1027884--6/1/2006--CHICAGO_BRIDGE_&_IRON_CO_N

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Our New Business Awards and Liquidity May Be Adversely Affected by Bonding Capacity. Our Revenue and Earnings May Be Adversely Affected by a Reduced Level of Activity in the Hydrocarbon Industry. Intense Competition in the Engineering and Construction Industry Could Reduce Our Market Share and Earnings. We Could Lose Money if We Fail to Accurately Estimate Our Costs or Fail to Execute Within Our Cost Estimates on Fixed-Price, Lump-Sum Contracts. Our Use of the Percentage-of-Completion Method of Accounting Could Result in a Reduction or Reversal of Previously Recorded Revenue and Profit. We Have Identified Two Material Weaknesses in our Internal Control Over Financial Reporting, Which Could Adversely Affect our Ability to Report our Financial Condition and Results of Operations Accurately and on a Timely Basis. Our Acquisition Strategy Involves a Number of Risks. Our Projects Expose Us to Potential Professional Liability, Product Liability, or Warranty or Other Claims. We Are Exposed to Potential Environmental Liabilities. Certain Remedies Ordered in a Federal Trade Commission Order Could Adversely Affect Us. We Cannot Predict the Outcome of the Current Investigation by the Securities and Exchange Commission in Connection with its Investigation Titled In the Matter of Halliburton Company, File No. HO-9968. We Are and Will Continue to Be Involved in Litigation That Could Negatively Impact Our Earnings and Financial Condition. We May Not Be Able to Fully Realize the Revenue Value Reported in Our Backlog. Political and Economic Conditions, Including War or Conflict, in Non-U.S. Countries in Which We Operate Could Adversely Affect Us. We Are Exposed to Possible Losses from Foreign Exchange Risks. We Have a Risk that Our Goodwill and Indefinite-Lived Intangible Assets May be Impaired and Result in a Charge to Income. If We Are Unable to Attract and Retain Key Personnel, Our Business Could Be Adversely Affected. Uncertainty in Enforcing United States Judgments Against Netherlands Corporations, Directors and Others Could Create Difficulties for Holders of Our Securities. There Are Risks Related to Our Previous Use of Arthur Andersen LLP as Our Independent Public Accountant. Risk Factors Associated with Our Common Stock Our Revenue Is Unpredictable, our Operating Results Are Likely to Fluctuate from Quarter to Quarter, and if We Fail to Meet Expectations of Securities Analysts or Investors, Our Stock Price Could Decline Significantly. Certain Provisions of Our Articles of Association and Netherlands Law May Have Possible Anti-Takeover Effects. We Have a Risk of Being Classified as a Controlled Foreign Corporation and Certain Shareholders Who Do Not Beneficially Own Shares May Lose the Benefit of Withholding Tax Reduction or Exemption Under Dutch Legislation. If We Need to Sell or Issue Additional Common Shares to Finance Future Acquisitions, Your Share Ownership Could be Diluted.

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1027884--6/1/2006--CHICAGO_BRIDGE_&_IRON_CO_N_V