CB&I posts losses, sells subsidiary to manage debt

CB&I, the Netherlands-based contractor that operates in The Woodlands, reported losses to its fourth quarter and full year earnings after financing the completion of several projects, the company said in a news release Tuesday.

The company also announced the sale of its subsidiary, Capital Services, to a private equity firm for $755 million, which will help CB&I manage its debt, the company said.

CB&I’s net loss for the fourth quarter of 2016 was around $661 million, as compared to a loss of $47 million during the same period in 2015. For the full year, CB&I reported a loss of $239 million, as compared to a loss of $429 million in 2015.

Revenues for the fourth quarter and the year were also down. Fourth quarter revenues were $2.5 billion, down from $3.2 billion during same period in 2015; revenues for 2016 were $10.7 billion, down from $12.9 billion in 2015.

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