Statements 92 5.06 Payment of Taxes 93 5.07 Litigation; Loss Contingencies and Violations 93 5.08 Subsidiaries 93 5.09 ERISA 94 5.10 Accuracy of Information 95 5.11 Securities Activities 95 5.12 Material Agreements 95 5.13 Compliance with Laws 95 5.14 Assets and Properties 95 5.15 Statutory Indebtedness Restrictions 96 5.16 Insurance 96 5.17 Environmental Matters 96 5.18 Representations and Warranties of Each Designated Borrower 97 5.19 Benefits 98 5.20 Solvency 98 5.21 OFAC 98 5.22 PATRIOT Act 99 5.23 Senior Indebtedness 99 5.24 Anti-Corruption Laws 99 5.25 Not an EEA Financial Institution 99 5.26 Security Instruments 99 5.27 Regulation H 100

ARTICLE VI AFFIRMATIVE COVENANTS 101

6.01 Financial Report 101 6.02 Notices 103 6.03 Existence, Etc 106 6.04 Corporate Powers; Conduct of Business 107 6.05 Compliance with Laws, Etc 107 6.06 Payment of Taxes and Claims; Tax Consolidation 107 6.07 Insurance 107 6.08 Inspection of Property; Books and Records; Discussions 108 6.09 ERISA Compliance 108 6.10 Maintenance of Property 108

-ii-


Page

6.11 Environmental Compliance 109 6.12 Use of Proceeds 109 6.13 Covenant to Guarantee Obligations and Give Security 109 6.14 Foreign Employee Benefit Compliance 113 6.15 Anti-Corruption Laws 113 6.16 Appraisals 114 6.17 Further Assurances 114 6.18 Most Favored Lender Status 114

ARTICLE VII NEGATIVE COVENANTS 116

7.01 Indebtedness 116 7.02 Sales of Assets 118 7.03 Liens 119 7.04 Investments 120 7.05 Contingent Obligations 121 7.06 Conduct of Business; Subsidiaries; Acquisitions 121 7.07 Transactions with Shareholders and Affiliates 122 7.08 Restriction on Fundamental Changes 122 7.09 Sales and Leasebacks 122 7.10 Margin Regulations 123 7.11 ERISA 123 7.12 Subsidiary Covenants 123 7.13 Swap Contracts 123 7.14 Issuance of Disqualified Stock 124 7.15 Non-Guarantor Subsidiaries 124 7.16 Intercompany Indebtedness 124 7.17 Restricted Payments 124 7.18 Financial Covenants 124 7.19 Sanctions 125 7.20 Anti-Corruption Laws 126

ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES 126

8.01 Events of Default 126 8.02 Remedies Upon Event of Default 129 8.03 Application of Funds 130

ARTICLE IX ADMINISTRATIVE AGENT 131

9.01 Appointment and Authority 131 9.02 Rights as a Lender 132 9.03 Exculpatory Provisions 132 9.04 Reliance by Administrative Agent 133 9.05 Delegation of Duties 133 9.06 Resignation of Administrative Agent 133

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Page

9.07 Non-Reliance on Administrative Agent and Other Lenders 135 9.08 No Other Duties, Etc 135 9.09 Administrative Agent May File Proofs of Claim 135 9.10 Collateral and Guaranty Matters 136 9.11 Secured Cash Management Agreements, Secured Hedge Agreements, and Secured Bilateral Letters of Credit 137

ARTICLE X MISCELLANEOUS 138

10.01 Amendments, Etc 138 10.02 Notices; Effectiveness; Electronic Communication 140 10.03 No Waiver; Cumulative Remedies; Enforcement 142 10.04 Expenses; Indemnity; Damage Waiver 142 10.05 Payments Set Aside 144 10.06 Successors and Assigns 145 10.07 Treatment of Certain Information; Confidentiality 150 10.08 Right of Setoff 151 10.09 Interest Rate Limitation 151 10.10 Counterparts; Integration; Effectiveness 151 10.11 Survival of Representations and Warranties 152 10.12 Severability 152 10.13 Replacement of Lenders 152 10.14 Governing Law; Jurisdiction; Etc 153 10.15 Waiver of Jury Trial 155 10.16 No Advisory or Fiduciary Responsibility 155 10.17 Electronic Execution of Assignments and Certain Other Documents 156 10.18 USA PATRIOT Act 156 10.19 Judgment Currency 156 10.20 Entire Agreement 157 10.21 Keepwell 157 10.22 Authorization 157 10.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions 158

ARTICLE XI GUARANTY 158

11.01 Guaranty 158 11.02 Waivers; Subordination of Subrogation 159 11.03 Guaranty Absolute 160 11.04 Acceleration 161 11.05 Marshaling; Reinstatement 161 11.06 Termination Date 161 11.07 Subordination of Intercompany Indebtedness 161

-iv-

SCHEDULES

1.01A Excluded Foreign Subsidiaries1.01B Material Subsidiaries1.01C Subsidiary Guarantors2.01 Commitments and Applicable Percentages2.03 Existing Letters of Credit and L/C Issuers5.07 Litigation5.08 Subsidiaries5.09 Pensions and Post-Retirement Plans5.17 Environmental Matters7.01 Permitted Existing Indebtedness7.03 Permitted Existing Liens7.04A Permitted Existing Investments7.04B Permitted Existing J/V Investments7.05 Permitted Existing Contingent Obligations7.12 Subsidiary Covenants7.17 Permitted Restricted Payments10.02 Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS

Formof

A Committed Loan NoticeB Swing Line Loan NoticeC NoteD Compliance CertificateE Assignment and AssumptionF Officer’s CertificateG Subsidiary GuarantyH Designated Borrower Request and Assumption AgreementI-1 Company’s US Counsel’s OpinionI-2 Company’s Foreign Counsel’s OpinionJ U.S. Tax Compliance CertificatesK Letter of Credit ReportL Loan Notice CertificateM L/C Application Certificate

-v-

CREDIT AGREEMENT

This CREDIT AGREEMENT (“ Agreement ”) is entered into as of October 28, 2013 among CHICAGO BRIDGE & IRON COMPANY N.V. , acorporation organized under the laws of The Kingdom of the Netherlands (the “ Company ”), CHICAGO BRIDGE & IRON COMPANY (DELAWARE) , aDelaware corporation (the “ Initial Borrower ”), and certain Subsidiaries of the Company party hereto or subsequently designated pursuant to Section 2.14 (each a“ Designated Borrower ” and, together with the Initial Borrower, the “ Borrowers ” and, each a “ Borrower ”), each lender from time to time party hereto(collectively, the “ Lenders ” and individually, a “ Lender ”), and BANK OF AMERICA, N.A. , as Administrative Agent, Collateral Agent, Swing Line Lenderand L/C Issuer.

The Company has requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and conditions set forthherein.

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

ARTICLE IDEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms . As used in this Agreement, the following terms shall have the meanings set forth below:

“ Accounting Change ” has the meaning specified in Section 1.03 .

“ Acquisition ” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Company orany of its Subsidiaries (a) acquires any going business or all or substantially all of the assets of any Person, firm, corporation or division thereof, whether throughpurchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least amajority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having suchpower only by reason of the happening of a contingency) or a majority (by percentage of voting power) of the outstanding Equity Interests of another Person.

“ Act ” has the meaning specified in Section 10.18 .

“ Adjusted Indebtedness ” of a Person means, without duplication, such Person’s Indebtedness but excluding obligations with respect to (a) the undrawnportion of any Performance Letters of Credit (including any Performance Letters of Credit under and as defined in the Existing Revolving Credit Agreement), bankguarantees supporting obligations comparable to those supported by performance letters of credit and all reimbursement agreements related thereto and(b) liabilities of such Person or any of its Subsidiaries under any sale and leaseback transaction which do not create a liability on the consolidated balance sheet ofsuch Person.

“ Administrative Agent ” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrativeagent.

“ Administrative Agent’s Office ” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth onSchedule 10.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to timenotify to the Company and the Lenders.

“ Administrative Questionnaire ” means an Administrative Questionnaire in substantially a form approved by the Administrative Agent.

“ Affiliate ” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or isControlled by or is under common Control with the Person specified.

“ Aggregate Commitments ” means the Commitments of all the Lenders.

“ Agreement ” means this Credit Agreement.

“ Agreement Accounting Principles ” means generally accepted accounting principles as in effect in the United States from time to time, applied in a mannerconsistent with that used in preparing the financial statements of the Company referred to in Section 5.05(b) hereof; provided , however , except as provided inSection 1.03 , that with respect to the calculation of financial ratios and other financial tests required by this Agreement, “Agreement Accounting Principles”means generally accepted accounting principles as in effect in the United States as of the date of this Agreement, applied in a manner consistent with that used inpreparing the financial statements of the Company referred to in Section 5.05(b) hereof.

“ Alternative Currency ” means each currency (other than Dollars) that is approved in accordance with Section 1.06 .

“ Alternative Currency Equivalent ” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicableAlternative Currency as determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, at such time on the basis of the Spot Rate(determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

“ Amendment Closing Date ” means the effective date of Amendment No. 3 to Credit Agreement by and among the Company, the Borrowers, theAdministrative Agent and the Lenders party thereto.

“ Amendment No. 5 Closing Date ” means February 24, 2017, the effective date of Amendment No. 5 to Credit Agreement by and among the Company, theBorrowers, the Administrative Agent and the Lenders party thereto.

“ Amendment No. 6 Closing Date ” means May 8, 2017, the effective date of Amendment No. 6 and Waiver to Credit Agreement by and among theCompany, the Borrowers, the Administrative Agent and the Lenders party thereto.

2

“ Amendment No. 7 ” means Amendment No. 7 to Credit Agreement by and among the Company, the Borrowers, the Administrative Agent and the Lendersparty thereto.

“ Amendment No. 7 Closing Date ” means May 29, 2017, the effective date of Amendment No. 7.

“ Amendment No. 8 ” means Amendment No. 8 and Waiver to Credit Agreement by and among the Company, the Borrowers, the Administrative Agent, theCollateral Agent and the Lenders party thereto.

“ Amendment No. 8 Closing Date ” means August 9, 2017, the effective date of Amendment No. 8.

“ Anti-Cash Hoarding Sweep ” has the meaning specified in Section 2.05(c) .

“ Applicable Balance ” means (i) with respect to this Agreement, the average daily Applicable Outstandings for the 90 day period preceding the RelevantCompletion Date; (ii) with respect to the Existing Revolving Credit Agreement, the average daily Applicable Outstandings (as defined in such agreement) for the90 day period preceding the Relevant Completion Date; (iii) with respect to the Existing 2015 Term Loan Credit Agreement, the outstanding balance of Loans (asdefined in such agreement) as of the Relevant Completion Date; and (iv) with respect to the Note Purchase Agreements, the outstanding principal balance of NPANotes as of the Relevant Completion Date.

“ Applicable Outstandings ” means, at any time, the Total Outstandings less the amount of Cash Collateral held by the Administrative Agent at such time.

“ Applicable Percentage ” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the AggregateCommitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.17 . If the commitment of each Lender tomake Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitmentshave expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, givingeffect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in theAssignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

“ Applicable Rate ” means (i) with respect to the commitment fee due pursuant to Section 2.09(a) , 0.50% per annum; (ii) with respect to any EurodollarRate Loan, 5.00% per annum; (iii) with respect to any Base Rate Loan, 4.00% per annum; (iv) with respect to Financial Letters of Credit, 5.00% per annum; and(v) with respect to Performance Letters of Credit, 3.50% per annum.

“ Applicable Time ” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for suchAlternative Currency as may be determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, to be necessary for timely settlement onthe relevant date in accordance with normal banking procedures in the place of payment.

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“ Approved Fund ” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entitythat administers or manages a Lender.

“ Arrangers ” mean each of Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of AmericaCorporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services orrelated businesses may be transferred following the date of this Agreement), Compass Bank, BNP Paribas Securities Corp., Crédit Agricole Corporate andInvestment Bank and RBS Securities Inc., each in its capacity as a joint lead arranger and joint bookrunner.

“ Asset Sale ” means, with respect to any Person, the sale, lease, conveyance, disposition or other transfer by such Person of any of its assets (including byway of a sale-leaseback transaction, and including the sale or other transfer of any of the Equity Interests of any Subsidiary of such Person, but not the EquityInterests of such Person) to any Person.

“ Assignment and Assumption ” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any partywhose consent is required by Section 10.06(b) ), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any other form (includingelectronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent.

“ Availability Period ” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of theAggregate Commitments pursuant to Section 2.06 , and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of theL/C Issuers to make L/C Credit Extensions pursuant to Section 8.02 .

“ Bail-In Action ” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability ofan EEA Financial Institution.

“ Bail-In Legislation ” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament andof the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In LegislationSchedule.

“ Bank of America ” means Bank of America, N.A. and its successors.

“ Bankruptcy Code ” means 11 U.S.C. § 101 et seq.

“ Base Rate ” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest ineffect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%; provided that in noevent shall such rate be less than 0%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of

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America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the dayspecified in the public announcement of such change.

“ Base Rate Committed Loan ” means a Committed Loan that is a Base Rate Loan.

“ Base Rate Loan ” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

“ Benefit Plan ” means a defined benefit plan as defined in Section 3(35) of ERISA (other than a Multiemployer Plan or Foreign Pension Plan) in respect ofwhich the Company or any other member of the Controlled Group is, or within the immediately preceding six (6) years was, an “employer” as defined inSection 3(5) of ERISA.

“ Borrower ” and “ Borrowers ” each has the meaning specified in the introductory paragraph hereto.

“ Borrower Guarantors ” has the meaning specified in Section 11.01(a) .

“ Borrower Materials ” has the meaning specified in Section 6.02 .

“ Borrowing ” means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

“ Business Day ” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are infact closed in, New York, New York or the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located, and inrespect of any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurodollar Rate Loan, or any other dealings in Dollars to becarried out pursuant to this Agreement in respect of any such Eurodollar Rate Loan, means any such day that is also a London Banking Day.

“ Capital Stock ” means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests,participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership, partnership interests (whether general or limited)and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuingPerson.

“ Capitalized Lease ” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Personprepared in accordance with Agreement Accounting Principles.

“ Capitalized Lease Obligations ” of a Person means the amount of the obligations of such Person under Capitali