CB&I AND AG&P INDUSTRIAL ACHIEVE FIRST-OF-ITS-KIND MILESTONE WITH ALL-STEEL FULL CONTAINMENT LNG TANKS IN THE PHILIPPINES

THE WOODLANDS, Texas, Sept. 14, 2026 /PRNewswire/ -- CB&I and its client AG&P Industrial have successfully completed and commissioned two 60,000m³ full containment liquefied natural gas (LNG) storage tanks at the LNGPH Ilijan LNG Facility in the Philippines, marking a significant milestone for both the project and the global LNG industry.

The project represents the first large-scale onshore LNG storage facility in the Philippines and showcases CB&I's innovative all-steel full containment LNG tank technology. Unlike conventional full containment LNG tanks that rely on reinforced concrete outer walls, the CB&I design, deployed under its agreement with AG&P Industrial, uses 9% nickel steel for both the inner and outer tanks while assuring compliance with LNG industry technical and safety standards.

The successful commissioning of Tank 1 marked the world's first in-service full containment all-steel LNG tank. With Tank 2 now also fully operational following successful performance testing, the facility stands as a proven demonstration of a technology that delivers enhanced economics, faster construction schedules, and the safety benefits of full containment LNG storage.

CB&I completed construction of the tanks with zero lost-time incidents over more than one million work hours, underscoring the project's strong safety performance.

"The successful commissioning of both tanks at Ilijan is a landmark achievement for all involved," said Jack Aughenbaugh, Vice President, Operations – International at CB&I. "This project demonstrates that all-steel full containment LNG storage is not only technically feasible but commercially advantageous, delivering safety and operational benefits of full containment storage while improving project economics and schedule certainty. We are proud to have partnered with AG&P Industrial, in support of LNGPH, to establish a new benchmark for LNG infrastructure projects in the region and beyond."

"CB&I has been an excellent partner to AG&P Industrial in delivering the first and largest world-class LNG import terminal in the Philippines on time, in a safe, reliable, and cost-effective manner," said Alexander Leo Gamboa, President & CEO of AG&P Industrial. "We will surely work with CB&I again for our future projects."

About CB&I

CB&I delivers integrated storage and asset‑management solutions that help customers operate safely, reliably, and efficiently across the lifecycle of their facilities. Through our two global business units—Storage Solutions, the world leader in tanks, terminals, and storage systems, and Asset Solutions, a leading provider of operations, management, wells and decommissioning services—we combine technical excellence with execution capability to extend asset life, optimize performance, and maximize value. CB&I is owned by a consortium of financial investors led by Mason Capital Management LLC. To learn more, visit www.cbi.com.

Forward Looking Statements

CB&I cautions that statements in this communication that are forward-looking, and provide other than historical information, involve risks, contingencies, and uncertainties. These forward-looking statements include, among other things, statements about the expected timing and execution of projects, and statements that describe our business strategy, outlook, objectives, plans, intentions, or goals. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are based on various underlying assumptions and are subject to numerous risks, contingencies, and uncertainties, many of which are beyond our control, including, among others: adverse changes in the markets in which we operate or in credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope, or timing of contracts, contract cancellations, change orders, and other modifications or actions by our customers and other business counterparties; changes in industry norms or codes or applicable laws; actions by lenders, other creditors, customers, and other business counterparties of CB&I; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of CB&I's management as of the date hereof. Except to the extent required by applicable law, CB&I undertakes no obligation to update or revise any forward-looking statement.