LETTER OF CREDIT AND TERM LOAN AGREEMENT

Exhibit 10.2

$50,000,000

LETTER OF CREDIT AND TERM LOAN AGREEMENT

Dated as of November 6, 2006

among

CHICAGO BRIDGE & IRON COMPANY N.V.,

and

CHICAGO BRIDGE & IRON COMPANY (DELAWARE),

CBI SERVICES, INC.,

CB&I CONSTRUCTORS, INC.,

and

CB&I TYLER COMPANY,
as Co-Obligors

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

BANK OF AMERICA, N.A. ,
as a Letter of Credit Issuer

JPMORGAN CHASE BANK, N.A. ,
as a Letter of Credit Issuer and Joint Book Manager

and

The Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC

Sole Lead Arranger and Joint Book Manager