Report: Downturn will fundamentally reshape services industry

Oil field services companies slogging through the worst downturn in decades can no longer rely on their traditional oil bust playbook of cutting costs, laying off people and offering deep discounts. Instead, the industry will have to reshape the way it does business to meet the evolving needs of oil companies clamoring for cheaper and …

CB&I gets $2.8 billion petrochemical contract in Oman

CB&I said its joint venture with Taiwan-based CTCI Corp. was awarded a $2.8 billion engineering and construction contract to build a massive petrochemical and plastics complex in Oman. The Woodlands-based CB&I will build the Liwa Plastics Industrial Complex Project for the Oman Oil Refineries and Petroleum Industries Company, called Orpic. CB&I was previously selected last year to perform …

Wood Group buys The Infinity Group for $150 million

United Kingdom-based Wood Group said it will buy the Houston area’s The Infinity Group industrial construction firm for $150 million. Wood Group, which has a major Houston presence, said Infinity will operate within its division serving construction and maintenance projects for the refining and petrochemical sectors. Privately-owned Infinity was founded in 1952 and is headquartered south …